News

  Bloomberg Toshiba Corp. projected its annual loss could more than double to a record 1.01 trillion yen ($9.1 billion) as its US nuclear unit Westinghouse Electric filed for Chapter 11 bankruptcy. The collapse of Westinghouse, once the linchpin of Toshiba’s plans to diversify away from consumer electronics, caps a disastrous run for the Japanese conglomerate as project delays crippled ...

  Bloomberg China Evergrande Group, the nation’s most indebted property developer, advanced in Hong Kong trading after announcing a plan to introduce as much as 20 billion yuan ($2.9 billion) from strategic investors ahead of a back-door listing on the mainland. Shares of the Guangzhou-based developer surged 8.9 percent higher to close at HK$6.95 in Hong Kong. The plan came ...

    Bloomberg UK industry groups renewed calls for a trade-friendly Brexit settlement as Prime Minister Theresa May opened two years of negotiations on leaving the European Union after alarming some business leaders by signaling a clean break. The Confederation of British Industry urged the government to guarantee the rights of EU workers already in the UK while negotiating the ...

  Reuters Don’t return Sweden to the high taxes of the 1970s and 1980s. That warning comes from Sweden’s state-funded economic think tank as the Social Democratic-led government has been raising taxes on workers, while planning to cut levies on pensioners and those collecting benefits. “There are big negative effects, at least in the longer term, of higher state income ...

  Bloomberg France pledged $2.6 billion in investments for Indonesia and affirmed deepening ties with Southeast Asia’s biggest economy during a visit on Wednesday by President Francois Hollande. Indonesian President Joko “Jokowi” Widodo welcomed the new commitment by French investors to increase their involvement in the energy, infrastructure and retail industries. Jokowi and Hollande witnessed the signing of five memorandums ...

  ABU DHABI / WAM Dividends suggested by board of directors of 71 companies listed in Abu Dhabi and Dubai financial markets for the fiscal year 2016 have grown substantially to AED 33.83 billion. The dividends have already been approved by some of the general assemblies of the companies. The per share dividends are reckoned the highest in the Gulf ...

  Abu Dhabi / WAM Abu Dhabi-based Mubadala Development Company, the Dubai Future Foundation and GEAdditive are uniting their collective expertise behind the establishment of the first Microfactory in the region, seeking to accelerate revolutionary additive design, customer innovation, digital manufacturing technologies and access to global problem solving within the United Arab Emirates. The Microfactory is expected to play a crucial ...

  Abu Dhabi / WAM ZonesCorp unveiled plans for the development of ‘Rahayel City’, a new, world class, integrated ‘Auto Hub’ in Abu Dhabi. This major development, which was unveiled on Tuesday at the Global Manufacturing and Industrialisation Summit (GMIS), comes in response to a mandate by the Abu Dhabi Government to implement strategic plans to develop the automotive industry in ...

  Dubai / Emirates Business Saudi Arabia’s leading logistics service provider – NAQEL has signed a Memorandum of Understanding with Dubai Trade, the premier trade facilitation entity in the UAE, to collaborate on education and training for the GCC Trade and logistics industry. Both organisations aim to provide training programmes and events to develop best practice and knowledge in the ...

  Abu Dhabi / WAM A landmark pilot project between Siemens, Strata, the UAE’s advanced composite aerostructures manufacturing company, and Etihad Airways Engineering has successfully developed the first aircraft interior part to be designed, certified and manufactured with 3D printing technology in the Middle East, where the process will include training and skills development for UAE citizens. The part, a plastic ...