News

  Bloomberg India forecasts its growth will slow to a three-year low even before the effects of Prime Minister Narendra Modi’s cash clampdown start to show. Gross domestic product will grow 7.1 percent in the year through March, the Statistics Ministry said in a statement. However, the numbers don’t consider data from November onward, when Modi shocked the nation by ...

  Bloomberg Southeast Asia’s worst-performing currency of 2016 is in for another tough year with President Rodrigo Duterte’s spending plans seen boosting imports just as rising US interest rates spur capital outflows. The peso is forecast to be collateral damage as an economy growing faster than 7 percent and the government’s infrastructure program drive demand for inward shipments. This year ...

  Bloomberg Cofco Corp.’s Matt Jansen quit as the head of its international commodity trading unit, the latest setback to the ambitions of China’s biggest food company to create an agriculture merchant to rival the world’s largest. The firm named Cofco Vice President Jingtao Chi as his replacement. Jansen, who became chief executive officer of Cofco Agri Ltd. less than ...

  Bloomberg Chinese authorities plan to propose that this year’s fiscal deficit stay at 3 percent of gross domestic product, unchanged from 2016, according to people familiar with the matter, signaling further tolerance for slower economic growth. The budget deficit, usually announced in March, requires approval by the National People’s Congress and is subject to change, said the people, who ...

  Sharjah / Emirates Business Knowledge without Borders (KwB), a Sharjah-based cultural initiative, recently announced that more than 95% of Emirati families in Sharjah have already received free home libraries as a result of their ‘Home Library’ project, which aims to provide 42,366 fully equipped personal libraries to Emirati families living in all areas of Sharjah. Rashid Al Kous, General ...

  Sharjah / Emirates Business In view of the deepening crisis and the onset of a harsh winter in Syria and Iraq, The Big Heart Foundation (TBHF), a Sharjah-based global humanitarian charity dedicated to helping refugees and people in need worldwide, has launched a relief campaign under the theme ‘Warm Hearts’ in collaboration with the United Nations High Commissioner for ...

  ABU DHABI / WAM Strata Manufacturing, a wholly owned company of Mubadala Development, celebrated the new batch of 105 nationals graduates of its Aerostructures Training Programme. Emiratis now account for over half of the total workforce in the company, supporting the national ambition of building a global aerospace hub in Abu Dhabi’s eastern city of Al Ain. The milestone ...

  Sharjah / Emirates Business The Sharjah World Music Festival 2017 (SWMF 2017) got off to an electrifying start with Emirati superstar Hussain Al Jassmi and Egyptian pop queen Sherine Abdel Wahhab rocking the audiences with a selection of their greatest hits until the wee hours of Saturday morning at Al Majaz Amphitheatre. The event was attended by Sheikh Sultan ...

  Reuters A special Saudi Arabia committee has found a number of individuals guilty of providing insider information and insider trading in shares of telecoms operator Mobily, leaving them facing potential jail terms of between one and two years, the kingdom’s Capital Market Authority (CMA) said. The findings of Saudi Arabia’s Committee for the Resolution of Securities Disputes (CRSD) are ...

  Bloomberg Samsung Electronics Co. underscored the resilience of its business when it reported its best operating profit in three years, weathering the death of its fire-prone Galaxy Note 7 with the help of its workmanlike chip and display divisions and cheaper smartphones. The world’s largest maker of mobile devices posted a 50 percent surge in quarterly operating profit after ...