News

  WASHINGTON / AFP Huawei Technologies Co. pledged to overhaul its culture and rethink the way it conducts business, expecting global uncertainty to mount in 2017 after sales growth slowed. China’s largest telecommunications equipment maker expects a 32 percent rise in revenue to 520 billion yuan ($75 billion) in 2016, rotating Chief Executive Officer Eric Xu said. That’s down from ...

  Bloomberg India’s Prime Minister Narendra Modi offered interest waivers for farmers and cheaper housing loans for the poor in a bid to shore up his popularity, a day after his deadline for exchanging banned notes expired. In a televised speech that stretched close to three-quarters of an hour, Modi praised citizens for bearing the hardship caused by the cash ...

  Bloomberg Qualcomm Inc. said China’s Meizu Technology Co. has agreed to pay licensing fees to settle legal battles in China and three other countries, demonstrating the US company can defend its intellectual property in the world’s biggest smartphone market. Meizu will pay Qualcomm patent fees similar to those accepted by other Chinese phone makers, the two companies said in ...

  Bloomberg China is poised to abandon its 6.5 percent growth target sometime in the next two years as leaders push to contain asset bubbles and financial leverage, according to Societe Generale SA. Signals pointing to acceptance of an expansion below the current objective are encouraging, though authorities haven’t yet confronted the test of a deceleration, which will come in ...

  Bloomberg Apple Inc. wants India to offer tax concessions on iPhones that the company plans to manufacture in the country, a person with knowledge of the matter said. The company wrote to the industry ministry last month seeking lower import and manufacturing duties, the person said, asking not to be identified citing rules on speaking to the media. The ...

  Bloomberg Trade Minister Chrystia Freeland says Canada will seek to build on its EU trade deal within the UK once Brexit occurs, rather than striking a separate bilateral pact. The Canada-EU Comprehensive Economic and Trade Agreement is set to go into force provisionally in early 2017, about the same time the UK only begins official talks to exit the ...

  Bloomberg Electricity prices from Boston to Dallas sank to their lowest levels ever in 2016, presenting new challenges for generators more than a decade after the industry was deregulated. Power prices plunged this year as cheap natural gas cut fuel costs, and wind and solar alternatives came online. Consumers also used less electricity for the second straight year, despite ...

  Bloomberg US Steel Corp. said it will restart production at an idled plant and call back employees following an agreement to supply iron-ore pellets to third-party customers. The Pittsburgh-based steelmaker said in a statement that it will restart the Keetac plant in Keewatin, Minnesota, more than 18 months after the company idled the facility amid rising steel imports and ...

  DUBAI / WAM Dubai Financial Market (DFM) announced that the value of shares bought by foreign investors, or non-UAE nationals, this week reached about AED1.016 billion, while value of stocks they sold stood at AED1 billion, with net foreign investment on the market reaching AED15.4 million during the period, as aggregate buy. Value of shares bought by foreigner investors ...

  Dubai / AFP Dubai-based port operator DP World said on Thursday it has acquired an additional 23.94 percent stake in South Korea’s Pusan NewPort Company, giving it a majority shareholding. The purchase from Samsung Corporation brings to 66.03 percent DP World’s stake in PNC, which operates the largest terminal at the port of Pusan, the company said in a ...