DUBAI / Emirates Business Damac Properties has awarded an AED512 million construction contract to China State Construction Engineering Corporation (CSCEC) to build tower C of AYKON City, DAMAC’s luxury mixed-use development on Sheikh Zayed Road. The new contract covers civil construction works for tower C, the residential tower in the award-winning $2 billion development, overlooking the Dubai Water Canal. “CSCEC …

Bloomberg PetroChina Co. is rewarding shareholders with a higher — and symbolic — payout after its best half-year profit in more than three years. The nation’s biggest oil and gas producer raised total dividends for the first six months by almost one-third to 0.0888 yuan per share. The lucky payout — eight is widely considered an auspicious number in China …

Bloomberg California isn’t ready yet to give up autonomy when it comes to its electric grid. State lawmakers declined to advance legislation that would have laid the groundwork to connect California’s grid to as many as 13 other states. Under the measure, a multi-state regional authority would have managed the flow of power across the U.S. West, allowing more electricity …