News

Bloomberg Lenders to embattled Reliance Communications Ltd. have bought themselves some time in taking provisions on $7 billion of debt, but still face an uphill struggle in turning around the phone company. Last week, the carrier currently controlled by billionaire Anil Ambani proposed banks convert about 15 percent of the loans owed to them into a 51 percent stake, a ...

Bloomberg China Evergrande Group, once the country’s most-indebted developer, raised $9 billion from selling a stake in a property unit to further reduce its leverage. The sale will cut Evergrande’s stake in Hengda Real Estate to 63.5 percent from 73.9 percent, the company said in a filing to Hong Kong’s stock exchange on Monday. This is the third time Evergrande ...

Bloomberg Altice USA struck a deal with Sprint Corp. that will allow the cable operator to sell wireless service using Sprint’s network. As part of the agreement, Sprint will use Altice’s broadband infrastructure to strengthen its nationwide wireless network, according to a statement from both companies that didn’t disclose financial terms. Talks between Sprint’s majority owner, SoftBank Group Corp, to ...

Bloomberg Broadcom Ltd. offered about $105 billion for Qualcomm Inc., kicking off an ambitious attempt at the largest technology takeover ever in a deal that would rock the electronics industry. Broadcom made an offer of $70 a share in cash and stock for Qualcomm, a 28 percent premium for the world’s largest maker of mobile phone chips as of the ...

Bloomberg Car owners in Europe are paying about $460 a year more than they expected for fuel because of a record gap between what vehicles actually burn on the road compared with manufacturers’ data, according to a study from the International Council on Clean Transportation. Carbon dioxide emissions on the road are 42 percent higher on average than the official ...

Bloomberg Euro-area companies struggling to keep up with booming orders are expanding their ranks at the fastest pace in more than ten years. With a Purchasing Managers’ Index indicating strong momentum at the start of the fourth quarter, the 19-nation economy is on course for growth of as much as 0.7 percent, IHS Markit said on Monday. A gauge for ...

Bloomberg European investment banks are back in the hiring game, raising the stakes for compensation on both sides of the Atlantic. Firms including Barclays Plc and Deutsche Bank AG have been seeking to regain trading share by poaching personnel from American rivals, according to recruiters. For traders and salespeople who haven’t seen raises in years, the move can be profitable: ...

Dubai / Reuters Abu Dhabi National Oil Co (ADNOC) plans to launch a share sale of a stake in its network of fuel service stations and retail convenience stores in December, sources told Reuters on Sunday. The listing for ADNOC Distribution comes as Abu Dhabi and other Gulf states seek to privatise energy assets. Sources told Reuters in September that ...

ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, reiterated that the UAE stands firmly and resolutely with Saudi Arabia in confronting all challenges targeting its security and stability. He condemned in the strongest terms the firing of a ballistic missile towards the ...

Dubai / Emirates Business Commercial Bank International (CBI) announced its financial results for the nine months ended September 30. The net profit increased 4% year on year to AED33 million in Q3 this year, while year to date net profit totalled AED 86 million. The net interest income increased by 13% to AED 145 million from AED 128 million in ...