News

  Bloomberg SolarCity Corp. board members approved a $2.6 billion buyout from Elon Musk’s Tesla Motors Inc. in the solar industry’s biggest deal to date. Tesla agreed to pay $25.37 a share in stock for the largest U.S. rooftop solar company, according to a statement. Analysts have said the price is too low and investors have questioned the wisdom of ...

  Bloomberg Nissan Motor Co. is growing faster in the U.S. than any mass-market carmaker and edged past rival Honda Motor Co. in this year’s first half. That might not be a good thing for Nissan’s bottom line. Chief Executive Officer Carlos Ghosn wants Nissan to pass Honda and get 10 percent of the North American market. Yet Nissan’s growth ...

  Bloomberg Verizon Communications Inc. agreed to buy GPS vehicle-tracking company Fleetmatics Group Plc in an all-cash deal valued at $2.4 billion, vaulting the telephone giant deeper into the automotive-technology market. Verizon will pay $60 a share for the Dublin, Ireland-based company, a 40 percent premium to Fleetmatics’ closing price last week, according to a statement. With its wireless business ...

  ABU DHABI / WAM Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State of the UAE and Chairman of Abu Dhabi’s Masdar, has stressed that Abu Dhabi’s support of the first solar-powered flight around the globe by Solar Impulse 2 (Si2), a cooperative venture between the UAE and Switzerland, sends a positive message about the success of partnership ...

  DUBAI / WAM Master developer Dubai South awarded a contract worth AED300 million for infrastructure works at its flagship Residential District. Central to the contract, which was awarded to Tristar Engineering & Construction LLC, is the delivery of the completed infrastructure works of Phase 1 and 2 of the Residential District in Dubai South by Q4 2017. The contract ...

  Bloomberg Aramex PJSC advanced for an 11th day as stock markets across the Gulf languished amid lower-than-normal trading volumes. The Dubai-based logistics company extended its longest rising streak since it began trading more than a decade ago, climbing 2.8 percent as of 11:43 am. local time to the highest level since 2006. Every major equity index across the six-nation ...

  ABU DHABI / WAM The UAE moved up four places in its position in the e-smart services index of the E-Government Development Index (EGDI), issued by the United Nations Department of Economics and Social Affairs (UNDESA) ranking in joint 8th place globally with the Republic of Estonia. The EGDI is an important component in the overall index used to ...

  Dubai / WAM The Emirates Integrated Telecommunications Company, known as du, has said it plans to distribute AED594.3 million of interim dividends to its shareholders for the first half of 2016 at 13 fils per share, subject to approval at the General Meeting in September 2016. In its published financial results for the second quarter of 2016, du delivered AED ...

  ABU DHABI / WAM The Tourism Development and Investment Company (TDIC), the master developer of major tourism, cultural and residential destinations in Abu Dhabi, announced on Sunday that it has awarded the enabling works contract for Phase 1 of the Saadiyat Lagoons District to the Western Bainoona Group for General Contracting. The six-month contract covers ground improvements in addition ...

  Dubai / Emirates Business Dubai Properties (DP), a leading Dubai-based real estate master developer and asset manager, announced an extension to its flexible payment plan for purchasers of property in its Serena and Arabella 2 developments located in DUBAILAND. The popularity of the offer, which was launched previously this year, resulted in a hike in sales transactions, and the ...