News

  Bloomberg Less than three years after it began sending one of its most precious resources overseas, Papua New Guinea’s future may be determined by how much of it stays at home. The Pacific island nation wants some of the world’s top explorers to allow a portion of its natural gas to stay in the country, said Nixon Duban, the ...

  Bloomberg After splurging $200 billion building the world’s biggest gas export plants, producers in Australia are now locked in legal battles with contractors over who should shoulder billions of dollars in liabilities sparked by delays and cost blow-outs. Chevron Corp., owner of the $54 billion Gorgon facility, Australia’s largest resource development, along with Inpex Corp. and Santos Ltd. are ...

  Bloomberg Exxon Mobil Corp. announced a $20 billion building spree in the heart of the US chemical and refining industry, a program it said would create 45,000 jobs. President Donald Trump quickly tweeted his support, calling the oil producer a “special company.” The only problem? The announcement just gave a name to a series of investments the company began ...

  ROCKLAND / AP Hitachi Ltd. is aiming to expand its rail business in the US by bidding for streetcar and light-rail projects as President Donald Trump pledges to spend as much as $1 trillion to upgrade infrastructure across the country. The Japanese conglomerate “sees quite a big opportunity” in the US, Alistair Dormer, chief executive officer of Hitachi Rail ...

  Bloomberg Unlike most startups, WeWork Cos. doesn’t seem to struggle with raising money. Soon it’ll start spreading some of its cash around to smaller startups, partly in the hopes of luring them to become WeWork customers. The New York-based co-working giant said it’ll give away $20 million in cash prizes to entrepreneurs and small businesses in a series of ...

  Bloomberg German-based chipmaker X-Fab Silicon Foundries SE expects to raise about 500 million euros ($530 million) via an initial public offering in order to fund its global production expansion. The company with headquarters in Erfurt, central Germany, said it intends to list shares on the Euronext Paris exchange in a primary offering of new shares worth 250 million euros ...

  Bloomberg Oil capped the biggest weekly loss since November after surging US supplies erased three months of gains that followed OPEC’s deal to cut output. Futures tumbled 9.1 percent this week in New York. For a second day, they closed below the settlement on November 29, the day before OPEC agreed to the curbs. US crude stockpiles have expanded ...

  Dubai / WAM The Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED), along with Dubai Exports, the export promotion agency of DED, will go on a two-week tour of the United States (US), as part of strengthening the emirate’s engagement with major economies to reinvigorate global trade flows and foreign investment. The ...

  DUBAI / WAM The 2nd Arab IPO Summit will focus primarily on how the companies in the region can increase their capital and enhance their financial value through IPOs. Discussions from leading issuers, stock exchanges, investment banks and corporates will highlight key macroeconomic developments and their impact on markets. The Arab IPO Summit, to be held on March 14-15 ...

  SHARJAH / WAM Sheikh Khalid bin Abdullah bin Sultan Al Qasimi, Chairman of the Hamriyah Free Zone Authority, inaugurated the plant of Petroleum Specialities (FZE), a specialised manufacturer of industrial white oils, in the Hamriyah Free Zone. The new plant is the first completely-owned subsidiary of its parent company, Apar Industries Limited, outside India. The opening ceremony was attended ...