News

  Bloomberg A South Korean court handling the bankruptcy case of STX Offshore and Shipbuilding Co., said Tuesday that only a single bidder had submitted a binding proposal to buy the shipyard’s profitable French unit. Italian shipbuilding giant Fincantieri SpA, Netherlands-based Damen Shipyards Group and French state-controlled naval shipbuilder DCNS had initially expressed interest in acquiring STX France, which specialises ...

  Bloomberg A private university in Thailand has begun accepting rice in payment for tuition fees as the nation struggles under a grain glut that’s hurting farm incomes. Students enrolled at Rangsit University in Bangkok’s northern suburbs can pay all or part of next semester’s costs with rice, said Worachat Churdchomjan, a dean who helped set up the program. The ...

  Bloomberg Issuance of CLOs (Collateralized Loan Obligation) in Europe in 2017 may exceed this year’s record for post- crisis sales with a well-stocked pipeline of new deals, no let-up in investor demand and supportive credit conditions. Themes seen in recent months look set to carry over into next year, with the issuer and investor base diversifying, more CLO refinancings ...

  London / AFP Britain’s economy grew faster than expected in the third quarter, revised official data showed, indicating no impact yet from the nation’s looming exit from the European Union. Gross domestic product expanded by 0.6 percent in the three months to the end of September, up from the previous estimate of 0.5 percent, the Office for National Statistics ...

  Bloomberg Tesla Motor Inc. and Panasonic Corp. will begin production of solar cells and modules next year at a plant in Buffalo, New York. Production will begin in the summer, with the factory’s output capacity expanding to 1 gigawatt by 2019, the companies said in a statement on Tuesday. Panasonic will invest more than 30 billion yen ($256 million) ...

  Lima / AFP It powers everything we do, yet remains one of our biggest mysteries. But thanks to an unusual Peruvian museum dedicated entirely to the brain, visitors can get up close and personal with the most complex organ in the human body. The “brain library” at the Santo Toribio de Mogrovejo Hospital in Lima has a massive collection ...

  WOODSTOCK, Vt / AP A small community skating rink that was once in danger of folding is working on a long-term plan to eliminate its biggest single expense — its energy bill — by becoming what its leaders believe would be the country’s first with no costs for electricity or heating fuel. The plan includes upgrading the existing equipment ...

  ABU DHABI / WAM The UAE leadership is looking forward to a national media industry that lives up to the standards of achievements and rises to the challenges while keeping pace with modern technology to strengthen its mission, reflect the image of the country’s progress, and project and support the UAE’s regional and international causes, said His Highness Sheikh ...

  DUBAI / WAM HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, has directed the Dubai Industrial Strategy to be implemented expeditiously in order to ensure that Dubai becomes the main axis of the global economy. Sheikh Hamdan instructed that implementation of strategy should begin with the advent of ...

  ABU DHABI / WAM The financial markets nationwide will remain closed on Sunday, January 1, 2017 for New Year. The work will resume on Monday, January 2, according to the Securities and Commodities Authority (SCA). The announcement follows the circular issued by the Federal Authority for Government Human Resources No. (42) of 2016 on New Year holiday, after coordination ...