News

Bloomberg Royal Philips NV’s $1.7 billion deal to buy Spectranetics Corp., a US maker of devices to treat cardiac disease, shows the Dutch company is moving more aggressively to bolster its growing health-care business. Philips will offer $38.50 a share in cash for the Colorado Springs-based company, according to a statement on Wednesday. The price is 27 percent above Spectranetics’ ...

Bloomberg A.P. Moller-Maersk A/S has shut down systems across its operations to contain a cyber attack against its computer network as it assesses the full impact. Vessels at its Maersk Line unit, the world’s largest container carrier, are maneuverable, able to communicate and its crews are safe, but the Copenhagen-based company isn’t able to accept bookings from clients. “Our portal ...

Bloomberg Blue Apron Holdings Inc. is used to pitching its pre-portioned meal kits as an alternative to shopping for groceries, eating out or ordering in. The past week and a half, the company has faced a new challenge: Convincing investors of its value during a roadshow for its initial public offering. Blue Apron aims to raise as much as $510 ...

Bloomberg Mergers and acquisitions in Canada are set for the strongest start in a decade as foreigners sell their oil sands investments. There have been about $132 billion of transactions recorded this year, the highest since $156.5 billion in the first half of 2007, according to data compiled by Bloomberg. Local companies snapped up these energy assets, boosting domestic M&A ...

Bloomberg The US will impose further punitive tariffs on imports of softwood lumber from Canada, escalating a longstanding trade dispute that’s already led to higher timber prices. Preliminary anti-dumping duties of as much as 7.7 percent will be levied on Canadian producers, the US Department of Commerce said in a statement. The move follows the government’s decision in April to ...

ASTANA / WAM Under the theme ‘Tourism and Future Energy: Unlocking Low-Carbon Growth Opportunities,’ industry leaders and policy makers have convened in the Kazakh capital city of Astana to discuss contribution of the tourism sector to reducing carbon emissions. The Conference is a joint initiative of Astana EXPO 2017 and the United Nations World Tourism Organisation (UNWTO) with the support ...

RAS AL-KHAIMAH / WAM A delegation from RAK International Corporate Centre (RAKICC), a premium corporate registry for International Business Companies (IBCs), has travelled to Cyprus this week. Led by RAKICC CEO, Joe Moynihan, the delegation held meetings with potential partners and industry advisors to discuss the benefits of international businesses incorporating in RAKICC. While in Cyprus, Moynihan also spoke at ...

Dubai / Emirates Business Xpress Money has recorded a 12% increase in remittances in the first two weeks of Ramadan as compared to the same period last year. The increase is reflected in outward remittances to South Asia, the Levant and other parts of the MENA region. “Ramadan is the month of giving, and we traditionally witness that remittances back ...

LONDON / Reuters OPEC will not rush into making a further cut in oil output or end some countries’ exemptions to output limits, OPEC delegates said, although a meeting in Russia next month is likely to consider further steps to support the market. OPEC and allied non-OPEC producers agreed on May 25 to extend an existing supply cut into 2018, ...

Abu Dhabi / WAM The amended executive regulations of this year’s Federal Traffic Law No. 21 will be implemented from July 1, as per Ministerial Resolutions 177 and 178 (2017) regarding traffic control rules and procedures. Brigadier Ali Khalfan Al Dhaheri, Director-General of Central Operations at Abu Dhabi Police, called on drivers to follow traffic rules and laws while confirming ...