News

  Bloomberg Hyundai Merchant Marine Co., South Korea’s biggest sea carrier, said it will post losses through the first half of 2018 as the container-shipping industry attempts to recover from Hanjin Shipping Co.’s bankruptcy and years of excess capacity. As a hedge against adverse conditions plaguing shipping, Hyundai Merchant has initiated talks to invest in box terminals in Southeast Asia, ...

  Bloomberg Harvard University raised $1.2 billion from donations, a record for the world’s richest college. The haul was erased by $2 billion in investment losses and spending. Harvard’s take was the most by any US university as colleges collected an unprecedented $41 billion in fiscal 2016, the New York-based Council for Aid to Education, which tracks university giving, said ...

  Bloomberg US solar-industry employment in 2016 grew at the fastest pace in at least seven years, with growth in all sectors including manufacturing, sales and installations, as demand for clean power swelled. One out of every 50 new American jobs last year was in the solar industry, which now employs more than 260,000 workers, according to an annual report ...

  Bloomberg Swelling inventories, rising incentives and a flat US auto market usually suggest General Motors Co. will be preparing investors for a tough year. Instead, the biggest US automaker on Tuesday posted record annual profit and said it sees more growth on the horizon. GM expects to match or exceed last year’s results in large part because lucrative sport ...

  Bloomberg Brazil’s agriculture minister expects that rising protectionism in the US will create “many opportunities” for his country’s industry, including increased trade with Mexico. Mexico’s representatives will discuss the possibility of importing soybean and beef from Brazil in a meeting with local farmers and industry members later this month, Blairo Maggi said at an event in Sao Paulo. “Brazil ...

  Abu Dhabi / WAM The UAE, led by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, places food security at the top of its policy priorities and is proceeding to deliver the highest possible rates for national food security and its sustainability, said His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy ...

  DUBAI / Emirates Business Emirates National Oil Company (ENOC) announced a record volume of sales of petroleum products of 245 million barrels, reflecting a 5-year rolling average growth of 9 percent, despite the challenging macroeconomic situation. The announcement was made during the Group’s board meeting, which took place on February 2, to discuss 2016 performance, including Dragon Oil, and ...

  ABU DHABI / WAM The total combined assets of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) jumped to AED665.8 billion at the end of 2016, as revealed before the execution of a planned merger during the 1st quarter of the current year. The same financial data showed a rise in their combined deposits to around ...

  Abu Dhabi / Emirates Business Emirates Global Aluminium, the largest industrial company in the United Arab Emirates outside oil and gas, announced that its subsidiary Guinea Alumina Corporation (GAC) has awarded an engineering and programme management consultancy contract for its under-construction bauxite mine in the Republic of Guinea in West Africa to Fluor Corporation. The total value of contracts ...

  ABU DHABI / WAM The Ministry of Economy is to lead a trade delegation to the UAE-Moldovan Business Forum, which is taking place on February 8 and 9, in the Moldovan capital, Chisinau. The UAE delegation will be headed by Sultan bin Saeed Al Mansouri, Minister of Economy, who will meet with Pavel Filip, Prime Minister of Moldova and ...