News

  Bloomberg Drawn to India by an explosion in metro-rail projects, Alstom SA and Bombardier Inc are now poised to use the nation known for being the world’s back-office as a manufacturing export hub. The French and Canadian multinationals set up manufacturing and engineering operations between 2008 and 2010 to tap into India’s rapidly-growing urban transportation market and will now ...

  Bloomberg PetroVietnam Power Corp., Vietnam’s second-largest power producer, said the sale of a 49 percent stake to strategic investors and through an initial public offering could fetch about $600 million. PV Power, as it is better known, is open to selling as much as 60 percent of the company, contingent on government approval, according to a document posted on ...

  Bloomberg The UK is eyeing a deal with the US to give London-based banks free access to Wall Street, International Trade Secretary Liam Fox said as he predicted Britain’s economy would thrive even without a Brexit deal. In an interview with Bloomberg, Fox said he wanted to open up commerce with the US “in every sector” including financial services, ...

  Bloomberg Europe is likely to end the wheat season with the smallest stockpiles in 13 years. Inventories of wheat held in the European Union will probably plunge 37 percent to 10.1 million metric tons at the end of June, according to Tallage SAS, publisher of the Strategie Grains report. The combination of a poor harvest, strong consumption and higher-than-expected ...

  Dubai / WAM Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, launched on Wednesday the UAE National Space Program and approved the program’s strategy. The ...

  SHARJAH / WAM Sharjah FDI Office Invest in Sharjah the entity responsible for intensifying the Sharjah Government’s efforts to promote the emirate’s business and investment opportunities in key international markets, concluded its maiden trade mission to Italy. During their three-day promotional tour from April 10-12, Invest in Sharjah organised a Sharjah-Italy Seminar in the city of Padua, and participated ...

  DUBAI / WAM Saudi Arabia’s debut US Dollar-denominated Islamic bond has attracted more than US$25 billion of investor orders so far, according to Bloomberg. The fall in global oil prices has prompted the kingdom to prepare what may be the world’s largest initial public offering of state-owned oil company, Saudi Arabian Oil Co, Aramco. The company last week sold ...

  Abu Dhabi / WAM Arab economies are projected to grow by 2.3 percent in 2017 as a result of the decline in growth rate of the Arab oil-exporting countries to 1.8 percent. This is due to the decline of oil production reflecting the commitment of these countries to the OPEC agreement to adjust production quantities to balance the world oil ...

  Abu Dhabi / WAM In his capacity as Chairman of the Executive Council of Abu Dhabi, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, issued a resolution restructuring the Abu Dhabi Media Company’s board of directors under the chairmanship of Noura Mohammed Al Kaabi. The resolution ...

  Dubai / WAM The existing economic cooperation levels between UAE and Azerbaijan do not reflect the true potential boasted by the two countries, according to Sultan bin Saeed Al Mansouri, UAE Minister of Economy. The minister’s statements came in the run up to the 6th meeting of the UAE-Azerbaijan Joint Commission on Economic, Commercial and Technical Collaboration to be held ...