News

DUBAI / Emirates Business The Dubai Chamber of Commerce and Industry’s Centre for Responsible Business organised its annual Give & Gain Day, the largest employee volunteering event in the UAE, as part of the Engage Dubai programme. Participating for the seventh consecutive year, ENGAGE Dubai mobilised employees to volunteer during work hours in schools, universities, local charities and community group, ...

Dubai / Emirates Business Neopharma, one of UAE’s leading pharmaceutical manufacturing company invested a total of AED100 million in a state-of-the-art Japanese factory, AED265 million in the acquisition of patents and licenses and an additional investment in clinical studies amounting to AED515 million. The factory in Japan will manufacture supplements for patients in the pre-diabetic stage and also Type II ...

LONDON / Reuters Iraq has achieved its share of the production cuts agreed by OPEC and non-OPEC producers at the end of last year but remains ready to meet future oil demand growth, Iraqi oil minister Jabar al-Luaibi said in a speech on Monday. “Iraq as the second-largest producer in OPEC confirms its achievement to the commitment to implement the ...

Riyadh / Reuters US agricultural trader Bunge is looking to bid for the Saudi state grain company’s milling operations, sources said, the second global commodities company to show interest in the privatisation of the kingdom’s sole wheat and barley buyer. A memorandum of understanding was signed by Bunge and Arabian Agricultural Services Company (ARASCO), a privately-owned Saudi firm, sources with ...

Bloomberg China will carry out a nationwide poll next month to test the public’s acceptance of genetically-modified food, a technology the government says would boost yields and sustainable agriculture in a country that’s seen consumption soar. Beijing’s prestigious Tsinghua University and two other Chinese colleges will carry out the survey, said Jin Jianbin, a professor at Tsinghua’s School of Journalism ...

Bloomberg India’s stock market boom is fanning out to the country’s hinterland. Flows into mutual funds from towns outside India’s 15 biggest cities surged 41 percent to a record 3.1 trillion rupees ($48 billion) at the end of March, according to the latest data from the Association of Mutual Funds in India. And half of this money flowed into equity ...

Bloomberg Prime Minister Narendra Modi’s government is set to dramatically reshape Asia’s third-largest economy with the biggest tax reform since independence in 1947. After finding common ground among India’s 29 states, the finance ministry released detailed rates for the incoming goods and services tax, slotting more than 1,200 items — from sugar to steel pipes and motorcycles — into five ...

Bloomberg Japanese exports expanded for a fifth consecutive month in April, with shipments to China surging as global demand continued to support the nation’s economic recovery. Exports rose 7.5 percent from a year earlier (median estimate +8.0 percent), according to data released by the Ministry of Finance. Imports jumped 15.1 percent (median estimate +14.8 percent). The trade surplus was 481.7 ...

Bloomberg Indonesia’s 10-year bond climbs as S&P Global Ratings’ upgrade on the nation fans speculation that inflows of global funds will increase. Foreign inflows to Indonesian bonds totaled $6.32 billion this year through, 42 percent more than from January to the end of May 2016. Goldman Sachs Group Inc. forecast in March that an upgrade could help attract as much ...

Bloomberg General Electric Co. is the latest US company to be investigated by European Union for possibly turning in misleading information during a merger review, according to two people familiar with the GE case. The European Commission is reviewing whether GE misled EU officials examining a deal to buy LM Wind Power, a maker of wind-turbine blades, for 1.5 billion ...