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  Bloomberg Dutch electronics giant Philips announced on Monday the sale of a majority share in its Lumileds LED lighting business for $1.5 billion, after cancelling the spinoff earlier this year over US regulatory concerns. “Royal Philips announced that it has signed an agreement to sell an 80.1-percent interest in Lumileds to certain funds managed by affiliates of (US-based) Apollo ...

  Bloomberg Amundi SA agreed to buy Pioneer Investments from Italy’s UniCredit SpA, accelerating the French investment company’s growth in the US and European markets including Germany and Austria. Amundi will pay about 3.5 billion euros ($3.7 billion) in cash, the Paris-based company controlled by Credit Agricole SA said in a statement on Monday. It will pay for the purchase ...

  Sharjah / Emirates Business ‘Sharjah Land’, Sharjah Department of eGovernment’s (DeG’s) first-ever augmented reality project in aiding the younger generations learn their civic responsibilities through digital interaction, has been making a stir since its launch at GITEX Technology Week in October. The game’s principal architect and DeG’s Director, Noor Ali Al Noman, was recently recognised and honoured by the ...

  Dubai / WAM A bridge will open this week to provide an important link in what will become Dubai’s new waterfront, which includes four man-made islands, hundreds of hotels, apartments, multi-use buildings and marinas. Dubai’s Roads and Transport Authority (RTA) will open the AED 150m ($40.8m) bridge leading to local developer Nakheel’s Deira Islands project next Friday. “The project undertaken ...

  Abu Dhabi / Emirates Business Bloom Properties, a Bloom Holding subsidiary specialized in the development of integrated and sustainable communities, announced the delivery of Phase 3 of its Bloom Gardens master development prior to the scheduled hand-over in Q1, 2017. One of the most prestigious residential addresses on Abu Dhabi Island, Bloom Gardens Phase 3 comprises 147 residential units ...

  Washington / AFP Republicans rejected reports of a secret CIA assessment finding that Russia sought to tip the US presidential election in Donald Trump’s favor, as a Democratic Senate leader called for an investigation. “The intelligence is wrong,” Republican National Committee spokesman Sean Spicer told CNN. “It didn’t happen.” He was referring to a New York Times report saying ...

  Dubai / Emirates Business Dubai World Trade Centre (DWTC), the leading destination for business and trade events in the region, will have hosted a total of 63 consumer and entertainment events until the end of 2016, welcoming over one million visitors. This diverse calendar of entertainment events, ranging from theatrical performances and music festivals to consumer shows and sporting ...

  Dubai / emirates business Regional leader in human resources and waste management – Dulsco, is offering to collect energy-efficient lightbulbs across UAE which has potential environmental risks associated if improperly disposed. Dulsco has partnered with Dubai based ‘LAMPS4U’ – a sustainable solutions and technologies company in order to process the recycling of CFL bulbs in an eco-friendly manner. The ...

  Bloomberg Cleaning up the March 2011 Fukushima nuclear disaster, the world’s worst atomic accident since Chernobyl, will cost almost twice as much as originally expected as decommissioning expenses increase, according to Japan government estimates. Total costs will rise to 21.5 trillion yen ($188 billion), up from a previous estimate of 11 trillion yen, Japan’s Ministry of Economy, Trade and ...

  Bloomberg Steel Authority of India Ltd., the country’s top producer, booked a loss for the sixth straight quarter, almost in line with analyst estimates, as costs increased. The company lost 7.3 billion rupees ($108 million) in the three months through September compared with a shortfall of 11.1 billion rupees a year ago, the company said in a statement. That ...