Bloomberg The Chinese Communist Party is probing the chairman of the Shanghai Airport Authority for alleged corruption as President Xi Jinping continues his more than five-year-old crackdown on graft. Wu Jianrong, 56, has come under under suspicion of violating party rules and state laws, according to a statement posted on the website of the party’s disciplinary watchdog in Shanghai that …

Bloomberg UK billionaire Mike Ashley swooped in to rescue the House of Fraser Ltd. department-store chain for 90 million pounds ($115 million), staving off collapse for an anchor of the country’s troubled shopping districts. Ashley’s Sports Direct International Plc agreed to acquire the 169-year-old retailer’s UK stores, brand name and inventory. The move came after House of Fraser, which employs …

ABU DHABI / WAM The UAE has been ranked as the largest donor of emergency humanitarian assistance to Yemen in the world for 2018. According to the Financial Tracking Service (FTS), a centralised source of information on humanitarian funding flows, the UAE is also the second-largest source supporting the 2018 Yemen Humanitarian Response Plan (YHRP) following the Kingdom of Saudi …

KHARTOUM / WAM Hamad Mohammed Humaid Al Junaibi, UAE Ambassador to Sudan, and Mohammed Ahmed Ali Ibrahim, Sudanese Minister of Minerals, have discussed issues of mutual interest and investment opportunities in the mining sector. In a meeting held at the ministry’s premises in Khartoum, the Sudanese Minister lauded the excellent bilateral relations, welcoming UAE investments in all fields especially in …

Bloomberg Oil slid in New York, reversing two gains of days, as concerns over escalating trade tensions between China and the US overshadowed signs of tighter supply. Futures dropped 1.5 percent. American crude inventories as well as those in the key hub of Cushing, Oklahoma, slipped last week, the American Petroleum Institute was said to report. China’s Ministry of Finance …

WARSAW / WAM Dr Youssef Issa Hassan Al Sabri, UAE Ambassador to Poland, has discussed with Jerzy Kwiecinski, Minister of Investment and Economic Development of Poland, the distinguished bilateral relations and ways of enhancing cooperation in the economic, trade and investment sectors. This came in line with the embassy plan to boost relations between the UAE and Poland in all …

Bloomberg US stocks erased early losses prompted by renewed trade fears as gains in megacap technology shares left major benchmarks little changed. Oil slumped and Treasuries rose. The S&P 500 Index was flat after a four-day advance as Washington and Beijing set dates for new levies on billions in goods. Trading was 20 percent below average. Tech and bank shares …

Bloomberg The ruble headed for its weakest closing level since November 2016 and Russian stocks and bonds plunged after local media published the full text of a US bill seeking “crushing sanctions” for election meddling. The currency slid 2.2 percent to 64.91 per dollar on Wednesday, sinking the most among major peers and breaking out of a range it’s traded …

Bloomberg Barry Sternlicht’s Starwood Property Trust Inc. agreed to buy a General Electric Co. energy-finance business for $2.56 billion to expand beyond real estate holdings. The acquisition includes a roughly $2.1 billion portfolio of 51 loans backed by assets such as pipelines, power plants and wind farms, as well as $400 million of unfunded commitments, Starwood and GE said in …

Bloomberg Centrica Plc raised its price for power and gas for a second time this year, citing soaring costs of buying energy on the wholesale market. The utility’s British Gas unit, the nation’s biggest supplier to homes, will increase its standard variable tariff in October, hiking the average bill for the 3.5 million customers on the plan by 3.8 percent …