News

  Bloomberg Alibaba Group Holding Ltd.’s on- demand services unit is close to securing $1.2 billion of funding for expansion after getting backing from first-time investors including Silver Lake Management and China’s sovereign wealth fund, people familiar with the matter said. The latest round for Koubei, which deals in local services such as food delivery, will surpass a $1 billion ...

  Bloomberg Shareholders of Tata Motors Ltd. voted to oust independent director Nusli Wadia from the automaker’s board, bringing the owner of Jaguar Land Rover closer to parent Tata Sons Ltd., the holding company of India’s largest conglomerate. About 71 percent of the investors who voted agreed to remove Wadia at a special shareholder meeting in Mumbai on Thursday, according ...

  Bloomberg Coal’s recovery was one of the biggest surprises in commodities this year, but it’s all poised to end as output rises from China, producer of half the world’s supply. After half a decade of declines, European prices rebounded more than 80 percent as China, also the world’s biggest consumer of the fuel, boosted imports. Benchmark month-ahead contracts will ...

  ABU DHABI / WAM Green energy generation has reached a tipping point, the World Economic Forum (WEF) asserted in an investors handbook it released on Thursday, and called investors to shift towards more green energy investments, as investments remain below what is needed to reach the Paris Accord targets, despite the tipping point. The cost of generating energy through ...

  Riyadh / AFP Saudi Arabia on Thursday projected a 2017 budget deficit of about $53 billion and a lower than expected shortfall for this year after government cost-cutting in response to lower oil prices. Expenses next year will reach 890 billion riyals ($237 billion) against revenues of 692 billion riyals ($184 billion), cabinet said in a statement. It said ...

  Beijing / AFP China saw 66,000 workplace deaths in 2015 despite strengthened legislation, Chinese authorities said, highlighting often dangerous labour conditions in the world’s second largest economy. The world’s workshop also saw 282,000 workplace accidents in 2015, according to a report posted on Wednesday on the official website of the National People’s Congress (NPC) of China. Deaths have dropped 50 ...

  ABU DHABI / WAM The Board of Executive Directors of the Arab Monetary Fund on Thursday held its 181st meeting to discuss activities in the first quarter of 2016 as part of its five-year strategy 2015-2020 for lending. The board also discussed the activities of the fund’s technical teams working in some Arab countries on carrying out agreed reform ...

  DUBAI / WAM Awqaf and Minors Affairs Foundation (AMAF) in Dubai and the Khalaf Ahmed Al Habtour Foundation for Charity (KAHF) signed an awqaf investment partnership contract to build a residential commercial building for endowment. Revenues earned from the building will be allocated to the Umom Al Kheir Bank, run by AMAF. KAHF will provide full funding for the project, ...

  Dubai / WAM Dubai-based Drydocks World, an international service provider to the shipping, offshore, oil, gas, and energy sectors, won the Offshore and Energy category at the Lloyd’s List Middle East and Indian Subcontinent Awards, presented in a ceremony at the Palazzo Versace Hotel in Dubai. The Lloyd’s List Awards reward innovative ideas and concepts that have pushed the boundaries ...

  Dubai / WAM Roads and Transport Authority (RTA) in Dubai shared best internal audit practices with a delegation from the Ministry of Interior (MoI), who recently visited the authority office in Dubai. The visit was part of the joint efforts towards exchanging expertise and sharing knowledge with the aim of improving performance to bring it in line with the world’s ...