News

  Abu Dhabi / WAM Abu Dhabi Ship Building (ADSB) the construction, repair and refit services provider for naval, military and commercial vessels, has announced the launch of a 42m landing craft for the Kuwaiti Ministry of Defence as part of its order of eight naval vessels. A handing-over ceremony was held at ADSB’s headquarters in the Mussafah Industrial Area of ...

  Abu Dhabi / WAM The Abu Dhabi National Oil Company (ADNOC) on Sunday signed an agreement with the China National Petroleum Corporation (CNPC) awarding it an 8 percent interest in Abu Dhabi’s onshore oil concession. CNPC contributed a sign up bonus of AED6.5 billion (US$1.77 billion) to enter the concession. The onshore concession is operated by the Abu Dhabi Company ...

  Bloomberg The latest robot seeking to find the 600 tons of nuclear fuel and debris that melted down six year ago in Japan’s wrecked Fukushima Dai-Ichi power plant met its end in less than a day. The scorpion-shaped machine, built by Toshiba Corp., entered the No. 2 reactor core and stopped 3 meters (9.8 feet) short of a grate ...

  Bloomberg In just a decade, Russia has transformed its sugar industry. The country, which was once the world’s top importer of raw sweetener, is now on the verge of becoming a net exporter. Aided by an import tax Russia introduced in 2004 to shield domestic firms from foreign competition, producers have been able to invest in making beet refining ...

  Bloomberg Forget about Donald Trump. The global reflation trade may have another driver that proves to be more durable: China’s rebounding factory prices. The producer price index has staged an 10 percentage-point turnaround in the past 10 months, posting for January a 6.9 percent jump from a year earlier. Though much of that reflects a rebound in commodity prices ...

  Bloomberg A panel of state finance ministers cleared a bill that will compensate states for any revenue lost as a new nationwide goods and services tax is introduced in July. The government will now present the compensation bill in the second phase of the parliament’s budget session, Finance Minister Arun Jaitley told reporters in the northwestern city of Udaipur ...

TOKYO / AP Japan’s economy expanded at a steadily slowing pace in 2016, though a modest recovery in exports helped offset sluggish spending by households and businesses, according to data reported. The 1.0 percent annual pace of expansion for the year compared with 1.2 percent growth in 2015. For all but one quarter of the year, private demand was flat ...

  Reuters Saudi Binladin Group (SBG) has received substantial payments from the Saudi Arabian government to settle debts since the start of this year, a boost to the struggling construction conglomerate and to the kingdom’s economy, banking sources said. SBG has received 2.4 billion riyals ($640 million) so far this year for its work on state projects including the King ...

  Bloomberg Greenlight Capital is no longer betting on SunEdison Inc.’s two TerraForm yieldcos, marking the end of another chapter in its bruising wager on the renewable-energy company. The New York-based hedge fund run by David Einhorn unloaded its remaining shares in TerraForm Power Inc. and TerraForm Global Inc. in the fourth quarter, according to data compiled by Bloomberg. It ...

  Bloomberg Mongolia reached an initial agreement with the International Monetary Fund for a three-year program that includes a $440 million loan package as part of a $5.5 billion bailout to help the north Asian country with looming debt repayments. “The Asian Development Bank, the World Bank and bilateral partners including Japan and Korea are expected to provide up to ...