News

  Bloomberg Volkswagen AG’s supervisory board is set to sign off on a $4.3 billion settlement of US criminal and civil penalties for rigging diesel-powered cars to cheat on emissions tests, the latest step in the carmaker’s effort to resolve the scandal. The agreement with the US Department of Justice and customs authorities will include a guilty plea, Wolfsburg, Germany-based ...

  Bloomberg UK industrial production rose more than economists forecast in November, led by a surge in oil and gas as a major North Sea field resumed operations. The 2.1 percent increase from October, the biggest in seven months, was more than double the 1 percent predicted by economists in a Bloomberg survey. Manufacturing also rose more than expected, by ...

  Bloomberg Venezuelans have to navigate a labyrinth of lines to buy staples like sugar or aspirin. They’ve gotten used to finding that the store shelves are empty, a frustration that sometimes boils over into looting. So they don’t really need economic data to tell them that 2016 was a terrible year. Still, when and if the numbers do come ...

  Bloomberg Bouygues SA won a construction contract worth at least 1.7 billion euros ($1.8 billion) for the controversial Hinkley Point nuclear plant in the UK that will use the same technology as over-budget and delayed projects in France and Finland. Bouygues will work with UK firm Laing O’Rourke on construction of the buildings that will house the two nuclear ...

  Bloomberg Arctic chill and heavy snowfall left tens of thousands of households in southeastern Europe without electricity as rivers froze over, cables failed and power stations had unplanned outages. From Greece to Hungary, hydroelectric production plummeted as temperatures fell as low as minus 20 degrees Celsius (minus 4 Fahrenheit) and parts of the Danube river were almost entirely covered ...

  Bloomberg The egg-shaped flying river taxi is gaining support, as SeaBubbles seeks to close its third funding round in under a year and aims to firm up interest from potential customers, including the city of Paris and companies in the San Francisco Bay. To build the first battery-powered bubble-shaped ships that hover a few inches above the water and ...

  Bloomberg Hon Hai Precision Industry Co., the main assembler of Apple Inc.’s iPhones, recorded its first annual revenue decline after the global smartphone market went through its worst year on record. The company, also known as Foxconn, posted a 2.8 percent fall in 2016 sales to NT$4.36 trillion ($136.5 billion), it said in a filing to Taiwan’s stock exchange, ...

  Emirates Business Over the past decade, the GCC region has witnessed rapid economic development and demographic changes, including the influx of expatriates, which in turn has increased the region’s overall population. This coupled with rise in per capita income has fuelled the demand for residential units in the GCC region, said Al Masah Capital, region’s leading investment firm, in ...

  ABU DHABI / Emirates Business The Middle East and North Africa’s leading shopping mall, retail and leisure pioneer, Majid Al Futtaim, continues its expansion and announced a new AED 300 million project in Abu Dhabi – “My City Centre Masdar”. The new mall will be located in the heart of Masdar City, one of the world’s most sustainable urban ...

  Abu Dhabi / WAM Abu Dhabi is set to play a leading role in coordinating efforts to meet the pressures of feeding 520 million people by 2030, by hosting MENA Food Production 2030, which will take place on March 20 and 21during the Global Forum for Innovations in Agriculture (GFIA) and will drive a critical dialogue between government, food ...