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KUWAIT / Reuters Kuwait’s Public Authority for Industry (PAI) plans to set up a multi-purpose industrial city in the Gulf Arab state with total expected investments of $6.6 billion, an official said on Wednesday. PAI Acting General Manager Abdulkareem Taqi told Reuters that the government would put in place the infrastructure for the city at an estimated cost of $600 ...

Bloomberg Nigerian energy conglomerate Sahara Group Ltd. said it revived plans for a share-sale as it looks to increase oil production four-fold to 100,000 barrels per day. Lagos-based Sahara mulled an initial public offering in the Nigerian commercial capital and London in 2015, before falling crude prices forced it to backtrack. “The IPO is now back on the table,” Tonye ...

Bloomberg An avalanche of apparently mistaken orders at the close knocked Taiwan’s third-biggest stock down almost 10 percent in minutes, draining $3 billion from its market value. Formosa Petrochemical Corp lurched from around 116 Taiwan dollars to 106 in a cascade of orders that culminated in a 15.2 million-share closing auction — a trade valued at more than $55 million. ...

Bloomberg Billionaire Li Shufu’s Geely Automobile Holdings Ltd. expects the tycoon’s overseas bets from Daimler to Lotus and Volvo to help fuel growth as the Chinese carmaker targets new markets. While Geely is boosting sales and profit in China on demand for its sport-utility vehicles, the company said it’s preparing for intensifying competition from both local and foreign brands. That’s ...

Bloomberg Tencent Holdings Ltd. posted quarterly profit that beat estimates, bolstered by mobile game blockbusters like Honour of Kings and a growing advertising business. Net income at China’s largest company almost doubled to a record 20.8 billion yuan ($3.3 billion) in the three months ended December. That compares with the 16.6 billion-yuan average of estimates compiled by Bloomberg. Sales for ...

Bloomberg China’s biggest smartphone vendors are getting together for a software platform offering access to apps that can provide an alternative for WeChat’s more than 1 billion users. Huawei Technologies Co., Oppo, Vivo and Xiaomi Corp. are teaming with six smaller brands for Quick App, which lets users access a range of services including mobile payments. That’s a direct challenge ...

Bloomberg Toyota Motor Corp. halted tests of its “Chauffeur” autonomous driving system on US public roads after a Uber Technologies Inc. vehicle operating in autonomous mode under the supervision of a human safety driver struck and killed a woman in Tempe, Arizona, on Sunday evening. “Because we feel the incident may have an emotional effect on our test drivers, we ...

Bloomberg Tech startups are typically founded by young entrepreneurs with more passion than experience. This is as true in India as it is in Silicon Valley. Then there’s Bigbasket, whose founders are veterans of the dotcom bust and mostly north of 50. Drawing on their successes and failures, they’ve turned their six-year-old startup into India’s biggest e-grocer and are taking ...

Bloomberg Large digital companies operating in the European Union, such as Alphabet Inc. and Twitter Inc., could face a 3 percent tax on their gross revenue based on users’ locations, according to a plan by the European Commission. The proposal by the EU’s executive arm outlines how a targeted levy on sales would increase the tax bill technology companies face, ...

Bloomberg Michelin’s planned acquisition of UK conveyor-belt maker Fenner Plc for about 1.2 billion pounds ($1.7 billion) is aimed at expanding the French tire manufacturer’s mining equipment business and moving into non-rubber materials. Under a deal unveiled, Fenner shareholders will receive 610 pence a share, which represents a 24 percent premium over the East Yorkshire, UK-based company’s price before the ...