News

  Bloomberg India’s Prime Minister Narendra Modi plans to move all government purchases, from paper clips to power plant turbines, to an Amazon-like online marketplace that could eventually be worth a fifth of the country’s $2 trillion economy. Modi’s government, which on Nov. 8 announced a sudden decision to replace 86 percent of India’s cash in a bid to cut ...

  Bloomberg China’s National Silicon Industry Group, a state-backed semiconductor investment fund, is interested in acquiring a majority stake in German silicon-wafer maker Siltronic AG, the latest potential Chinese takeover that could face political opposition, according to people familiar with the matter. The group, known as NSIG, has contacted Wacker Chemie AG about potentially acquiring the Munich-based chemical maker’s 58 ...

  Manila / AFP The Philippines has asked Bangladesh to share details of its investigation into an $81 million cyber-heist from the Bangladesh central bank after the proceeds ended up in Manila, the finance department said. The money was shifted electronically from the Bangladesh central bank’s account with the US Federal Reserve to a Manila branch of the Rizal Commercial ...

  Bloomberg It’s only a matter of time before Australia loses its AAA credit rating as the nation’s budget falls further into deficit, according to John Hewson, a former Liberal Party leader and central bank economist. “The fact that we are going to lose the triple-A credit rating is a foregone conclusion, it’s just a question of timing,” Hewson, who ...

  Bloomberg Just how much foreign money is contributing to rising property prices is a staple of dinner party conversations around the globe. Australians now have a near-official answer, and it’s less than most would think. The Australian Treasury estimates that foreign demand for real estate increased prices in Sydney and Melbourne by no more than A$122 ($90) a quarter ...

  Bloomberg Dubai-based DP World Ltd. is teaming up with Caisse de Depot et Placement du Quebec, Canada’s second-largest pension fund manager, to create a C$5 billion ($3.8 billion) venture that will invest in ports around the world, including regions such as Asia and Latin America. DP World, which operates ports from China to South America, will own 55 percent ...

  ABU DHABI / WAM HH Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs and International Cooperation, and Kentaro Sonoura, Japanese State Minister for Foreign Affairs, met on Saturday in Abu Dhabi to discuss ways of bolstering strategic relations between the UAE and Japan in all spheres, and exchange views about the latest regional and international developments. ...

  Abu Dhabi / Emirates Business The UAE witnessed significant economic progress in 2016, with many of its vital sectors accelerating at a substantial rate. The country also made major strides in achieving important socio-economic developments in line with the directives of HH Sheikh Khalifa bin Zayed Al Nahyan, UAE President; HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice ...

  Male / Emirates Business Etihad Airways has once again collected the ‘World’s Leading Airline’ award at the 23rd annual World Travel Awards (WTA) Grand Final Gala Ceremony 2016. This marks the eighth consecutive year that the airline has received the prestigious accolade. The beachside event was held before an audience of the industry’s leading luminaries and international media at ...

  Sharjah / Emirates Business The trade mission organized by the Sharjah Exports Development Centre (SEDC) affiliated to the Sharjah Chamber of Commerce and Industry (SCCI) concluded “a three-day Sharjah-Kenya Business Forum” held in Nairobi, within the framework of an African tour that included the Republic of Uganda as the first leg last week. This forum provides a perfect platform ...