Bloomberg RWE AG’s UK unit will reduce its workforce by 21 percent after reporting a full-year loss and a customer exodus amid billing system failures. Germany’s biggest power producer posted its second net loss in three years. Npower’s operating loss was 137 million euros ($151 million) compared with a profit of 227 million euros a year earlier, the Essen, Germany-based ...

NEW DELHI / AFP Ikea has announced that it would invest nearly $300 million in a north Indian state as it forges ahead with plans to start selling its low-cost furniture in the giant market next year. The Swedish flat-pack behemoth said it had signed a memorandum of understanding with the state of Haryana, which neighbours the capital New Delhi, with ...

MADRID / AP Spanish fashion retailer Inditex, which owns the Zara store chain, said on Wednesday that net profit for its 2015 financial year was up 15 percent thanks to booming sales worldwide in the last few months. Inditex said that profit for February 2015 through January 2016 was a whopping 2.9 billion euros (nearly $3.2 billion) compared with only 2.5 ...

ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Tuesday toured the ongoing Abu Dhabi Aviation and Aerospace Week (ADAAW), being held at the Abu Dhabi National Exhibitions Centre (ADNEC). Sheikh Mohamed’s tour covered a number of national and international pavilions at ...

ABU DHABI / WAM The Unmanned System Exhibition (UMEX 2016) and the pilot edition of the Simulation Conference and Exhibition, on Tuesday concluded its activities, which were being held as part of Abu Dhabi Aviation and Aerospace Week, under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander ...

DUBAI / WAM Dr Aabed Al Saadoun, Chairman of the Arab Petroleum Investments Corporation, APICORP, on Tuesday rang the market-opening bell to celebrate the listing of a US$500mn Sukuk on Nasdaq Dubai. The total nominal value of Sukuk currently listed in Dubai has now reached US$37.81 billion, reinforcing its position as the largest centre in the world for Islamic bond ...

ABU DHABI / WAM The recent completion of a solar power project for the Pacific nation of Vanuatu marks the latest stage of the ground-breaking United Arab Emirates-Pacific Partnership Fund (UAE-PPF). The installation of three new solar PV plants represents another milestone for an imaginative and innovative initiative that has captured international attention with its potential for developing countries. Mohamed ...

ALKESH SHARMA / EMIRATES BUSINESS Building Information Modelling (BIM) technology could be the engine behind the success of 16 major railway projects worth US$352 billion that are currently underway in the Middle East and North Africa (MENA) region. It could go a long way in ensuring that the project deadlines and sustainability expectations are met. Experts say the cutting-edge technology ...

ABU DHABI / WAM India signed the Convention on Migratory Species, CMS, Memorandum of Understanding on the Conservation of Migratory Birds of Prey in Africa and Eurasia, Raptors MoU, raising the number of signatories to 56. The Raptors MoU was signed by T.P. Seetharam, Ambassador of India to the United Arab Emirates, at a signing ceremony held in the CMS ...

DUBAI / WAM The Dubai Gold and Commodities Exchange (DGCX) on Tuesday announced that Stellar Trading Systems, a multi-asset trading software and services specialist, has become an approved Independent Software Vendor, ISV, on the exchange. Stellar Trading Systems has hosted its infrastructure at DGCX colocation facility to deliver its market making, low-latency order routing and algorithmic trading solutions to DGCX ...