News

Bloomberg Hewlett Packard Enterprise will sell its majority stake in IT services firm Mphasis Ltd. for about $825 million to Blackstone Group LP, as the U.S. private equity firm expands in India while the computer maker exits tangential businesses. The investment firm will buy at least 84 percent of HPE’s stake for 430 rupees per share, the U.S. company said ...

Bloomberg Global banks’ withdrawal from Latin America since the global financial crisis could undermine domestic banking systems just as the region requires substantial funding to ignite economic growth, according to a report from the International Monetary Fund. Brazil’s Banco Bradesco SA in July announced the $5.2 billion purchase of HSBC Holdings Plc’s local retail unit, raising concern in the local ...

AFP Groupon, the daily deals ecommerce operator which has been struggling since a hot public share offering, said it received a $250 million investment from a private investment fund. Groupon said it would use the cash infusion from Atairos to boost share repurchases and to revive growth. “Our partnership with Atairos will help accelerate our transformation while better positioning us ...

AFP Wall Street stocks opened modestly lower on Monday as Virgin America surged more than 40 percent on news it agreed to be acquired by Alaska Airlines in a $4 billion deal. Five minutes into trade, the Dow Jones Industrial Average stood at 17.771.20, down 21.55 points (0.12 percent). The broad-based S&P 500 shed 2.76 (0.13 percent) to 2,070.02, while ...

Bloomberg Mexican conglomerate Alfa SAB is back in talks to take over Pacific Exploration & Production Corp. with a sweetened bid for the beleaguered Colombian oil producer, according to people with knowledge of the matter. Shares of Pacific jumped. A strong offer by Alfa could win support from Pacific’s biggest investor, O’Hara Administration Co., and the producer’s management, the people ...

ABU DHABI / WAM Abu Dhabi Fund for Development (ADFD), financed seven development projects in Bangladesh with a total project outlay of nearly half a billion dirhams over the past four decades, with the majority of these projects serving strategically important sectors including industry, energy and infrastructure. Energy and irrigation projects account for about 65% of the total development assistance ...

ABU DHABI / WAM Sultan bin Saeed Al Mansouri, UAE Minister of Economy, said that the tourism sector is an important part of the national economy and a core pillar of economic diversification policy of the state. In an interview with the Emirates News Agency, WAM, the Economy Minister said that the inclusion of the National Council for Tourism in ...

KUALA LUMPUR / WAM Dr Mohammed Al Zarooni, Director General of Dubai Airport Freezone (DAFZA), met with Dato’ Sri Mustapa Mohamed, Malaysia’s Minister of Trade and Industry at the Ministry’s headquarters to discuss ways to develop and strengthen economic and trade ties between Malaysia and the Freezone. They also talked about DAFZA’s exceptional investment advantages for foreign companies, including Malaysian ...

Abu Dhabi / WAM Abu Dhabi Islamic Bank (ADIB) presented its outlook on the regional and global investment climate to its top private banking clients at a number of events in Abu Dhabi, Dubai and Al Ain. Senior ADIB executives from ADIB’s Private Banking arm explained to clients how to manage wealth effectively in times of economic and political volatility. ...

RITIKA SHARMA / EMIRATES BUSINESS ID frauds—one of the fastest growing crimes – adversely impacts the private sector and causes enormous losses. Around 54 percent of data breaches in 2014 were related to identity thefts, where 17 percent aimed at financial access and 11 percent sought account access, indicates a recent survey. In order to subdue the number of ID ...