News

  Bloomberg BP Plc is piling up assets with more than $3 billion of deals in three days as Chief Executive Officer Bob Dudley sees the company emerging from the doldrums after a two-year price slump. Since Saturday, BP has announced a $2.2 billion expansion of output in Abu Dhabi and a $916 million investment in fields in Mauritania and ...

  CAIRO / Reuters The Egyptian government has increased the price it pays local farmers for sugar cane by 25 percent, the Ministry of Supplies said on Tuesday. Sugar companies belonging to the Ministry of Supplies will buy local sugar cane from farmers for 500 Egyptian pounds ($26.11) per tonne, up from 400 pounds in the last season, the statement ...

  Reuters Oman’s Electricity Holding Company (EHC) has signed an agreement for a $325 million working capital loan, the state-owned company’s finance chief said on Tuesday. The company, which holds the Omani government’s stake in nine electricity firms, has raised the funds to support four of its distribution subsidiaries, Hussain Al Balushi said. Bahrain’s Bank ABC coordinated the facility, which ...

  Reuters New standards for the use of precious metals in Islamic finance are encouraging the development of financial products based on gold and silver, from futures contracts to a mobile app. The Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), which sets guidelines followed in whole or in part by Islamic financial firms around the world, approved ...

  Bloomberg In Prime Minister Narendra Modi’s political base of Varanasi, Hinduism’s holiest city, weaver Zainul Abedin stares at the uneven mud floor of his home. Behind him, more than a dozen handlooms lie idle. Abedin is part of the collateral damage of Modi’s Nov. 8 decision to ban high-value currency notes, effectively canceling 86 percent of cash in circulation. ...

  Bloomberg Australia on Tuesday signed a mega deal to purchase a fleet of next-generation submarines from France, with Prime Minister Malcolm Turnbull hailing the vessels’ “cutting-edge technology”. French Defence Minister Jean-Yves Le Drian inked the inter-governmental agreement (IGA) in Adelaide that will see French shipbuilder DCNS design and build the Shortfin Barracudas. The total cost of the 12 submarines, ...

  Bloomberg Even as Uber Technologies Inc. exited China, the company’s financial loss has remained eye-popping. In the first nine months of this year, the ride-hailing company lost significantly more than $2.2 billion, according to a person familiar with the matter. In the third quarter, Uber lost more than $800 million, not including its Chinese operation. At the same time, ...

  Bloomberg A lawsuit filed by Alibaba Group Holding Ltd. is shining a light on the fake reviews and purchases on its websites. China’s biggest e-commerce operator sued Shatui.com, which allegedly links merchants with people willing to falsify purchases and write positive comments that can drive sellers up Alibaba’s rankings. The suit in Hangzhou West Lake District People’s Court is ...

  ABU DHABI / WAM The value of shares bought by foreign investors registered at the Abu Dhabi Securities Exchange in November 2016, amounted to AED2.97 billion, constituting 48.3 per cent of the total trading value. Meanwhile, foreign investors sell value during the same period reached AED2.9 billion, constituting 48.5 per cent of total turnover. As a result, net foreign ...

  ABU DHABI / WAM Abu Dhabi Fund for Development (ADFD) received a visiting ministerial delegation from the United Republic of Tanzania at its headquarters. At the meeting, Adel Al Hosani, Director of ADFD’s Operations Department, discussed the fund’s current and upcoming socio-economic deve- lopment ventures in Tanzania with Makame Mbarawa, Tanzanian Minister of Works, Transport and Communication. Both parties ...