News

Tokyo / AFP Japan’s Toshiba on Wednesday offered camera maker Canon exclusive rights to buy its medical devices unit, as the engineering giant sells businesses to recover from a major accounting scandal. The announcement comes as Toshiba expects a whopping loss of about $6.0 billion for the year to March due to sagging global demand and a spectacular profit-padding scandal, ...

Beijing / Bloomberg Talk about a hostile takeover. What seemed like a straightforward consolidation of two Chinese cement makers has morphed into a test of President Xi Jinping’s push to streamline bloated industries and rebalance a lagging economy. Missing company chops, seized corporate offices, $700 million in bond defaults and suspended shares are major plot points in the story of ...

Bloomberg The Canadian government is signaling it could test the waters of quota-free softwood lumber trade with the U.S., a move expected to reignite a dispute that simmered for decades. Canada’s trade minister wouldn’t commit to reaching a deal before the U.S. is allowed to again place tariffs on Canadian softwood lumber. The previous softwood agreement, which included quotas and ...

Bloomberg Mexico’s Finance Ministry is preparing a support plan for Petroleos Mexicanos and studying all potential options, including a capital transfer or reducing the company’s tax burden, chief economist Luis Madrazo said. Capital aid for Pemex could come from part of the special revenue that the government will receive from the central bank’s operational surplus, Madrazo said in an interview ...

Bloomberg Hours after Argentina cut a deal with New York hedge funds to end a nasty, 15-year-old debt dispute, the government’s top economic officials took to the podium in Buenos Aires to bask in the moment. First to speak that February evening was the finance minister, Alfonso Prat-Gay. He’s an old JPMorgan Chase & Co. guy, a currency strategist. To ...

Bloomberg Brazil’s consumer inflation slowed more than expected in February as a prolonged recession eats into Brazilians’ purchasing power. The benchmark IPCA consumer price index rose 0.9 percent from the previous month, following a 1.27 percent jump in January. That was lower than the median forecast for a 0.98 percent increase from 43 economists surveyed by Bloomberg. Twelve-month inflation slowed ...

Bloomberg Freeman’s, the oldest U.S. auction house, is changing ownership for the first time after more than two centuries in business. Three senior managers, who have led the company’s turnaround since 1999, are buying out the family that has owned the auction house since founding it in 1805, according to a statement from the company. Terms weren’t disclosed. The Freeman ...

Emirates Business Total tourism revenues in Ajman for 2015 reached AED359million — an increase of 19% from 2014 — according to tourism statistics released on Wednesday by the Ajman Tourism Development Department (ATDD). The report showed that the number of guests in Ajman in 2015 reached 509,658, while those who spent their nights reached 1,392,406. Majority of them booked their ...

ALKESH SHARMA / Emirates Business As IoT (Internet of Things) technology comes of age, UAE enterprises are in an immediate need to have cutting-edge solutions that provide the expanded capabilities to back the smart devices upto optimum levels. There is an apparent room available in the industry to have enhanced networks capable of supporting the pervasive nature of IoT devices, ...

Sunaina Rana / Emirates Business Middle East’s leading oilfield services provider, AlMansoori Specialised Engineering announced over AED18 million upgrade to its Managed Pressure Drilling (MPD) services, the company along with its affiliated companies; Reform Energy Services, Air Drilling Associates and Kelda Drilling Controls, worked intensively to introduce the ‘next generation automated MPD Package’, which was demonstrated at a special event ...