News

Bloomberg Petronet LNG Ltd. sees a lifeline arriving for its loss-making Kochi liquefied natural gas import terminal by 2019 after it boosts capacity use fourfold. The only LNG terminal in southern India is operating at about 10 percent of its 5 million-ton-a-year capacity, according to Finance Director R.K. Garg. Capacity use may increase to 2 million tons annually after a ...

Bloomberg Oil skeptics are letting a little sunshine in. After the worst June for oil in six years, hedge-fund bets on declining West Texas Intermediate retreated. That made room for futures to rebound more than 5 percent last week on optimism that the summer will finally boost demand for crude and gasoline. “The market is starting to recognize that demand ...

Bloomberg China Three Gorges Corp., a state-owned electricity producer, has emerged as the leading bidder for Odebrecht SA’s Chaglla hydropower plant in Peru, according to people with knowledge of the matter. Odebrecht aims to reach a deal with the Beijing-based company in the next few weeks on the sale of the 456-megawatt power plant, the people said, asking not to ...

Bloomberg President Donald Trump said the US wants to reduce trade imbala-nces with Mexico and Canada and boost exports of everything from farm goods to financial services as it prepares to kick off talks to revamp the North American Free Trade Agreement. The office of Trump’s top trade negotiator released the administration’s list of negotiating objectives for talks with Mexico ...

Bloomberg Ericsson AB cautioned that turning around the beleaguered phone-equipment maker will require even steeper cost cuts, testing the patience of investors who sent the stock tumbling the most this year. Ericsson fell as much as 11 percent to 54 kronor in Stockholm after the company posted a second-quarter loss and warned that a faltering market amid technology shifts could ...

Bloomberg Oracle Corp. is hiring 1,000 employees in Europe, the Middle East and Africa as it expands its cloud computing services in the region. The company is looking for workers with between two to six years of experience to staff sales, management, finance, recruitment, marketing and human resources roles for its cloud computing service, Oracle said on Tuesday. The Redwood, ...

Bloomberg Mahindra, the Indian cars-to-technology conglomerate, plans to boost US investment as it prepares for the prospect that President Donald Trump will cut quotas for the H-1B visas needed to service clients at its outsourcing business. US investment and employment will be doubled in five years, said Pawan Goenka, managing director at automaker Mahindra & Mahindra Ltd. Mahindra has already ...

Bloomberg Tesla Inc. moved to diversify a board that some investors have complained is too closely tied to Chief Executive Officer Elon Musk, adding two executives from major media companies. James Rupert Murdoch, the CEO of Twenty-First Century Fox Inc., and Linda Johnson Rice, the chairman of Johnson Publishing Co., joined Tesla’s board effective Thursday, according to a filing. Murdoch ...

Abu Dhabi / Emirates Business The Masdar Institute of Science and Technology announced the development of a high-performance solar absorber that could make solar thermal technologies significantly more efficient. Masdar Institute is part of the Khalifa University of Science and Technology. The solar absorber, developed with the Massachusetts Institute of Technology (MIT), features an ultrathin nanocomposite film made of silver ...

FUJAIRAH / WAM National Bank of Fujairah (NBF) announced its results for the six month period ended June 30, 2017. It shows a net profit of AED154.9 million in second quarter of 2017, Q2, a rise of 24.4 percent over the corresponding quarter of 2016. On the back of a strong Q2 2017 performance, NBF reported a net profit of ...