News

Tokyo / Bloomberg Japan’s retail sales growth stalled, underscoring weakness in private consumption and increasing the likelihood that Prime Minister Shinzo Abe will delay a sales-tax increase planned for next year. Sales were unchanged in April from the previous month, a government report showed on Monday. The median forecast of economists surveyed by Bloomberg was for a 0.6 percent decline. ...

  New Delhi / Bloomberg Hindalco Industries Ltd. shares surged after India’s second-biggest aluminum producer more than doubled profit in the fourth quarter and named a new managing director to lead the company. Hindalco appointed Deputy Managing Director Satish Pai from Aug. 1 to replace D. Bhattacharya, who resigns after helming the billionaire Kumar Mangalam Birla-owned company since 2003. Pai, ...

  Mumbai / Bloomberg Maruti Suzuki India Ltd. fell the most in almost two weeks after a fire at a component supplier disrupted supplies prompting the unit of Suzuki Motor Corp. to suspend production at both its factories. Shares of Maruti declined as much as 2.2 percent, the most intraday since May 18. They traded at 4,066.55 rupees, down 1.9 ...

  Perth / Bloomberg Galaxy Resources Ltd., an Australian lithium developer, agreed to acquire joint-venture partner General Mining Corp. in a deal that values its target at A$216 million ($155 million). Shares in the two companies surged. Perth-based Galaxy offered 1.65 new shares for each General Mining share it doesn’t already own, it said in a statement on Monday. The ...

Tokyo / Bloomberg Takata Corp. has ruled out using bankruptcy as a way of mitigating liabilities from its record air-bag recalls and is instead seeking buyers that could take a controlling stake and carry the company through its safety crisis, a person with knowledge of the restructuring process. Lazard Ltd., Takata’s financial adviser, will meet manufacturers as well as financial ...

  ALKESH SHARMA / Emirates Business A gateway to the most exciting retail market in the world, the Retail Show Middle East 2016 is all set to open on Tuesday. The two-day event — a platform for innovation, new partnerships, and launch of ground-breaking products — will host exhibitors and attendees from across the Middle East, North Africa, Indian subcontinent, ...

  Ritika Sharma / Emirates Business In solidarity with the cause of World Environment Day on June 5, Dubai-based youth organisation Green Hope conducted a waste recycling campaign and planted 150 saplings, taking strides towards a green future. Members of Green Hope, which works to promote sustainable development amongst all sections of civil society, collected large quantities of recyclables, such ...

  Dubai / Emirates Business Arabian Falcon Holidays (AFH), the largest independent timeshare player in the Middle East, has concluded a successful participation in the Nigeria roadshow organised by Dubai’s Department of Tourism and Commerce Marketing (DTCM). This is in line with AFH’s thrust to partner with the government in promoting Dubai as a leisure destination among African tourists. Africa ...

  Abu Dhabi / Emirates Business Abu Dhabi Commercial Bank (ADCB) has received two of the financial services industries most prestigious awards — the Asian Banker Leadership Achievement Awards. Group CEO and Executive Director, Ala’a Eraiqat, was honoured with the Asian Banker CEO Leadership Achievement Award for the UAE, while ADCB was also recognised as The Best Managed Bank in ...

  Emirates Business Chestertons MENA, a leading international property agency, is expanding its UK property investment reach beyond the traditional London M25 boundary, with the launch of a number of new prime developments in the key gateway cities of Manchester and Birmingham due to strong economic growth, large student populations and major government transport infrastructure investment. “Manchester is a city ...