News

  Reuters Gulf investment firm Adeptio has chosen Kuwait’s National Investment Company (NIC) to manage a mandatory tender offer to remaining Kuwait Food Co (Americana) shareholders, the advisor said in a bourse filing on Sunday. NIC did not provide a timeframe for when the offer process would happen. The disclosure comes after Adeptio, led by prominent Dubai businessman Mohamed Alabbar, ...

  Bloomberg Australia could be stripped of its top credit score by S&P Global Ratings as early as next month if the government’s interim budget review shows further deterioration, according to BlackRock Inc. The mid-year economic and fiscal outlook, which for the past three years has been delivered in December, could be a “catalyst” for the country to lose its ...

  AFP Japan and India are set to sign a controversial civil nuclear deal this week, reports said on Sunday, as the two Asian allies look to boost economic and security ties to counter an assertive China. India’s Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe are set to sign a deal on Friday that would allow Japan ...

  Bloomberg Electric cars will fall short of helping the environment without cleaner energy to charge the vehicles’ batteries, said Carlos Ghosn, chief executive officer of Nissan Motor Co. and Renault SA. “At least the car industry is bringing a breakthrough, which consists in saying that you are going to be transporting yourself from one place to another with zero ...

  Bloomberg Hong Kong Chief Executive Leung Chun-ying is taking additional steps to cool the world’s costliest property market, where prices have rebounded after a short-lived dip. The government raised the stamp duty to 15 percent for all residential purchases except for first-time buyers who are permanent residents. Until now, the highest levy for residents was 8.5 percent, while foreigners ...

  Abu Dhabi / EMIRATES BUSINESS Twenty of the world’s leading oil industry chief executives gather in Abu Dhabi on Sunday to discuss the new energy landscape and different models for partnerships across the industry. The senior executives, representing the world’s biggest oil companies from across the globe, have been invited to the Abu Dhabi CEO Roundtable by HE Dr ...

  LONDON / WAM Ten of the world’s biggest oil companies plan to invest an average of $100 million annually over the next 10 years in low-carbon technologies, the companies. The Oil and Gas Climate Initiative (OGCI), which also includes Saudi Aramco, Total , BP , Eni , Repsol , Statoil , CNPC, Pemex [PEMX.UL] and Reliance Industries , launched the ...

  ABU DHBAI / WAM Dr Ahmad bin Abdulla Humaid Belhoul Al Falasi, UAE Minister of State for Higher Education, on Saturday inaugurated the Fourth Arab-American Frontiers of Science, Engineering and Medicine Symposium at the Masdar Institute of Science and Technology’s campus in Abu Dhabi. The symposium runs until 7th of November and is hosted by Masdar Institute and the US ...

  Dubai / EMIRATES BUSINESS The UAE made a noticeable surge in the Legatum Prosperity Index, thanks to its impressive performance in many areas, including health and wellbeing. “True prosperity is as much about wellbeing as wealth and the UAE is the best in the region at delivering it,” said a report published recently by Legatum Institute, an international think ...

  ABU DHABI / WAM The European Union (EU) is among the UAE’s largest trading partners where non-oil trade between the country and the regional bloc stood at more than US$65 billion in 2015, up from $10.2 in 1999, including trade via free zones, Assistant Under-Secretary for Foreign Trade Affairs at the UAE Ministry of Economy Juma Mohammed Al Kait ...