News

Bloomberg Egyptian cheese-maker Arabian Food Industries is expecting third-quarter revenues to jump by about 50 percent and sales volumes to be better than the first two quarters of the year as Egyptian consumers adapt to price hikes that followed last year’s currency float. The Cairo-based company, also known as Domty, sees revenues of 700 million Egyptian pounds ($39.7 million) this ...

Bloomberg Alphabet Inc.’s Google introduced a digital payments service specifically designed for India as competition heats up for the country’s billion-plus potential users. Tez, the Hindi word for fast, debuted on Monday for download on iPhones and Android devices and joins an increasingly crowded field. The service is compatible with the Indian government-backed Unified Payments Interface, which simplifies financial transactions ...

Bloomberg ZhongAn Online P&C Insurance Co., China’s largest online insurer, started taking orders for a Hong Kong initial public offering that could raise as much as $1.5 billion. The Shanghai-based company is offering 199.3 million new shares at HK$53.70 to HK$59.70 apiece, according to terms for the deal obtained by Bloomberg. Japan’s SoftBank Group Corp. agreed to purchase 71.9 million ...

Bloomberg CBS Corp. overcame a last-ditch attempt to derail its planned takeover of ailing Australian broadcaster Ten Network Holdings Ltd. after a Sydney court dismissed a challenge by local media mogul Bruce Gordon. CBS is free to vote on its proposed acquisition at Tuesday’s meeting of Ten creditors, Justice Ashley Black said in a ruling on Monday at the New ...

Bloomberg Shanghai Fosun Pharmaceutical Group Co. scaled back its proposed purchase of control in Indian drugmaker Gland Pharma Ltd. to a level that would allow it to avoid a government review of the biggest Chinese acquisition in India. Fosun Pharma, backed by Chinese billionaire Guo Guangchang, will now buy a 74 percent stake for $1.1 billion, according to a statement. ...

Dubai / WAM Recent forecasts for growth in UAE trade are set to benefit the country’s logistics sector according to DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem. A BMI report published recently forecasts a steady rise in trade of 4.35 percent year on year in 2017, driven by a 5 percent growth in imports and exports of ...

Abu Dhabi / Emirates Business Abu Dhabi Airports’ VIP Terminal, operated by National Aviation Services (NAS), the fastest growing aviation services provider in the emerging markets, signed a partnership agreement with Al Hilal Bank in Abu Dhabi, a progressive Islamic bank, to provide exclusive VIP Terminal access at Abu Dhabi International Airport to top-ranking customers. Abdul Majeed Al Khoori, Acting ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Sunday inaugurated a youth centre in Dubai deemed as the best in the world, with ...

Abu Dhabi / WAM The UAE Excise Tax, due to go into force effective 1st October, shall be collected in e-Dirham only, the Federal Tax Authority has announced. The move goes in line with the UAE government’s strategy to keep pace with the latest technological developments in areas of FinTech and revenue collection and ensure transparency, efficiency and safety in ...

Abu Dhabi / WAM The date for the Islamic New Year holiday, 1439 Hijri, for Federal Ministries in the UAE will be on the first day of Muharram, the first month of the Islamic calendar. It was announced that this will be a paid holiday for all private sector employees in the country. The paid holiday was announced in two ...