News

Bloomberg Tata Steel Ltd. plans to raise as much as $2 billion in a rights offer to help add capacity in India, where demand for the alloy is forecast to triple in over a decade. The money will be used to build and buy mills as well as to repay debt, the company said an exchange filing on Tuesday. The ...

Bloomberg SoftBank Group Corp. is betting that technology can overhaul the home insurance industry by leading a $120 million round in Lemonade Inc. The New York-based startup, which uses artificial intelligence and bots to minimise paperwork and speed up the claims process for renters and homeowners, had raised $60 million before the announcement. Previous backers included General Catalyst, Alphabet Inc.’s ...

Bloomberg Uber Technologies Inc. is set to reach the end of the road in a legal battle over a question that’s reached the European Union’s top court—is the world’s most valuable startup a taxi company or not? Uber has argued that it’s a technology platform connecting passengers with independent drivers, not a transportation company subject to the same rules as ...

Bloomberg British labour-cost pressures appear to be building, according to the latest data from the Office for National Statistics. The cost of employing someone for an hour of work rose 3 percent in the third quarter compared with a year earlier, the fastest pace since the April-June period in 2016, the ONS said on Tuesday. From the previous quarter, labor ...

Bloomberg Facebook Inc.’s messaging service WhatsApp was given a one-month ultimatum by one of Europe’s strictest privacy watchdogs, facing an order to stop sharing user data with its parent without getting the necessary consent. France’s data protection authority CNIL gave a sharp warning to WhatsApp by issuing a formal notice, criticising it for “insufficiently” cooperating. The decision comes a year ...

Bloomberg German business confidence unexpectedly weakened in December, while remaining close to its record, in a sign of nerves over the outlook for Europe’s largest economy. The Ifo Institute’s gauge of business sentiment declined to 117.2 from a revised 117.6 the previous month. Economists surveyed by Bloomberg predicted a reading of 117.5, matching November’s original number. Ifo’s gauge remains near ...

Bloomberg It’s quite a cocktail: throw in some profit-seeking techies, mix in the age-old Roman Catholic Church and add a twist of anti-globalism. What you get is a startup hub. A year ago, venture capitalists Stephen Forte of Fresco Capital Fund and Eric Harr of Imagine Ventures—both based in California— asked the Vatican to back a technology competition among startups ...

Dubai / Emirates Business The GCC’s first commercial vertical indoor farm, Badia Farms, has launched in Dubai with ambitious plans to pioneer the future of the region’s agriculture industry. Using the latest hydroponic technology and vertical farming techniques, the farm produces nutritious and pesticide-free leafy greens without the need for sunlight, soil or chemicals. Badia Farms has been established by ...

DUBAI / Emirates business The Hong Kong Trade Development Council (HKTDC) is looking for planning to take the trade relations between the UAE and Hong Kong to the next level with seven global trade fairs to be held in Hong Kong early next year. The UAE is Hong Kong’s 17th largest trading partner and 17th largest import supplier. The total ...

Dubai / Emirates Business Dubai-based developer Omniyat has signed a facility agreement with Ajman Bank for AED 500 million. The financing will be used for the construction of an iconic mixed-use project at Dubai Water Canal in Business Bay. The project is a partnership between Omniyat, Saudi’s Rashed Al Rashed Group and Jenina Real Estate Development Company Ltd. — one ...