News

  Bloomberg Prime Minister Narendra Modi’s administration sought to refute concerns that the clampdown on cash would strip India of its status as the world’s fastest-growing big economy. Gross domestic product, which grew a slower-than-estimated 7.3 percent in July to September, will slump to 6.5 percent over the next quarter, according to the median estimate in a Bloomberg survey of ...

  Bloomberg The US shale industry, gutted by 2 1/2 years of bankruptcies, writedowns, credit downgrades and layoffs, is poised to step back from the brink, thanks to an old enemy: OPEC. Abandoning a policy that sought to starve shale explorers and other high-cost drillers into submission, the Organization of Petroleum Exporting Countries relented on Wednesday and agreed to curb ...

  Bloomberg Canada’s economy just posted its best quarterly growth in two years. Third-quarter growth of 3.5 percent (at a seasonally adjusted annualized rate) topped the consensus estimate by one tick, and in doing so helped vindicate Bank of Canada Governor Stephen Poloz and his vision for the future of the Canadian economy, which continues to grapple with the impact ...

  Bloomberg Deep dealmaking wrapped in a holiday bow brought US carbuyers back into showrooms in late November, saving a month whose first half was dominated by a nasty political campaign. “Fifty percent of the people were convinced the world was going to end no matter what happened” with the presidential election, said Sean Sellers, general manager of Charles Gabus ...

  Bloomberg Nestle SA says it found a way to reduce the amount of sugar in chocolate by as much as 40 percent, a discovery that may give the KitKat maker an edge as food producers face increasing pressure from governments, health advocates and shoppers to make products healthier. The world’s largest food company has developed a process to alter ...

  ABU DHABI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Their Highnesses the Supreme Council Members, on Wednesday, attended the UAE Commemoration Day ...

  ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan sent a cable to Brazilian President Michel Temer extending condolences over the plane crash which involved the players of the Brazilian Chapecoense football club. In the cable, HH Sheikh Khalifa expressed sincere sympathies to President Temer and the families of the victims. His Highness Sheikh Mohammed ...

  Abu Dhabi / EMIRATES BUSINESS The Masdar Institute of Science and Technology, an independent, research-driven graduate-level university focused on advanced energy and sustainable technologies, on Wednesday announced that a new fault ride through (FRT) transient management system, which can support the electric power grid during grid faults, developed by a team of its researchers has been issued a patent ...

  DUBAI / WAM Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, has met with Jorg Gasser, Swiss State Secretary for International Financial Matters, to discuss ways to boost mutual cooperation and trade relations. During the meeting, both parties discussed mutual relations in fields of exchange of Information for Tax Purposes, and agreed on the need to ...

  Dubai / EMIRATES BUSINESS RAKBANK announced the arrangement of a five-year US$15 million long term loan facility to Seylan Bank, a financial institution based in Sri Lanka. Seylan Bank has secured the loan for general expansion of its portfolio growth in Foreign Currency Banking Unit (FCBU). The long term funding would also assist in further improving the Asset Liability ...