News

  Bloomberg Akzo Nobel NV rejected PPG Industries Inc.’s third takeover bid in favor of its own breakup strategy, raising the prospect that the US rival will go hostile with its $29.5 billion offer for the Dutch coating and chemical company. After taking two weeks to evaluate the bid, Akzo Nobel repeated that the proposal is flawed and riddled with ...

  Bloomberg Coach Inc. agreed to buy handbag maker Kate Spade & Co. for $2.4 billion following months of talks, helping the luxury brand cope with an industry racked by deep discounting and sluggish demand. The $18.50-a-share transaction represents a premium to Kate Spade’s price when deal speculation first surfaced in December, but it’s well below the amount investors were ...

  Bloomberg FrontFour Capital Group is seeking board representation at Granite Real Estate Investment Trust arguing that the company is underperforming peers after failing to use its balance sheet efficiently to make acquisitions, a document obtained by Bloomberg shows. The Connecticut-based activist investor said Granite has the capacity to spend as much as C$1 billion on new purchases, according to ...

  Bloomberg German factory orders expanded for a second month as Europe’s largest economy picked up speed. Orders, adjusted for seasonal swings and inflation, rose 1 percent in March, after expanding an upwardly revised 3.5 percent in February, data from the Economy Ministry in Berlin showed on Monday. The typically volatile reading compares with a median estimate for a 0.7 ...

  Bloomberg Liberty Global Plc lowered its growth target for Europe this year as billionaire John Malone’s cable carrier reported a weaker-than-expected start in the UK. Liberty now forecasts operating cash flow growth of 5 percent for 2017, down from February’s outlook of 6 percent to 7 percent, the London-based company said. The operator lost more customers than expected in ...

  ABU DHABI / WAM In yet another sign of the country’s resilient economic growth policy, the UAE’s non-oil foreign trade in 2016 hit AED1.564 trillion, a 1 percent growth over 2015, according to UAE Federal Customs Authority (FCA). Despite besetting economic pressures, the volume of UAE’s non-oil foreign trade, including direct trade and free zones’, increased to AED1.564 trillion in ...

  ABU DHABI / WAM The Executive Committee at the Executive Council of Abu Dhabi, headed by Jassem Bu Ataba Al Zaabi, Chairman of the Executive Committee, has approved several development projects valued at AED204 million and made a number of decisions on key issues and projects. The committee approved development works for the Saad-iyat Power Station with an overall ...

  RIDADH / WAM Anti-corruption and protection of business integrity will be the main topics of discussion at a meeting grouping anti- corruption and business integrity executives in the GCC states on Monday in Riyadh. The meeting will review a draft law for protecting public funds in the GCC states and guiding principles for enhancing efficiency and optimising performance at ...

  ABU DHABI / WAM Business leaders and professionals from the UAE and Turkey will participate in the two day UAE-Turkey Business Forum on the May 8 and 9 in Dubai in efforts to further develop bilateral relations and increase investments and joint projects in the avenues of tourism, transport, finance and trade services between the two countries. The Turkish ...

  Abu Dhabi / WAM Aldar Properties, Abu Dhabi’s leading listed property development, investment and management company, has appointed Trojan General Contracting as the main contractor for the first three precincts of its flagship development on Yas Island, Yas Acres. Trojan will mobilise on site immediately as it works on the infrastructure, 652 villas and townhouses, the golf course, golf club ...