Uncategorized

Retail space in Dubai to surge by 50 percent in three years: CBRE

Bloomberg Dubai is set to see retail space surge by 50 percent over the next three years, even as consumer spending slows in the Persian Gulf city, according to real estate adviser CBRE Group Inc. More than 1.5 million square meters (16 million square feet) of space will be added at the city of 3 million people, CBRE estimates. That’s ...

Read More »

Tata Steel gets tribunal nod for biggest acquisition since Corus

Bloomberg Tata Steel Ltd.’s plan to double its production capacity in five years received a boost after an Indian court gave its final approval for the purchase of the assets of Bhushan Steel Ltd., Tata’s biggest buy since Corus Group Plc. The two-judge tribunal rejected objections to Tata’s bid from Bhushan creditor Larsen & Toubro Ltd. and the steel company’s ...

Read More »

Elliott gets an ally in opposing Hyundai overhaul plan

Bloomberg An influential proxy adviser joined Elliott Management Corp. in opposing an $8.8 billion deal between two Hyundai Motor Group units, complicating the automotive giant’s ability to get shareholders to vote for an overhaul that may help the chairman pass control of the South Korean conglomerate to his son. Glass Lewis & Co., which provides voting advice for more than ...

Read More »

US business groups bash Trump tariffs as China talks intensify

Bloomberg US companies and business groups are lining up to oppose the Trump administration’s plan to slap tariffs on Chinese imports, as the two nations step up efforts to resolve their trade dispute. About 120 firms and industry groups are scheduled to testify at a hearing on the administration’s plan to impose tariffs on $50 billion in Chinese goods. So ...

Read More »

Allianz’s asset-management unit profit soars

Bloomberg Allianz SE’s asset-management business saw earnings soar on the back of increased inflows at the German firm’s Pimco unit. Operating profit at the unit, adjusted for foreign-exchange effects, increased by a “remarkable” 16.3 percent in the first quarter, Europe’s largest insurer said in a statement on Tuesday. External managers allocated almost 21 billion euros ($25 billion) to the firm, ...

Read More »

Fiat Chrysler CEO scolded aide for early denial on emissions

Bloomberg The chief executive of Fiat Chrysler Automobiles NV admonished a company spokesman in 2015 for saying the company didn’t rig its vehicles with illegal software to pass emissions tests, according to documents filed in a related lawsuit. An excerpt of the 2015 email from CEO Sergio Marchionne to Fiat Chrysler’s then-head of US communications, Gualberto Ranieri, was revealed in ...

Read More »

Hamas targets fence as Gaza killings cloud embassy move

Bloomberg Hamas vowed to keep protesters storming the Gaza border on Tuesday, a day after 59 Palestinians were killed in confrontations with Israeli troops, the bloodiest toll in the seaside territory since a 2014 war. Monday’s casualties, which included more than 1,200 people wounded by live fire, were a stark contrast to the festivity of President Donald Trump’s inauguration of ...

Read More »

Tourism sector key to development of UAE’s economy, says Mohammed

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, said that mega projects being implemented in the UAE are reinforcing the country’s profile globally as a model for sustainable growth driven by diversification, innovation and productive partnerships with the private sector. His Highness also said the tourism sector is ...

Read More »

Islamic economy contributes 8.3% to Dubai’s GDP, says Al Mansouri

DUBAI / WAM Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of Dubai Islamic Economy Development Centre (DIEDC), on Monday announced that Islamic economy generates 8.3 percent of Dubai’s gross domestic product (GDP), according to Dubai Statistics Centre, a strategic partner of DIEDC. Al Mansouri shared the statistics, mapping the contribution of key sectors – Islamic finance, manufacturing ...

Read More »
Send this to a friend