Uncategorized

Bloomberg India’s vast rural hinterland, which makes up 70 percent of the South Asian country’s population, is showing signs of recovery from last year’s cash crunch, boosting optimism that increased spending will help the broader economy regain its vigor. The micro-finance industry is rebounding, real rural incomes are rising and unemployment is falling, according to brokerage Motilal Oswal Securities Ltd. ...

Bloomberg President Donald Trump said the US wants to reduce trade imbala-nces with Mexico and Canada and boost exports of everything from farm goods to financial services as it prepares to kick off talks to revamp the North American Free Trade Agreement. The office of Trump’s top trade negotiator released the administration’s list of negotiating objectives for talks with Mexico ...

Bloomberg Ericsson AB cautioned that turning around the beleaguered phone-equipment maker will require even steeper cost cuts, testing the patience of investors who sent the stock tumbling the most this year. Ericsson fell as much as 11 percent to 54 kronor in Stockholm after the company posted a second-quarter loss and warned that a faltering market amid technology shifts could ...

Bloomberg Tesla Inc. moved to diversify a board that some investors have complained is too closely tied to Chief Executive Officer Elon Musk, adding two executives from major media companies. James Rupert Murdoch, the CEO of Twenty-First Century Fox Inc., and Linda Johnson Rice, the chairman of Johnson Publishing Co., joined Tesla’s board effective Thursday, according to a filing. Murdoch ...

Abu Dhabi / Emirates Business The Masdar Institute of Science and Technology announced the development of a high-performance solar absorber that could make solar thermal technologies significantly more efficient. Masdar Institute is part of the Khalifa University of Science and Technology. The solar absorber, developed with the Massachusetts Institute of Technology (MIT), features an ultrathin nanocomposite film made of silver ...

FUJAIRAH / WAM National Bank of Fujairah (NBF) announced its results for the six month period ended June 30, 2017. It shows a net profit of AED154.9 million in second quarter of 2017, Q2, a rise of 24.4 percent over the corresponding quarter of 2016. On the back of a strong Q2 2017 performance, NBF reported a net profit of ...

Dubai / WAM An agreement was signed between global trade enabler DP World and Indonesian government and port officials to advise on the development of the Kuala Tanjung greenfield port and logistics zone and Belawan port in North Sumatra. As part of a Technical Assistance Contract, DP World will share its expertise and experience in increasing efficiencies, training and development ...

DUBAI / WAM The Ministry of Finance (MoF) assigned Emirates Development Bank (EDB) to create an electronic register to publicise related rights to ‘Mortgage of Movable Property’. Khalid Ali Al Bustani, Assistant Under-Secretary of International Financial Relations Sector at the ministry and Rashid Mahboob Misbah, Acting CEO of EDB, in Dubai signed an agreement to this effect. The collaboration aims ...

Bloomberg Turkey is building up its military presence in Qatar, an adviser to President Recep Tayyip Erdogan said, in defiance of a Saudi-led bloc’s demand that the Turkish military pull out of the emirate. “Turkey’s steady buildup continues there, protecting the border and the security of the Qatari government,” adviser Ilnur Cevik said on Monday by phone. Turkey has deployed ...

Bloomberg China’s economy grew faster than expected in the second quarter, putting the nation on track to meet its growth target this year and giving backing to officials in their campaign to corral oncoming financial risk. Data showing that the world’s second-largest economy expanded 6.9 percent in the second quarter, matching the pace from the first three months, was released ...