DUBAI / WAM Dubai Islamic Economy Development Centre announced results of the State of the Global Islamic Economy Report. The seventh edition of the report presents an annual update on continued global growth of the Islamic economy, encompassing halal products, Islamic finance and related lifestyle sectors. This year’s SGIE report, produced by DinarStandard, a US-based research and advisory firm, estimates …

Bloomberg SunPower Corp, one of America’s largest solar-panel makers, is giving up its manufacturing business to focus on installing rooftop solar systems. The company is spinning off its panel production operations into a new company, Maxeon Solar, that will be based in Singapore with factories in France, Malaysia, Mexico and the Philippines, according to a statement. As part of the …

Bloomberg Angola may buy as much as 5,000 megawatts from neighbouring Democratic Republic of Congo’s proposed $14 billion hydropower plant. In its current design, the Inga III dam would be the biggest hydropower plant in Africa, generating 11,050 megawatts. The two partners developing the project — one Chinese, one Spanish — submitted a joint proposal to the Congolese government last …

Bloomberg East Africa’s largest economy needs between $15 billion and $18 billion to achieve all-round electricity access by 2022, according to Power For All, a global coalition of 200 private and public organisations campaigning for universal reach. “With almost $15 billion in investment into a suite of projects — geothermal, off-grid, energy efficiency, transmission — Kenya could achieve universal access …

Bloomberg European stocks and US equity-index futures edged higher on Tuesday and most Asian shares rose amid a lull in trade-war headlines and simmering tension in Hong Kong. Treasuries fluctuated after a long weekend. The Stoxx Europe 600 Index headed for the first gain in three days as most major national benchmarks in the region advanced. Automakers climbed amid reports …

Bloomberg In a disappointing third-quarter earnings season for Japan Inc, one prominent theme is that moves in the yen have been a particular headache. A total of 438 Tokyo-listed companies have cut their full-year earnings guidance, according to data compiled by Bloomberg. Fifty-six of them announced a change to their currency expectations in addition to their lowered profit forecasts. Prominent …

Bloomberg Federal Reserve Chairman Jerome Powell is likely to signal again this week that monetary policy is on hold, buttressing the belief that he may steer clear of action through 2020. Surprisingly, that would be an historic anomaly for a US presidential election year. Rather than keeping its head down, the Fed has changed policy in one direction or another …

Bloomberg China’s local governments are helping inject fresh capital into small lenders across the country, part of an expanding campaign to restore confidence in the world’s largest banking system. At least 10 small Chinese banks have raised money this year by selling shares packaged with non-performing loans, in several cases to buyers controlled by local authorities. In at least one …

Bloomberg Some of Deutsche Bank AG’s top financial supervisors have doubts that Chief Executive Officer Christian Sewing’s latest pick for the management board is qualified for the job. Several watchdogs are worried that Michael Ilgner, hired as head of human resources from a small non-profit, doesn’t have experience leading large organisations or the banking background needed to join the top …

Bloomberg French economic growth will cool slightly at the end of the year amid pressure on industry from the global slowdown, the Bank of France said. The softer pace of expansion indicates the euro area’s second-largest economy isn’t immune to the downturn in trade and manufacturing that’s hurting countries across the currency bloc. Until now, France had shown more resilience …