News

  DUBAI / Emirates Business The Startup Focus Program supports more than 3,400 startups worldwide, providing startups with free access to tools, support, and training to develop innovations on the SAP HANA Cloud Platform, and bring them to market in an ecosystem of 2 million people and 310,000 customers in 190 countries. The SAP Training and Development Institute launched the ...

  Washington / AFP The unexpected downturn in the US jobs market has once again removed an interest rate hike from the table as the Federal Reserve meets on monetary policy this week. Analysts say the dismal May jobs report released on June 3, the worst in almost six years, and still-weak inflation will stay the hand of the Federal ...

  Bloomberg Dr. Reddy’s Laboratories Ltd. agreed to buy a handful of generic products, most of them awaiting U.S. regulatory approval, from Teva Pharmaceutical Industries Ltd. and a unit of Allergan Plc, a transaction required for Teva to be allowed to proceed with the takeover of Allergan’s generics business. Dr. Reddy’s will pay $350 million in cash, the Hyderabad, India-based ...

  Bloomberg Chile’s inflation rate was unchanged in May, above the target range, as central bank President Rodrigo Vergara used price-growth to explain the bank’s continued tightening bias in monetary policy as unemployment rises. Prices increased 4.2 percent from the year earlier, the National Institute of Statistics reported. In the month, prices gained 0.2 percent, the agency said. Policy makers ...

  Bloomberg Teine Energy Ltd., the energy company backed by Canada Pension Plan Investment Board, has agreed to buy oil-producing properties from Penn West Petroleum Ltd. for C$975 million ($763 million) in cash. The deal involves all of Penn West’s properties in the Canadian province of Saskatchewan, including its Dodsland Viking light-oil assets in the east and the medium and ...

  Bloomberg Brazil’s fiscal accounts were in worse shape than initially thought after the suspension of Dilma Rousseff, underscoring the challenge facing the country’s new economic team, acting President Michel Temer said. “It was surprising, in a negative way, what we encountered,” Temer told the Folha de S. Paulo newspaper in an interview on its website. “The fiscal accounts were ...

  Bloomberg Wal-Mart Canada, a unit of Wal-Mart Stores Inc., said it will no longer accept Visa credit cards because the fees applied to purchases are too high. “To ensure we are taking care of our customers’ best interests and delivering on our promise of saving customers money, we constantly work to reduce our operating costs, including credit card fees,” ...

Bloomberg Ventus Ingenieria SRL, a Uruguayan wind-farm developer, is close to receiving a permit to export electricity to Argentina amid an excess of power generation in its home market. Uruguay’s government is considering a temporary permit to accelerate the deal while the government works through the standard regulatory procedures, according to Francis Raquet, a director at Ventus. The Montevideo-based company ...

  Tribune News Service Bahrain is going to be the hub of a new $200 million textile business spread across the Middle East and North Africa (Mena) region. MRS Fashions, which has been putting Bahrain on the global fashion map for the past 16 years through its manufacturing unit in the kingdom, is now setting up its new regional head ...

  Manama / Tribune News Service A foreign embassy has appealed to Bahraini authorities to relax recruitment procedures for its citizens, which it claimed led to exploitation and were so time-consuming that diplomats had no time for anything else. It has emerged that unscrupulous agents are conning Bangladeshi labourers out of almost a month’s salary to complete the procedures, which ...