News

Bloomberg Amazon.com Inc. agreed to sell some of its Chinese cloud assets to its local partner but said it’s committed to a domestic market for internet-based computing that could be worth $30 billion. Beijing Sinnet Technology Co. will buy servers and other unspecified “operational assets” in the country’s capital from Amazon Web Services for as much as $302 million, it ...

Bloomberg Hon Hai Precision Industry Co. posted a surprise fall in earnings amid technical hiccups that disrupted production of Apple Inc.’s 10th-anniversary iPhone. Apple’s main device-assembler reported a decline in net income to $696 million in the three months ended in September. That compared with the NT$37.2 billion projected. Apple’s decision to adopt technically demanding facial-scanning sensors for the iPhone ...

Bloomberg The first default on US dollar bonds by an Indian company in 15 months may become a closely-watched test case for how international creditors will fare under the country’s new bankruptcy laws. Reliance Communications (RCom), the Indian mobile phone operator controlled by Anil Ambani, failed to pay a coupon on its 2020 dollar notes before the expiry of a ...

Bloomberg The euro-area economy maintained its solid pace of expansion in the third quarter, keeping it on track for its best annual performance in a decade. Gross domestic product rose 0.6 percent in the period, unchanged from a flash estimate, the European Union’s statistics office said on Tuesday. In Germany, the region’s largest economy, expansion accelerated to 0.8 percent, while ...

Bloomberg Vodafone Group Plc reaped a payoff from its network build-out in Europe, taking the rare step of raising its profit forecast as customers choose costlier data plans. The shares rose after the carrier almost doubled its outlook for earnings growth and reported second-quarter results that beat expectations on strength in most markets. Vodafone is benefiting as consumers opt for ...

Bloomberg UK inflation held at a 5 1/2-year high in October, as cheaper auto fuel offset the rising cost of food. Consumer prices rose 3 percent from a year earlier, the Office for National Statistics said on Tuesday. Economists had expected inflation to accelerate to 3.1 percent. It means Bank of England Governor Mark Carney has been spared having to ...

Bloomberg Targeted ads that seem to follow you everywhere online may soon be doing the same on your TV. The Federal Communications Commission (FCC) is poised to approve a new broadcast standard that will let broadcasters do something cable TV companies already do: harvest data about what you watch so advertisers can customise pitches. The prospect alarms privacy advocates, who ...

ABU DHABI / AGENCIES The CEO of the Abu Dhabi National Oil Company (ADNOC) Dr Sultan Al Jaber, announced that ADNOC intends to sell a minority stake of its fuel distribution and convenience retail store subsidiary, ADNOC Distribution, via an IPO on the Abu Dhabi Securities Exchange (ADX) before the end of the year. The company aims to sell at ...

ABU DHABI / WAM Suhail Al Mazrouei, Minister of Energy and Industry, has said that the current recovery of the oil market is due to market forces which benefit OPEC and shale oil producers alike. He made his comments while taking part in the UAE Ministry of Energy and Industry Knowledge Series panel discussion entitled, “Oil and Gas Outlook to ...

Bloomberg Abu Dhabi’s state fund is looking to expand its energy investments, with $5 billion spent in the past few months in nations that can offer low costs such as the US, according to the head of Mubadala Investment Co.’s oil and chemicals projects. “If you think about the low cost environment, the US ranks very high because of the ...