News

  Bloomberg The Philippines is training its sight on billions of dollars of investment from the Middle East. The Philippine Economic Zone Authority, which oversees hundreds of industrial parks offering tax perks, is identifying sites that can stock Qatar’s oil reserves and land that can be planted with crops for export to the United Arab Emirates after receiving proposals, Director ...

  Bloomberg A South Korean shipping company that filed for bankruptcy protection five years ago emerged as the surprise winning bidder for some assets of the collapsed Hanjin Shipping Co., pipping a bigger rival that is undergoing a creditor-led debt revamp. Korea Line Corp., the nation’s second-largest bulk carrier, beat Hyundai Merchant Marine Co. to be the preferred bidder for ...

  Bloomberg Volkswagen AG has reached an agreement with U.S. environmental regulators to fix or buy back around 80,000 Audi, VW and Porsche vehicles with tainted 3-liter diesel engines, nearing a resolution on a key aspect of the emissions-cheating scandal, people familiar with the discussions said. Under an accord with the Environmental Protection Agency and California’s Air Resources Board, Volkswagen ...

  Bloomberg The Obama administration has yet again delayed a decision on the controversial Dakota Access crude pipeline, even as President-elect Donald Trump vows to speed up reviews of such projects. The US Army Corps of Engineers said that it’ll hold more talks with a Native American tribe potentially affected by the pipeline before deciding on a permit that’s key ...

  Bloomberg Diesel pollution cheating allegations hit a US carmaker as Dodge truck owners sued Chrysler, claiming some engines were rigged to hide emissions as much as 14 times higher that the law permits. The Michigan-based unit of Fiat Chrysler Automobiles NV is the first US carmaker to be sued by consumers. Similar claims were made against German carmakers. Volkswagen ...

  Frankfurt am Main / AFP German economic growth slowed more sharply than expected in the third quarter, official data showed on Tuesday, but analysts said they saw Europe’s largest economy bouncing back at year’s end. German investors were equally upbeat, with a closely-watched survey showing a sharp jump in morale in November, although respondents questioned after Donald Trump’s shock ...

  Bloomberg Britain may borrow 100 billion pounds ($125 billion) more than previously forecast over the next five years as Brexit hits the economy, according to PricewaterhouseCoopers. The budget deficit is on course to reach 67 billion pounds in the current fiscal year, almost 12 billion pounds more than officials estimated in March, it said in a report published on ...

  Abu Dhabi / EMIRATES BUSINESS Abu Dhabi Ports signed a 50-year Musataha Agreement with Emirates Aluminium Rolling (Emiroll), a joint venture between DUBAL Holding, Dubai Investment Industries (a subsidiary of Dubai Investments PJSC) and Madar Aluminum Rolling Singapore (MARS), to set up a manufacturing plant with a total investment of AED 440 million on a 83,554.58 square metre plot ...

ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Chairman of Abu Dhabi Executive Council, has issued a resolution reshuffling the board of directors of Abu Dhabi Airports Company and appointing Awaida Murshed Ali Murshed Al Marar chair of the new board. ...

  Bloomberg A group of investors led by Emaar Properties PJSC Chairman Mohamed Alabbar and Saudi Arabia’s sovereign wealth fund will each contribute $500 million to an e-commerce venture to tap the Middle East’s fast-growing online retail market. E-commerce firm Noon will go live in January and provide 20 million items for customers, Alabbar said at a news conference in ...