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Bloomberg The opening of Nirav Modi’s jewellery store on Madison Avenue in the fall of 2015 attracted A-listers from actress Naomi Watts to Donald Trump Jr. It also celebrated the expansion of an Indian business that is now near ruin amid an investigation for an alleged $2 billion fraud. As investigators probe Modi’s alleged use of fake guarantees from the ...

Bloomberg The US economy is beginning the year with a downshift in growth despite $1.5 trillion in tax cuts signed by President Donald Trump in December. Unexpectedly weak February retail sales pushed down forecasts for the annualised pace of expansion in the first quarter, with the Federal Reserve Bank of Atlanta’s GDPNow tracking estimate at 1.8 percent on March 16, ...

Bloomberg It’s little surprise that the best-paid MBA graduates are from American universities. What is unexpected is just how much US schools dominate the rankings. A new survey of the 20 best-paid graduate business schools found that the top 11 are all in the US. The Sloan School of Management at the Massachusetts Institute of Technology came out on top, ...

Bloomberg Luxembourg could soon be a home for bankers escaping Brexit. As the Grand Duchy prepares to welcome financiers relocating from the UK, a lack of housing has pushed the price of relatively modest family homes beyond the 1 million-euro mark ($1.2 million). That’s led to edgier areas being developed to keep up with demand, according to real estate brokers ...

ABU DHABI / WAM Adnoc Distribution has unveiled a partnership with global retail brand Géant, in a clear signal that the UAE’s largest fuel and convenience store retailer is becoming more customer-centric in an effort to boost its financial performance. Under the agreement with Urban Foods, which operates Géant in the UAE, ten existing Adnoc Distribution convenience stores will be ...

Paris / WAM His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, inaugurated, in the presence of HH Sheikha Jawaher bint Mohammad Al Qasimi, wife of His Highness the Ruler of Sharjah and Chairperson of the Supreme Council for Family Affairs (SCFA) and Sheikha Bodour bint Sultan Al Qasimi, Founder and CEO of ...

FUJAIRAH / WAM The National Bank of Fujairah (NBF), announced on Saturday that it has been awarded the Dubai Chamber CSR Label for its strong commitment to upholding the best practices in the field of corporate social responsibility and its support for developing a sustainable environment. This award recognises NBF’s progress in developing an outstanding strategy and significant practical measures ...

Dubai / WAM The Dubai Electricity and Water Authority (DEWA), has announced that it awarded contracts to construct four 400/132kV substations, at a valued of AED1.28 billion. The four new substations will added to DEWA’s existing 21 substations, reflecting the Authority’s efforts to increase the capacity and efficiency of its electricity and transmission networks. The projects included the AED314,932,395 construction ...

Bloomberg Walmart Inc. is in discussions to spend about $7 billion to become the largest investor in India’s leading e-commerce company, according to people familiar with the matter, a move that would put the US retailer in competition with Amazon.com Inc. in one of the most promising online retail markets. The Bentonville, Arkansas-based retail giant plans to buy about a ...

Bloomberg There’s about to be enough sugar piled up in warehouses to make three chocolate cakes for every person in the world, and that’s got the market spooked. Supplies are booming thanks to the outlook for record harvests in India and Thailand, the world’s No. 2 exporter. The glut has already sent futures in New York to the lowest since ...