News

Bloomberg Five years after dodging a shutdown, the largest oil refinery on the East Coast is once again teetering on the brink. Sunoco Inc. and the private equity firm Carlyle Group LP formed Philadelphia Energy Solutions, a joint venture, in 2012 to rescue the refinery in an effort that also included $25 million in state aid. Now, after spending more ...

Bloomberg Companies from Alibaba Group Holding Ltd. to China Life Insurance Co. will participate in a $11.7 billion share sale by China’s second-largest wireless carrier as part of a government push to draw private capital into its state-owned enterprises. According to the plan, investors including Tencent Holdings Ltd. and Baidu Inc. will purchase about 10.9 billion shares, or 35 percent, ...

Bloomberg Apple Inc. is making it harder for touts to profit from buying iPhones in Hong Kong only to sell them on the black market in China. From mid-August, all products bought online from Apple in Hong Kong will be ineligible for return or exchange unless they are defective, the company said on its website. Apple’s previous policy allowed 14 ...

Bloomberg India has banned the export of gold products with purity above 22 carats with immediate effect, a move that the industry sees as a way of curbing irregularities in the trade. The Directorate General of Foreign Trade issued a notice limiting shipments of jewelry, coins and medallions to 22 carats or below, without giving a reason. “The move may ...

ABU DHABI / WAM Abu Dhabi has been named the safest city in the world by Numbeo, a website that curates and collates data to develop the world’s largest user-contributed database about cities and countries worldwide. With the lowest crime index of just 13.54 in the past six months, and the highest safety index of 86.46, Abu Dhabi was well ...

Abu Dhabi / WAM A total of 110 listed companies secured profited worth AED31.9 billion during H1 2017, against AED32 billion in the corresponding period last year. The positive financial results announced by national banks for the first six months of the year are fairly good given the unsatisfactory performance made by some companies whose pro-fits declined after they had ...

DUBAI / Reuters United Arab Emirates-based energy firm Dana Gas on Tuesday reported a 71 percent leap in second-quarter profit as energy prices rose and it cut capital spending. Dana made a net profit of $12 million in the three months to June 30. This compares to a profit of $7 million in the prior-year period, it said in a ...

Abu Dhabi / Reuters Union National Bank (UNB), 50 percent owned by the Abu Dhabi government, has begun operations at its branch in Shanghai, becoming the first bank from the United Arab Emirates to operate a branch in mainland China, the bank said on Tuesday. The Shanghai presence will provide corporate banking services to UAE companies and trade finance to ...

ABU DHABI / WAM A total of 15.151 million cheques worth AED755 billion have been handled by the Cheque Clearing System during the first half of the year, UAE Central Bank announced Tuesday. Bounced cheques since January through the end of June are valued at AED33.9 billion, accounting for 4.5 percent only of the total value of cheques during the ...

Abu Dhabi / WAM An online registration on tax purposes for businesses will be open effective mid-September 2017, according to the Federal Tax Authority (FTA) with an integrated system to be provided to serve the business sectors as per the highest international standards. This marks a major step underlining the UAE’s leading position in the application of a world-class tax ...