News

Bloomberg China’s efforts to tackle air pollution are getting a reality check, with some regions told to revert to burning coal after shortages of natural gas left people without heating amid freezing winter temperatures. Officials in China’s frigid northern provinces were ordered to prioritise keeping citizens warm and areas that hadn’t yet converted fully to gas were permitted to burn ...

Bloomberg China Telecommunications Corp. is studying an investment in the Philippines after President Rodrigo Duterte invited China to enter the Southeast Asian country and challenge local phone carriers PLDT Inc. and Globe Telecom Inc. The Chinese government, which controls its phone carriers, picked China Telecom to be the one entering the Philippines, Communications Secretary Martin Andanar said, citing information from ...

Bloomberg Donut King owner Retail Food Group Ltd. slumped by the most on record on Monday amid reports the company squeezed franchisees with high fees and offered limited management support. Shares in the company fell as much as 27 percent in Sydney trading, the steepest drop since listing in 2006, and wiping as much as $163 million off its market ...

Bloomberg President Donald Trump plans to keep pushing his legislative agenda in 2018 by releasing his long-promised infrastructure proposal in early January, a senior administration official said. Infrastructure advocates question whether a Republican-led Congress will be able to pass a spending plan with enough federal funding if it’s already approved a tax measure that official estimates say would bloat the ...

Bloomberg Uber Technologies Inc.’s London fate won’t be decided until mid-way through 2018 after a judge said that she will schedule an appeal hearing in either April or June, meaning the company can operate in its busiest European market until then. Judge Emma Arbuthnot proposed two starting dates, April 30 or June 25, for the five-day trial at a short ...

Bloomberg The UK government u-turned on campaign promises to disband the Serious Fraud Office (SFO), with the white-collar prosecutor remaining independent under the Conservative Party’s newest plans for tackling economic crime. The decision was expected to be announced on Monday by Home Secretary Amber Rudd, according to a statement from the Home Office. The National Crime Agency, which the government ...

Bloomberg The world’s largest container shipping line says international freight rates are reversing after climbing for most of this year, raising questions about the sustainability of the global trade recovery. Decade-old oversupply issues swamped demand for containerised sea trade in the third quarter, a senior official at Maersk Line Ltd. said. Over 90 percent of trade is routed through ships, ...

Dubai / WAM In his capacity as the Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum, approved the Government of Dubai’s 2018 General Budget Law No. (21) for the year 2017, with AED 56.6 billion expenditure, according to the new budget classification. Featuring a 19.5 % year-on-year increase, the ...

ABU DHABI / WAM The Ministry of Foreign Affairs and International Cooperation (MoFAIC) revealed the value of UAE foreign aid to Yemen during the period April 2015 to November 2017, amounting to AED9.4 billion ($2.56 billion). In a report, MoFAIC said that the humanitarian aid covered a number of vital sectors, reflecting the UAE’s keenness to reduce the suffering of ...

ABU DHABI / Emirates Business The UAE’s successful bid for Category B Membership under the International Maritime Organization (IMO) Council is a historic achievement and an important milestone in the country’s efforts to become one of the wo-rld’s leading maritime centers. Today, the world’s eyes are on the UAE, which has successfully outshone other major candidates to become the first ...