News

  Bloomberg UBS Group AG is ‘very pessimistic’ about reaching an agreement with French authorities to settle a case of alleged tax fraud that forced the bank to post a 1.1 billion-euro ($1.2 billion) bond to cover any potential penalties three years ago, Journal du Dimanche reported. France’s financial prosecutor is seeking a 1.1 billion-euro fine from UBS to settle ...

  Bloomberg More Asian LNG buyers are trying to avoid taking the US supplies they signed up for just a few years ago in order to cut shipping costs. GAIL India Ltd. and Indonesia’s PT Pertamina are both seeking to trade liquefied natural gas cargoes they are contracted to buy from the US in exchange for supplies shipped from projects ...

  Bloomberg Farmer Zhang Qingjun said his cooperative in China’s northeast corn belt will slash this year’s planting of the crop by at least 40 percent when sowing starts next month because swollen government stockpiles of the grain have cut profits. “We can’t accept such low corn prices — you can barely make enough to feed the whole family,” Zhang ...

  Bloomberg India’s Adani Group plans to begin extracting coal from the $16.5 billion Carmichael project in Australia in 2020 after environmental protests had delayed the first phase of the mine. The company will begin work on the project three months after it gets final approval from Australia’s federal government, Gautam Adani, billionaire chairman of the Indian group said. Adani ...

  Abu Dhabi / Emirates Business UAE is ranked no. 1 for the highest Fiber to the Home (FTTH) penetration in 2016 among all its global counterparts, according to the leading industry body FTTH Council. The council published its annual report recently that highlighted UAE with a coverage of 93.7 percent compared to countries such as Qatar (87.9 percent), Singapore ...

  Sharjah / Emirates Business As part of its strategy to provide the region’s leading sustainable tourist destinations, the Sharjah Investment and Development Authority (Shurooq), has begun implementing the stunning Kalba Kingfisher Lodge, its latest ground-breaking eco-tourism project, in collaboration with the Sharjah Environment and Protected Areas Authority (EPAA). Shurooq said that the five-star hospitability project, featuring a tented camp ...

  Abu Dhabi / WAM The UAE has been ranked as one of the world’s largest donor countries in terms of development aid, British Ambassador to the UAE, Philip Parham, has said. He added this has happened in record time. “The UAE and the United Kingdom have a proven track record in aid donations as they have exceeded the goal ...

  Abu Dhabi / WAM Abu Dhabi General Services Company (Musanada) announced that work is progressing as scheduled on the Delma School Project, to be eventually handed over to Abu Dhabi Education Council (ADEC). This forms part of Musanada’s contribution to achieve the objectives of Abu Dhabi Plan, enhancing the development of a promising generation to engage in serving the ...

  BUENOS AIRES / WAM His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation met with Foreign Minister of Argentina, Susana Mabel Malcorra. Sheikh Abdullah was accorded an official reception upon his arrival at the venue. The national anthems of the UAE and Argentine were played, followed by an inspection of the Guard of Honour ...

  Dubai / WAM The economic development in the UAE accelerated with the integration of federal and local laws and regulations, along with the world-class infrastructure in the country, Vice President, Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has said. He added, this has established the foundations for a strong and diversified economy ...