News

  Dubai / Emirates Business The eighth edition of the MENA Effie Awards (Effies) is set to take place on November 9, in the opulent settings of the Pavilion, Armani Hotel Dubai. More than 1,500 people, including many of the best marketers in the Middle East, are anticipated to attend this year’s ceremony, which honours the greatest and most effective ...

  Dubai / Emirates Business DEWA’s 200MW Photovoltaic Plant Project Activity successfully achieved the Clean Development Mechanism (CDM) registration under UNFCCC with an initial crediting period of seven years. The Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site project of its kind in the world. It will generate 1,000MW by 2020, and 5,000MW by 2030, with total ...

  Bloomberg India plans to sell as much as 50 billion rupees ($750 million) of offshore rupee bonds in London and Singapore and use the proceeds to accelerate construction of roads and ports in Asia’s third-largest economy. State-owned National Highways Authority of India will raise the funds, Transport Minister Nitin Gadkari said, adding that the masala bonds are expected to ...

  Beijing / AFP Chinese exports sank for a seventh consecutive month in October, data showed on Tuesday, as weak global demand dealt a blow to the world’s number two economy following recent signs of stability. The result, which missed forecasts, comes as the country’s export-oriented companies see their margins squeezed by rising labour costs and increasing competition from southeastern ...

Bloomberg India will abolish the country’s largest currency notes in a fight against unaccounted wealth and corruption, Prime Minister Narendra Modi said in an unscheduled address to the nation. The government will scrap 500 rupee and 1,000 rupee notes from Wednesday. The notes in circulation will have to be deposited in banks by end of December, he said in a ...

  Bloomberg Toyota Motor Corp. raised its full-year profit forecast as the yen’s rally stopped short of levels the automaker predicted, providing some respite from a sales slowdown that’s threatening its position as the world’s top seller. Operating profit will probably be 1.7 trillion yen ($16.3 billion) for the year ending in March 2017, compared with the 1.6 trillion-yen forecast ...

  Bloomberg Elevated gold prices and India’s push for more transparency on purchases and income disclosure will cut the nation’s demand for bullion in 2016 to its lowest in seven years, before consumption recovers in 2017, according to the World Gold Council. The WGC trimmed its demand estimate for a second time this year to between 650 and 750 metric ...

  Reuters Saudi Arabia will settle all delayed payments to private businesses by the end of the year as it concludes a review of government projects that has saved tens of billions of riyals. The Council of Economic and Development Affairs approved the plan at a meeting late on Monday, the official Saudi Press Agency reported. The council authorized payments ...

  Emirates Business Saudi Arabia’s largest fleet customers recently visited the FUSO factory in Chennai with Al Habtoor Motors. The event was a great opportunity for Saudi fleet operators to meet, interact and share their ideas with other industry colleagues and learn best practice. The customers saw the outstanding build quality of FUSO trucks in this brand new manufacturing facility. ...

  Reuters Edita Food Industries, one of Egypt’s largest food producers, will raise the prices of some of its products and also increase workers’ pay after the massive devaluation of the Egyptian pound, its chairman said. The company’s decisions point to challenges faced by firms around the country in the wake of the devaluation, which is expected to trigger a ...