News

  Bloomberg As Kazakhstan’s leader celebrated his 76th birthday this week, the social bargain that’s underpinned his more than quarter-century in charge is crumbling. President Nursultan Nazarbayev’s plans to retool his nation for an era of low-cost crude are meeting resistance from protesters opposed to land reforms and, more recently, from religious radicals. The struggle to implement his overhaul is ...

  Bloomberg India’s steel consumption dropped in June for the first time in at least 15 months, as curbs on imports raised prices in the domestic market. Demand fell 4.3 percent to 6.8 million metric tons from a year ago, the first drop since at least April 2015, when the Steel Ministry began to publish monthly data. Steel output in ...

  Bloomberg Takata Corp., the scandal-stricken air-bag maker that’s seeking investors, is reaching out to as many as 20 possible buyers in an effort to narrow down a list of suitors, according to people familiar with the matter. Takata is working on restructuring the company and is open to a sale to a private equity partner, a parts supplier or ...

  AFP India is considering a proposal to increase the limit on foreign direct investment in local newspapers and magazines, two government officials said. The Finance Ministry recommended raising the cap to 49 percent from 26 percent, bringing it on par with that on news television channels, the officials said, asking not to be identified citing rules for speaking with ...

  Bloomberg Telefonica SA, facing roadblocks in the planned sales of its assets following Britain’s vote to leave the European Union, is paring a stake in China Unicom (Hong Kong) Ltd. to raise as much as US$367 million. The sale of 361.8 million shares began today and the stock is being offered at HK$7.75 to HK$7.85 apiece, according to terms ...

  London / AFP Britain’s shock EU withdrawal could cause an economic crisis, a top banker warned on Thursday, adding it was “far from certain” London would secure its exit demands in Brussels. “This is a political crisis that has the potential to create an economic one,” said John McFarlane, chairman of Barclays bank and head of finance lobbyists TheCityUK. ...

  DUBAI / Bloomberg From commuter trains to highways, Dubai is doubling down on its bet that investments in transportation will spur the emirate’s economy. Dubai expects to solicit bids within eight months for road projects worth as much as four billion dirhams ($1.1 billion) as part of a bigger drive to upgrade transport links in the city, Mattar Al ...

  Bloomberg Abu Dhabi bonds jumped after the emirate announced plans to combine two of its biggest investment companies, stoking bets the emirate will provide more support for its government-related entities. Abu Dhabi National Energy Co.’s debt maturing 2024 rose the most since December 2014 on Wednesday, the day the government said it will merge International Petroleum Investment Co., also ...

  ABU DHABI / WAM The Securities and Commodities Authority (SCA) announced that financial markets will be closed from July 5-9, on the occasion of Eid Al Fitr. It will resume trading on July 10. The authority announced the holiday based on circular No. 25 of year 2016, issued by the Federal Government Human Resources Authority, after coordination with the financial ...

  Dubai / WAM Dubai Maritime City Authority (DMCA), the government authority charged with regulating, coordinating and supervising all aspects of Dubai’s maritime sector, announced the launch of the Dubai Maritime Cluster Office, which is aimed to help support efforts directed in helping realise the objectives of the Dubai Maritime Sector Strategy (MSS) to make the emirate a leading global maritime ...