News

Bloomberg India is scaling back expectations for power demand growth as it struggles to electrify millions of homes despite a glut in generation capacity. The world’s second-most populous nation is building more power plants than it can utilize as state-level distributors struggle to connect 50 million households, according to Ravindra Kumar Verma, head of the Central Electricity Authority, the power ...

Bloomberg Jack Ma’s net worth surged $2.8 billion overnight as Alibaba Group Holding Ltd. forecast sales growth that topped every analyst’s estimate, despite China’s decelerating economy. Ma, 52, is now the richest person in Asia and 14th wealthiest in the world, according to the Bloomberg Billionaires Index. His net worth has climbed $8.5 billion this year to $41.8 billion. The ...

Bloomberg As European Union officials count the days before their annual vacation, Google’s lawyers and lobbyists are hunkering down in Brussels, preparing for what may be a record EU antitrust fine. A penalty in the shopping-search probe could come within weeks and many expect it to exceed a $1.2 billion fine on Intel Corp. in 2009. That would be another ...

Bloomberg Tight cobalt supplies will keep boosting the price of one of this year’s hottest commodities, according to Eurasian Resources Group S.a.r.l., which is developing an almost $1 billion project in the Democratic Republic of Congo. Cobalt jumped 71 percent this year on surging demand for the metal used in batteries for electric cars made by firms such as Tesla ...

Bloomberg The number of fresh listings on Nasdaq Inc.’s alternative First North market in Stockholm has more than doubled this year, driven by health-care companies such as Promore Pharma, the latest from that industry to plan an initial public offering. Stockholm’s First North market saw 27 new listings, including 20 IPOs, between early January and May 22, according to data ...

Dubai / Emirates Business Footfalls at indoor theme parks and family entertainment centers at the malls are set to increase, according to International Expo Consults (IEC), organisers of ‘DEAL 2018’ show. The Global Industry Analysts, Inc. report says the global market for amusement and theme parks is forecast to reach US$44.3 billion by 2020, driven by the recovery in leisure ...

DUBAI / WAM The Telecommunications Regulatory Authority (TRA) has said that the official UAE Government Portal presents a pillar that highlights the UAE’s future milestones until the year 2117, within the context of the national vision and the directives of the wise leadership, working towards creating a future full of happiness, achievement, sustainability and leadership. Hamad Obaid Al Mansoori, Director-General ...

Abu Dhabi / WAM Abu Dhabi Quality and Conformity Council (QCC), the entity responsible for developing quality infrastructure in the emirate of Abu Dhabi, has launched a pilot project to classify automotive workshops in the emirate in collaboration with Saaed for Trafficking Systems. Abu Dhabi’s first classification scheme for automotive workshops seeks to elevate the standard of vehicle repair services ...

DUBAI / Reuters A move by four Arab states to blacklist dozens of figures with alleged links to Qatar could squeeze liquidity at Qatari banks which get a significant amount of their funding from the region. Qatari banks have around 60 billion riyals ($16 billion) in funding in the form of customer and interbank deposits from other Gulf states, Chiradeep ...

Dubai / Emirates Business The Dubai Future Foundation (DFF) and OnBoard International have joined hands to provide in-flight TV reports, broadcast by DFF’s Future Monitor, onboard Arab and international flights operated by major regional and international airlines. The in-flight scientific content will be available onboard flights to many Arab and international destinations, including London, Istanbul, New York City, Paris, Shanghai, ...