News

  AP Billboards and street signs have gone up across Egypt’s capital extolling austerity and hope, part of a pro-government public relations campaign aimed at preparing Egyptians for sweeping economic reforms. The advertising blitz follows last month’s provisional agreement by the International Monetary Fund to give Egypt a $12 billion loan over three years to help President Abdel-Fattah el-Sissi’s government ...

  Bloomberg Indian clothes maker T.R. Vijaya Kumar thinks it’s time for his country to take on Bangladesh, Vietnam and even China for leadership in the global apparel industry. He’s a second-generation manufacturer, who’s transformed his small family undershirt business in southern India into an apparel exporter of 1,700 employees and aims to double its sales by 2020. When it ...

  Bloomberg China Overseas Land & Investment Ltd., the country’s second-largest developer by market value listed in Hong Kong, said first-half profit jumped 21 percent on gains from property sales as the nation’s residential prices soared. Net income rose to HK$19.7 billion ($2.5 billion) from HK$16.3 billion a year earlier, the company said in a Hong Kong stock exchange filing. ...

  Bloomberg Thirteen Japanese nuclear reactors were constructed with steel from the same company used in a French power plant that’s under scrutiny for anomalies found in the reactor vessel’s structure. Six utilities used steel from Japan Casting & Forging Corp., they all said in separate statements. The steelmaker was identified by Japanese authorities last month as supplying steel to ...

  Bloomberg China reported it added about 43 million barrels of crude to its strategic reserves between the middle of 2015 and early this year, in a rare release of such data by the world’s second-biggest oil user. The statement posted on the website of the country’s National Bureau of Statistics is the first update the government has given on ...

  Bloomberg The global nickel market will discover the severity of the Philippines’ mining audit next Thursday as President Rodrigo Duterte’s government presents the findings of the checkup and announces support for communities affected by any further suspensions. Benchmark prices surged. The audit in the world’s largest mined nickel supplier has been completed after 16 teams fanned out across the ...

  Dubai / WAM HE Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA) said that DEWA is supporting sustainability in Dubai through mega projects and initiatives in renewable energy, sustainability, and the environment. One of the key projects DEWA is implementing is the Mohammed bin Rashid Al Maktoum Solar Park, which emphasises how sustainable development ...

Abu Dhabi / WAM The Central Bank of the UAE discussed and approved its five-year strategic plan during a retreat it held on August 30-31 at Jebel Ali Hotel and Resort. The retreat, which comes in the context of the federal government’s fourth strategic cycle (2017-2021), was chaired by Mubarak Rashed Al Mansouri, Governor of the Central Bank of the UAE, ...

  Sharjah / WAN Advanced technological devices to detect water leakage at government entities, residential buildings and mosques in the emirate of Sharjah have produced encouraging results in energy efficiency and saving. Dr. Rashid Al Leem, the Chairman of Sharjah Electricity & Water Authority, said these devices were part of an innovative pilot project approved by the Ministry of Energy to ...

  Dubai / WAM The Roads and Transport Authority (RTA) confirmed that the trial phase of ‘Al Raqeeb’ System a smart system to detect exhaustion signals in bus drivers sitting behind the wheel has shown a remarkable drop in such reported cases by as much as 88 percent in city and inter-city services. The RTA reckoned that physical exertion can result ...