April, 2016

• 2 April

  Al Zeyoudi meets quarry operators

  DIBBA / WAM Dr. Thani Ahmed Al-Zeyoudi, Minister of Climate Change and Environment, met with some of the UAE’s crusher and quarry operators at the Fujairah Culture and Media Authority in Dibba, Fujairah. The meeting is part of Dr. Al Zeyoudi’s plans to conduct a series of visits to various parts of the country, aimed towards highlighting the Ministry’s commitment ...

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• 2 April

  Foxconn buys Sharp for $3.5bn

  

  Tokyo / Bloomberg Sharp Corp.’s President Kozo Takahashi and Foxconn Technology Group’s Chairman Terry Gou formally signed a rescue deal on Saturday, ending a takeover drama that spanned four years of often difficult negotiations. Takahashi and Gou, flanked by the flags of Taiwan and Japan, shook hands in front of more than 300 reporters gathered at the Osaka-based company’s Sakai ...

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• 2 April

  Indonesian group prepares for $2bn Newmont mine bid

  Kuala Lumpur / Bloomberg An Indonesian consortium led by veteran investment banker Agus Projosasmito is preparing to offer about $2 billion for control of Newmont Mining Corp.’s operations in the country after lining up bank financing, people with knowledge of the matter said. The investor group plans to bid for about 80 percent of local operating company PT Newmont Nusa ...

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• 2 April

  HCL Tech to buy Geometric Ltd for US$186 million

  MUMBAI / Reuters India’s Geometric Ltd said it will sell its IT services business to HCL Technologies Ltd in an all-stock deal valued at 12.37 billion Indian rupees, as HCL looks to strengthen its engineering and automotive services portfolio. Geometric shareholders will receive 10 shares in HCL for every 43 shares of Geometric as part of the stock-swap. The deal, ...

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• 2 April

  Malaysia’s 1MDB subsidiary settles US$769mn loan

  Kuala Lumpur / DPA 1Malaysia Development Bhd (1MBD) said its subsidiary Powertek Investment Holdings Sdn Bhd has fully settled its 3 billion ringgit (US$769.8 million) loan ahead of its maturity date. In a statement, the state investment arm said this was made possible with the help of the 1MDB rationalisation plan initiated by the government. “1MDB is pleased to announce ...

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• 2 April

  India to get taste of US shale gas

  

  New Delhi / Bloomberg Gail India Ltd. bought the second shipment of liquefied natural gas from Cheniere Energy Inc.’s Sabine Pass plant in Louisiana in a deal that makes it the first Asian importer of US shale gas. The nation’s biggest supplier will receive the cargo, bought on spot basis, at the Dabhol import terminal on the country’s west coast ...

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• 2 April

  Weakening El Nino boosts monsoon rain prospects in India

  

  New Delhi / Bloomberg The monsoon is set to bring cheers to Indian farmers this year after the first back-to-back shortfall in rainfall in three decades ravaged crops. Showers during the four-month rainy season starting June will probably be normal as the El Nino is seen returning to neutral conditions by the middle of the year, according to Skymet Weather ...

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• 2 April

  Why companies must beware of Chinese buyers

  

  You have to give credit to China’s Anbang. Only days ago, the Chinese insurance group was shoved aside in its long quest to acquire U.S. hotel operator Starwood. A rival suitor, U.S. hotelier Marriott, had recaptured Starwood’s affections with a sweetened bid. Undeterred, Anbang roared back on Mar. 26 with an even juicier offer. Obviously, the company is not easily ...

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• 2 April

  Summit raises alarm over ‘dirty bomb’

  The Nuclear Security Summit, which concluded on Friday in Washington, did not rule out catastrophic nuclear attacks. It was a global forum that gathered the world leaders to find ways to avert such apocalyptic scenarios. The timing of the summit was important as it came in the wake of attacks in Paris and Brussels that have killed dozens and exposed ...

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• 2 April

  Aung San Suu Kyi’s democratic myopia

  Vishal Arora SPECIAL TO EMIRATES BUSINESS U Htin Kyaw is the president of Myanmar’s first civilian government following 56 years of military junta rule, but all eyes remain on Nobel laureate Aung San Suu Kyi to lead the country. While she is likely to accept and play that role, as per the wishes of her people, the hope for a ...

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