News

  Beijing / AFP Troubled Malaysian state investment fund 1MDB said on Tuesday it had defaulted on $1.75 billion in company bonds after missing an interest payment, heightening fears of a market-rattling bailout of the scandal-hit company. The fund, founded in 2009 by Prime Minister Najib Razak, is teetering on the brink of collapse amid multiple investigations around the world ...

  New Delhi / Bloomberg Maruti Suzuki India Ltd. shares rose after the automaker posted revenue that beat analyst estimates as it sold more of the new Baleno hatchback and automatic variants of some existing models. The shares gained as much as 4.1 percent, the most intraday since April 13, in Mumbai trading. Total revenue in the quarter through March ...

  TOKYO / AP Mitsubishi Motors Corp., the Japanese automaker that acknowledged last week that it had intentionally lied about fuel economy data for some of its models, said an internal investigation found such tampering dated back to 1991. President Tetsuro Aikawa told reporters on Tuesday the probe was ongoing, suggesting that more irregularities might be found. “We don’t know ...

  Seoul / AFP South Korea vowed on Tuesday to restructure the country’s once formidable shipbuilding and shipping sectors, now crippled by mismanagement, slowing global demand and competition from Chinese rivals. Shipbuilders, including Hyundai Heavy Industries and Daewoo Shipbuilding and Marine, have racked up massive losses after slumping oil prices sapped demand for tankers and offshore drillers. The “Big Three” ...

  Abu Dhabi / EMIRATES BUSINESS Manazel Real Estate, a leading UAE developer, hosted its Annual General Meeting (AGM) to review the company’s financial performance for 2015 and provide an outlook for the year ahead. Manazel delivered strong growth in earnings with a 29 percent growth in net profit to AED195 million (it was AED152 million in 2014) driven by ...

  Dubai / EMIRATES BUSINESS Around 550 people learnt the ropes of setting up and running a profitable business in the competitive UAE market, as the two-day Millionaire Summit drew to a close. Hosted by Wealth Dynamics Unlimited, the event, which was held on April 24-25, was graced by the few of savviest brains in the global SME sector, inspiring ...

  Dubai / EMIRATES BUSINESS Supporting businesses in the region to drive productivity, efficiency and sustainable development, Canon Middle East has strengthened their business-to-business (B2B) offering with the launch of 12 new B2B products and solutions. The new technologies were launched during an exclusive ‘Canon for Business’ event held on April 25 in Dubai, attended by 150 C-level executives, IT ...

  ABU DHABI / WAM Abu Dhabi Motors (ADM), BMW Group’s importer in the Capital, continued with their exceptional record and pursuit of excellence, dominating the BMW Middle East Customer Satisfaction Index for Service Performance awards, with 16 from the top 20 service advisors coming from ADM, a record performance achieved through the highest aftersales standards. The annual BMW Middle ...

  Dubai / WAM OSN, the leading pay-TV network in the Middle East and North Africa, has scored big wins in its fight against television piracy across the region, having conducted more than 316 raids with the support of government authorities. Marking the World Intellectual Property Day (World IP Day) on April 26, OSN is upping the ante in its fight ...

  Bloomberg Australia snubbed a bid from Japan to award one of the world’s biggest defense deals to France’s DCNS Group, opting for a contract that will generate jobs in Australia and minimize a backlash from its major trading partner China. The French offer for the A$50 billion ($39 billion) contract to build 12 submarines trumped those by Japan’s Mitsubishi ...