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CAIRO / Reuters Egypt’s Carbon Holdings aims to finalise funding and start building its massive Tahrir petrochemicals project by June, producing raw materials desperately needed to boost the country’s industrial sector, its chief executive told Reuters. The $10.6 billion scheme in the Suez Canal Economic Zone will be the largest petrochemicals project in Egypt. Carbon Holdings CEO Basil El-Baz sees ...

Bloomberg Grab, Southeast Asia’s biggest ride-hailing app, plans to invest $100 million in Myanmar as it extends its battle with Uber Technologies Inc. to capture exploding use of smartphones. Grab will invest the money over the next three years and work with local governments to expand ride-hailing to more cities and roll out services such as its in-app digital payment ...

Bloomberg Singapore’s electronics output surged almost 50 percent in July from a year earlier, underpinning overall manufacturing in the city state and signaling a global trade recovery is holding up. Industrial production rose 21 percent, the fastest pace in seven months, beating all 17 forecasts in a Bloomberg survey of economists. The electronics cluster, which includes products such as semiconductors, ...

Bloomberg Infosys Ltd. Chairman Nandan Nilekani moved to reassure investors and employees after a dramatic coup by the firm’s founders this week in which they ousted four directors and took back control of the troubled Indian IT company. “I want to put this company on the right stable path,” Nilekani, 62, said. “I plan to be here as long as ...

Bloomberg Speculators thinking Lee Jae-yong’s sister, Lee Boo-jin, could take the family mantle, are making a bet Samsung will stray from the tradition of male-dominated succession at the country’s chaebol. But Samsung has broken away from tradition to better the business before and Boo-jin already advises and owns 5.5 percent of holding company Samsung C&T Corp. She’s also proven her ...

Dubai / WAM Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, unveiled the blueprint for Dubai Food Park (DFP), the latest addition to Dubai Wholesale City (DWSC). To be developed at a cost of $1.5 billion, it will be the first destination in the Middle East dedicated to serving ...

Abu Dhabi / WAM A total of 17.815 million cheques worth AED886.7 billion have been handled by the Cheque Clearing System during the first seven months of 2017, UAE Central Bank announced on Wednesday. The number of cheques cleared during July reached 2.66 million worth AED131.7 billion, a growth of 4.7% over June during which cheques worth AED111.3bn were cleared. ...

Bloomberg President Donald Trump, speaking on Tuesday night in Arizona near the Mexican border, said it looks inevitable the US will pull out of the North American Free Trade Agreement (Nafta). It’s a now familiar threat — but no less concerning given the US just this week wrapped up the first round of negotiations with Mexico and Canada to revise ...

HONG KONG / WAM As part of its mandate to facilitate trade from Dubai and create an enabling environment for Dubai’s exporters, Dubai Exports, the export promotion agency of Dubai Economy, has expanded its network with the opening of a new overseas trade office (OTO) in Hong Kong. The Hong Kong office, the 7th in its growing international network for ...

ABU DHABI / WAM Etihad Airways has been announced as the official airline sponsor of WorldSkills Abu Dhabi 2017 the biggest vocational education and skills excellence event in the world. The event will bring more than 3,000 competitors and industry experts from up to 75 countries to the Abu Dhabi National Exhibition Centre, ADNEC, from October 14-17. The 44th edition ...