News

Bloomberg Axa SA agreed to buy XL Group Ltd. for $15.3 billion in cash, the biggest-ever European acquisition of a US insurer, sending its shares plunging. The French firm fell the most since June 2016, with analyst Daniel Bischof of Baader Helvea AG saying the deal has a sound logic but the price is at the upper end of expectations. ...

Bloomberg The Trump administration shows scant sign of watering down its plan to impose stiff tariffs on steel and aluminum imports with carve-outs for specific countries, despite opposition from US allies and Republican lawmakers. The president’s trade advisers fanned out across television news shows to defend the move, saying it was necessary to ensure the survival of the domestic steel ...

Bloomberg Prime Minister Theresa May will urge developers to “do their duty” and build more UK houses, threatening that those who delay construction after winning planning permission will find it harder to get permits in the future. Conscious that the all-consuming Brexit project is defining her government, May is trying to address concerns about rising housing costs that led many ...

Bloomberg The Geneva International Motor Show is known as a staging ground for the glitzy luxury models that swaddle the wealthy and deliver them in style. This year’s no exception, with a new version of the Bentley Bentayga SUV, Bugatti’s $2.6 million Chiron and the Ferrari special-edition 488 Pista among the cars that will jostle for photographers’ attention. But a ...

Bloomberg UK services activity grew more than expected in February, supporting economic growth and keeping alive the prospect of an interest-rate increase within months. IHS Markit’s Purchasing Managers Index for the biggest part of the economy jumped to 54.5— a four-month high—from 53 in January. That’s well above the 53.3 reading forecast by economists in a Bloomberg survey. The report ...

DUBAI / WAM Driven by a robust performance and operation, Union Coop, the largest consumer cooperative in the UAE, posted revenues of AED2.9 billion in 2017, the highest since it was founded in 1982. Khaled Humaid Al Falasi, CEO of Union Coop, said shareholders’ rights grew 19 percent in 2017 to AED 2.5 billion from AED2.1 billion in 2016. He ...

DUBAI / WAM The final agreement to develop a greenfield economic free zone in Somaliland to complement the growth of the Port of Berbera has been signed between DP World and its government in Dubai. The global trade enabler expects to break ground on the 12 square kilometre free zone project this year. Located next to the port, it will ...

DUBAI / WAM The government of Indonesia on Sunday listed two sukuks with a total value of $3 billion on Nasdaq Dubai. The collaboration underlines the close relations between the UAE and Indonesia, the world’s most populous Muslim country, as well as Dubai’s growth as the global capital of the Islamic Economy. The Indonesian government is the largest sukuk issuer ...

ABU DHABI / Reuters Emirates Global Aluminium (EGA) said on Sunday it was “well prepared” for any market conditions should US President Donald Trump go ahead with sweeping tariffs on steel and aluminium imports. “Alongside Europe, Asia and the United Arab Emirates, the US is an important market for EGA,” the company’s spokesman told Reuters. “We are well prepared for ...

Abu DHABI / WAM Al Hilal Bank has announced the dividend payout of its Al-Hilal Global Balanced Fund. The Fund, which was launched in 2014, distributed a 17.78% dividend to all registered unit holders as of February 8, constituting 100% of the distributable income as verified by the Fund’s independent auditors. Al Hilal Global Balanced Fund aims to generate appropriate ...