News

  Bloomberg Not even the cheapest shares in 13 years can lure investors to China’s banks. On a price versus book value basis, Chinese financial firms are trading at the biggest discount since 2004 to both the MSCI China Index and their Asian peers. The stocks have underperformed all but two other industry groups this year. While that’s spurred bullish ...

  Bloomberg China’s producer prices surged again at close to the quickest pace since 2008 last month, though pulled back slightly from February, suggesting the reflationary boon to industrial profits is set to moderate. Producer price index rose 7.6 percent from a year earlier, versus median estimate of 7.5 percent in Bloomberg survey and 7.8 percent increase in February. Consumer ...

  Bloomberg The previous two times BHP Billiton boss Andrew Mackenzie ran his ruler over the company’s $29 billion oil unit he decided it was still a good fit for the world’s biggest miner. A fresh review following the urging of billionaire activist Paul Singer came up with the same answer. “I’ve asked the question about the fit of petroleum ...

  Bloomberg The US auto market has peaked and will shrink this year, with manufacturers using unprecedented incentives to support passenger cars through slumping demand, a Toyota Motor Corp. executive said. Industrywide deliveries may decline to as low as 17 million vehicles from last year’s record of about 17.5 million, according to Bob Carter, president of Toyota’s US sales unit. ...

  Bloomberg An influential group of investors is pressing Tesla Inc. to add two board directors who don’t have ties to Elon Musk, a sign that concerns over the electric-car maker’s corporate governance remain as its shares soar. Five of Musk’s six fellow board members have personal or professional connections to the Tesla chief executive officer, which could jeopardize their ...

  Bloomberg ValueAct Capital Management, the activist fund run by Jeffrey Ubben, plans to return $1.25 billion to investors in May because of concerns that company valuations are expensive. San Francisco-based ValueAct, which manages more than $16 billion, explained its decision to return capital in a letter last week to investors that was viewed by Bloomberg News. It said that ...

  DUBAI / WAM Dubai has opened its doors to the second generation of world-class construction projects with the launch of the Al Wasl Plaza Project, the main hub of Expo 2020 Dubai. Al Wasl Plaza is a dynamic, urban, cultural, environmental, tourism, educational and recreational destination for future generations, which will be completed by the end of 2019. It ...

  DUBAI / WAM Nasdaq Dubai has added NBAD (now known as First Abu Dhabi Bank), Dubai Financial Market (DFM) and Dubai Investments (DIC) to its equity futures market, raising the number of leading UAE companies on which futures can be traded to 12. Market making services on futures contracts on the three additional companies are provided by SHUAA Capital, ...

  ABU DHABI / WAM The Abu Dhabi Urban Planning Council (UPC) has unveiled a major community initiative for the Year of Giving 2017 in partnership with 10 of the UAE’s leading property businesses. The ‘CSR Year of Giving Initiative’ will see the UPC work with real estate developers to establish new community amenities such as mosques, parks, playgrounds and ...

  Abu Dhabi / WAM His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, stressed that the UAE foreign aid represents a global model to follow in terms of humanitarian and development work. This is not just for being one of the largest international donors compared to its gross national income (GNI) for the fourth ...