Bloomberg Saudi Aramco, Air Products and ACWA Power said that they had signed a deal to form an $8 billion gasification and power joint venture in Saudi Arabia. The new entity, which will be located in the kingdom’s Jazan Economic City, will purchase gasification assets, power block and associated utilities from state-owned Aramco for about $8 billion, the companies said ...

Bloomberg Careem Networks FZ, the Middle Eastern ride-hailing provider, is testing a bus-booking service ahead of a possible roll-out out across all 14 countries it operates in. Careem Bus — a division aimed at attracting low-income earners — will initially go live in at least four Egyptian cities, and is expected to be rolled out in September, according to people ...

Bloomberg Elon Musk continued to drip feed details of his controversial plan to take Tesla Inc. private, saying that he’s getting advice from Goldman Sachs Group Inc. and private-equity firm Silver Lake. In a tweet, the electric-car maker’s chief executive officer said he’s also lined up legal advisers for the possible transaction. A Tesla spokesman said Musk’s tweet refers to ...

Bloomberg Wall Street says Ford Motor Co. must cut its dividend. The automaker says that’s nonsense. The debate erupting over Ford’s quarterly payout to shareholders — including the founding family that derives millions from the disbursements — is exposing a growing and contentious divide over what needs to be done to fix the ailing automaker. Analysts at Morgan Stanley and ...

Bloomberg The high pressure system that brought record temperatures to parts of Europe this summer and blocked wind from blowing through the region looks set to last until October, potentially limiting returns for wind-farm operators from SSE Plc to Orsted AS. Wind generation was 20 percent below average last month, according to weather data company Vaisala OYJ. In parts of ...

Bloomberg Further evidence that Brexit is deterring EU workers emerged in figures published on Tuesday. The number of EU nationals working in the UK in the three months through June plunged by 86,000 from a year earlier to 2.28 million, the biggest decline since records began in 1997, the Office for National Statistics said. The 3.6 percent drop was driven ...

Bloomberg Vienna has ended Melbourne’s seven-year reign as the world’s most liveable city, according to the Economist Intelligence Unit. The Austrian capital scored a near perfect score of 99.1 out of 100 in the index, whose criteria include stability, healthcare and the environment. Cities in Australia and Canada took six of the top 10 spots, with the US again missing ...

It was late November 2016, and my Chinese counterpart, Vice Premier Wang Yang, was visiting Washington, DC. Over the course of my tenure as US Secretary of Commerce, the vice premier and I had developed a warm and candid relationship. Since this was to be our last official meeting, I decided to do something a bit different: take him to ...

GAM Holding AG should be applauded for moving swiftly to resolve the crisis engulfing its 7.3 billion Swiss francs ($7.3 billion) of unconstrained absolute return bond funds. But investors are about to learn how easy – or hard – it is to find buyers for such a large group of investments at acceptable prices. It could deliver a costly lesson ...

John Studzinski’s departure from Blackstone Group LP says something about the buyout firm and the value of rainmakers in the second half of their career. He’s among the finance industry’s most successful, best-connected dealmakers, with a global network and wide-ranging interests. Yet that didn’t make him invaluable to Blackstone, and suggests that advisers add most value when they work for ...