Bloomberg Amazon.com Inc’s valuation briefly topped $1 trillion after its results beat expectations, with analysts applauding the popularity of the e-commerce giant’s one-day shipping initiative and the performance of its cloud-computing business. Shares surged as much as 9.9% in their biggest intraday gain since 2017 before paring back gains to trade below the $1 trillion threshold. The stock hit a ...

Bloomberg Bankrupt retailer Forever 21 Inc asked a bankruptcy court to approve plans to sell “substantially all” of its assets to a buyer who might keep the chain in business. Forever 21 is in “substantial, round-the-clock negotiations” with a potential stalking-horse bidder, which would set a minimum price for the fashion chain while it continues to seek bids for alternative ...

Bloomberg In Moscow, online orders delivered in just 15 minutes by bicycle signal what the future of shopping may hold. Russia’s largest technology company, Yandex NV, is getting groceries to Moscow homes within a quarter of an hour, free of charge. Its new online service, called Lavka, has spread small warehouses across the capital stocked with about 2,000 items and ...

Bloomberg Cosmetics maker Kose Corp slashed its full-year profit outlook by 19%, citing a decline in tourists to Japan because of the novel coronavirus outbreak in China. The Tokyo-based company also cited a stronger yen and a consumption tax hike in October as reasons for the expected decline in its financial performance. Kose cut its net income projection to 30 ...

Bloomberg The Arab League should adopt a united stance towards US President Donald Trump’s Mideast plan, which is unlikely to achieve peace and stability for Palestine and Israel, its Secretary General Ahmed Aboul Gheit said. “Today’s meeting is a message that the Palestinians are not alone,” Gheit said on Saturday at the start of an emergency meeting of Arab foreign ...

Bloomberg Indian Prime Minister Narendra Modi’s government plans to sell an unprecedented amount of bonds for a second straight year as a slowing economy forces it to sacrifice fiscal discipline. The administration plans to borrow 7.8 trillion rupees ($109 billion) in the year starting from April 1, Finance Minister Nirmala Sitharaman said in her budget speech on Saturday. That’s in ...

Bloomberg Chinese regulators unveiled a slew of measures to ensure stability of its $45 trillion financial system as the nation stepped up the fight against the spreading virus. The China Banking and Insurance Regulatory Commission will “suitably extend grace period” for firms that have difficulty meeting end-2020 deadline to comply with new asset management rules, CBIRC vice chairman Cao Yu ...

ABU DHABI / WAM Strata Manufacturing, Strata, the advanced composite aero structures manufacturing facility wholly-owned by Mubadala Investment Company PJSC, is celebrating the delivery of its first shipset of Flap Track Fairings for the PC-24, the twin-engine Super Versatile Jet produced by Pilatus Aircraft Ltd of Switzerland. The delivery of the first shipset of Flap Track Fairings comes within eight ...

DUBAI / Emirates Business Leading trade enabler, DP World, UAE Region and Zhejiang Zhidi Holding Ltd. (ZZH or Zhidi Company) of China will jointly explore the establishment of a sophisticated next-generation logistics hub to meet the rising demand for conventional and e-commerce services in Dubai. The memorandum of understanding (MoU) signed between the two sides states that the intent is ...

SHARJAH / WAM Organised by the Environment and Protected Areas Authority (EPAA), the 21st Sharjah International Conservation Forum for Arabian Biodiversity (SICFAB), will begin February 3 – at Desert Park in Sharjah. The four-day forum, which will be held until February 6, will include discussions of several important issues related to biodiversity such as marine and coastal management of species ...