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Bloomberg Iron ore is facing renewed pressure and risks sliding back into the $60s, as China’s economy shows signs of cooling and global mine supply increases, while planned steel capacity cuts in the world’s biggest consumer this winter could further cut demand. Ore with 62 percent content in Qingdao fell 2.5 percent to $72.13 a dry metric ton, the lowest ...

Reuters Egypt will issue a $1.8 billion bond by the end of November and plans to launch a new $10 billion Eurobond programme next year, the Boursa newspaper reported on Sunday. Finance Minister Amr El Garhy told the newspaper that Cairo planned to sell Eurobonds worth $3 billion to $4 billion in the first quarter of 2018. Earlier this year, ...

LONDON /Reuters Russia’s Rosatom expects to sell a 49 percent stake in its Turkish nuclear project to a consortium of Turkish companies by the end of the year, and aims to start construction of the Akkuyu plant by the end of March, a company executive said. Kirill Komarov, Rosatom’s first deputy chief executive for corporate development and international business, said ...

Emirates Business Commodities traded flat on the week as a third weekly gain in energy was offset by profit-taking in metals, both precious and industrial. Some of the key drivers behind these developments were increased demand for oil, rising US inflation, North Korean missile fatigue, and weaker economic data from China dollar recovery The metal weakness was partly to blame ...

Bloomberg Mandarin Oriental International Ltd. has received interest from potential buyers of the Excelsior hotel in Hong Kong in what would be a test of the resilience of demand for the city’s commercial real-estate assets that has sent prices soaring. There were at least five bids for the property valued at $3.8 billion, including a Chinese-backed consortium of Sun Hung ...

Bloomberg Philippine President Rodrigo Duterte said $975 million will not be enough to rebuild the southern city of Marawi, citing massive damage caused by the conflict between government troops and IS-linked militants that’s been running for almost four months. Duterte also said he wants the budget that was slashed from the Commission on Human Rights to be spent instead on ...

Bloomberg Toshiba Corp. is aiming to finalise a deal to sell its memory chips business to a group led by Bain Capital at a September 20 board meeting, despite opposition from partner Western Digital Corp., according to people familiar with the matter. Toshiba’s effort faces resistance because the Bain group now includes several Western Digital competitors, including Seagate Technology Plc, ...

Bloomberg Rising gold prices and government measures to enforce compliance in the Indian jewellery industry are deadening demand in the world’s second-largest bullion market at the start of the traditional festival season when buying usually explodes. “If you ask me, I wouldn’t purchase gold even if it was Diwali,” Prathamesh Mallya, chief analyst at Angel Commodities Broking, said, referring to ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the largest single-site Concentrated Solar Power (CSP) project in the world, which will be built at a total cost of AED14.2 billion. The CSP project, which represents the fourth phase of the Mohammed bin Rashid Al ...

Abu Dhabi / WAM The United Arab Emirates (UAE), has been ranked the most attractive destination for Foreign Direct Investment (FDI), among the Arab countries in 2016, accounting for 29 percent, or US$9 billion, of the total inflow investment, according to a study issued by the Ministry of Economy. “The UAE also topped the Arab countries in terms of new ...