News

Bloomberg Consumer spending in Miami and Fort Lauderdale plunged more than 57 percent from a year earlier as Hurricane Irma caused residents to evacuate or take shelter, according to a report from First Data Corp. Information released by the Atlanta-based company, which tracks shopping activity through the transactions it processes, shows consumption peaked September 5 and then cratered September 8, ...

Bloomberg Could a Cardiff, Wales-based wafer company be the next big thing for UK technology investors? Investors trying to sniff out hidden Apple Inc. suppliers are betting on it, sending the shares of IQE Plc up more than 300 percent this year. The company is the second-best performer in the FTSE AIM 100 Index year-to-date and has also beaten every ...

KHOBAR / Reuters Saudi Arabia is expected to launch a tender process for its first nuclear reactors as early as next month and will reach out to potential vendors from countries including South Korea, France and China, industry sources said. The world’s top oil exporter wants to start construction next year on two plants with a total capacity of up ...

Bloomberg A dearth of new investment in oil production is stoking a risk of tighter crude supply and unstable prices, even as demand growth is expected to slow over the next five years, a senior International Energy Agency (IEA) official. The worldwide cushion of spare production capacity will shrink without further investment in exploration and output, Neil Atkinson, the head ...

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 ...