News

  Bloomberg Mahindra & Mahindra Ltd plans to invest 100 billion rupees ($1.2 billion) in a plant to make electric sports utility vehicles, a significant shift for a company that has been heavily reliant on gas-powered cars. Mahindra will invest the funds over eight years to build the factory in Pune, western India, according to an exchange filing. It will ...

  Bloomberg Sony Group Corp led a big jump in video-game hardware sales in the US last month, in the latest sign of improving PlayStation 5 supply. The Tokyo-based entertainment giant drove a 45% spurt in US games hardware sales to $1.3 billion in November, according to the NPD Group. Back home in Japan, the company’s in-demand console can now ...

Bloomberg Farmers in India are being encouraged to sell their crop waste rather than burn it to help accelerate progress on curbing fires that spread a deadly, choking smog across key cities. Smoke from the burning of crop stubble lingers over most of north India for weeks during the cold months of November and December, with air quality deteriorating to ...

  Bloomberg Takeda Pharmaceutical Co agreed to pay as much as $6 billion for an experimental immune therapy from Nimbus Therapeutics, part of the Japanese drugmaker’s hunt for promising new products. Takeda will pay $4 billion upfront for the drug, which is called NDI-034858 and will be renamed TAK-279, the companies said in a statement. Cambridge, Massachusetts-based Nimbus is also ...

Bloomberg Senator Joe Manchin is pressing Treasury Secretary Janet Yellen to stand firm on North American-based manufacturing requirements for lucrative electric-vehicle tax credits under the Inflation Reduction Act, setting up a battle between the West Virginia Democrat and Korea’s Hyundai Motor Co. At stake is whether Treasury would hand out the full $7,500 per vehicle in tax credits to more ...

Bloomberg  The value of global trade is set to reach a new record this year, increasing by about 12% to an estimated $32 trillion, according to a UN report that signalled a slowdown heading into 2023. “The substantial trade growth during the last year was largely due to increases in the value of the trade of energy products,” the United ...

Dubai / WAM Chairman of the UAE Banks Federation (UAEBF), Abdulaziz Al Ghurair, said that the UAE banking and financial sector has successfully addressed the numerous geopolitical and economic developments and changes that over the recent years have posed challenges to the global economy. He made the statements as he addressed the fourth meeting held by the CEOs of the ...

Dubai / WAM Li Xuhang, Consul-General of the People’s Republic of China, on Tuesday rang the market opening bell to celebrate the listing of $300 million bonds on Nasdaq Dubai. This is the second time that the Bank of China is listing its bonds on the region’s international financial exchange, following the listing of CNH 2 billion bonds in 2015. ...

Sharjah / WAM Beeah group, the Middle East’s sustainability pioneer, Chinook Sciences, UK’s innovator in waste to fuel technologies, and Air Water, a Japanese conglomerate with businesses relating to natural resources and industrial gas production, signed an MoU to produce fuel cell grade hydrogen from waste wood and plastic. The MoU signed in Japan is a first step in forming ...

  Abu Dhabi / WAM The Federal Tax Authority (FTA) has launched its strategy to explore the future of the tax sector and strive for world-leading tax procedures. The strategy is built on a thorough assessment and follows comprehensive plans developed to map out the future of the UAE tax system, in line with international best practices. In a press ...