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Bloomberg SunPower Corp. is following through with a planned restructuring effort that will reduce its workforce by 25 percent to cut costs after solar prices plunged in an oversupplied market. The second-biggest US panel-maker will cut 2,500 employees to reduce operating expenses next year to less than $350 million, San Jose, California-based company said in a statement. It’s closing a ...

  Bloomberg US health insurers signaled that they’re willing to give up a cornerstone provision of Obamacare that requires all Americans to have insurance, replacing it with a different set of incentives less loathed by Republicans who have promised to repeal the law. Known as the “individual mandate,” the rule was a major priority for the insurance industry when the ...

  Bloomberg Growth in UK home prices accelerated in November as the market overcame a stamp-duty surcharge and mortgage-approval rates picked up, though confidence slid to a three-year low. Values rose 6.6 percent in November from a year earlier, according to data published by mortgage lender Halifax. Prices were up 0.2 percent on the month, the third consecutive increase, pushing ...

  London / AFP Britain will ban junk food ads aimed at children from both print and social media from next year, the advertising rules watchdog said on Thursday, a move welcomed by campaigners against child obesity. The new rules, which come into effect in July 2017, extend an existing ban on television ads for “high fat, salt or sugar ...

  MOSCOW / AP Commodities giant Glencore and Qatar’s sovereign wealth fund have together acquired a 19.5 percent stake in Russia’s top state-controlled oil company, Rosneft, in a deal worth 10.5 billion euros ($11.3 billion), officials said. The long-planned sale is part of the Russian government’s efforts to sell some state assets to help balance the budget amid a two-year ...

  Bloomberg Egypt’s urban consumer prices rose the fastest in eight years in November, driven by a 21.5 percent increase in food costs after the government floated the currency and raised fuel prices. Annual urban inflation accelerated to 19.4 percent, while monthly inflation climbed to 4.8 percent, according to the state-run statistics agency CAPMAS. The annual rate was the highest ...

  ABU DHABI / WAM Shareholders in First Gulf Bank PJSC (FGB) and National Bank of Abu Dhabi (NBAD), have approved a proposed merger of the two banks, which will create the largest financial institution in the UAE with assets of approximately AED655 billion (US$178 billion). At separate general assembly meetings held on Wednesday, shareholders in FGB and NBAD voted ...

  ABU DHABI / WAM Fares Mohammed Al Mazrouei, Assistant Minister of Foreign Affairs and International Co-operation for Security and Military Affairs, met on Wed-nesday, Mikhail Bogdanov, Russian President’s Special Representative for the Middle East and Africa and Deputy Foreign Minister of Russia. During the meeting, the duo discussed bilateral relations and ways to enhance them, as well as means ...

  DUBAI / WAM HH Sheikh Mansour bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai International Marine Club (DIMC) unveiled the first ‘Smart Lounge’ of the Dubai Department of Economic Development (DED) to strengthen customer service standards and to ensure round-the-clock access to DED’s business registration and licensing services. Dedicated user-friendly and interactive kiosks and smart devices are ...

  MANAMA / WAM The Gulf Cooperation Council (GCC) member states and the United Kingdom have agreed to launch the GCC-UK Strategic Partnership to foster closer relations in all fields, including political, defence, security, and trade. This was announced on Wednesday, following the first GCC-UK Summit in Manama, which was presided over by His Majesty King Hamad bin Isa Al Khalifa, ...