September, 2018

• 1 September

  Indian bank quits Antwerp diamond hub in blow for gem financing

  

  Bloomberg Union Bank of India is pulling out of the global diamond hub of Antwerp, joining a retreat of lenders from the industry, which has been hit by fraud and bad debt. The bank has given notice that it will close its branch in the Belgian port city within a year, according to Chief Executive Officer Rajkiran Rai Gundyadka. Antwerp ...

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• 1 September

  HNA’s debt declines for first time, shrinking by $8.3bn

  

  Bloomberg HNA Group Co.’s debt, one of the highest among Chinese companies, declined for the first time after the embattled conglomerate reversed a multi-year acquisition spree by selling off dozens of assets to stay in business. Total debt fell 9.5 percent to 541.6 billion yuan ($79 billion) at the end of June, down about $8.3 billion from the record high ...

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• 1 September

  Meituan plans to raise $4.5 billion in Hong Kong IPO

  

  Bloomberg Meituan Dianping, a Chinese food delivery giant, plans to raise as much as $4.5 billion in an initial public offering in Hong Kong, according to people with knowledge of the matter, The company plans to sell shares between HK$60 ($7.64) and HK$72 apiece, the people said, asking not to be identified because the information is private. The offering has ...

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• 1 September

  Fugitive tycoons to get US standard prisons in India

  Bloomberg The largest and oldest prison in India’s financial hub Mumbai will get a new block of cells that will meet international norms on prisoner rights. The reason: fugitive businessmen are citing poor jail conditions to stave off extradition. The Mumbai Central Prison, popularly known as the Arthur Road Jail, is demolishing an old structure to make way for the ...

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• 1 September

  Australia, Indonesia wrap up talks on free trade agreement

  

  Bloomberg Indonesia and Australia announced the conclusion to talks on a free-trade deal as the Pacific neighbours attempt to boost economic ties. In his first overseas trip since becoming Australia’s prime minister, Scott Morrison met with President Joko Widodo in Bogor, outside the capital Jakarta, where they committed to finalising the Indonesia-Australia Comprehensive Economic Partnership Agreement. The two also signed ...

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• 1 September

  S Korea exports rise on record chip, petrochemicals shipments

  

  Bloomberg South Korea’s export growth accelerated in August at the fastest pace in three months, easing concerns that the trade fight between China and the US will sap momentum in Asia’s fourth-largest economy. Exports rose 8.7 percent from a year earlier, the trade ministry said in a statement on Saturday. That compared with a 10.2 percent gain forecast by economists ...

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• 1 September

  Toyota doubles down on self-driving cars

  

  Bloomberg Toyota Motor Corp. is investing $500 million more in Uber Technologies Inc., underscoring the Japanese automaker’s efforts to catch up on self-driving technology as General Motors Co. and Alphabet Inc.’s Waymo lead the race to upend the industry. As part of the accord announced recently, Toyota plans to manufacture Sienna minivans loaded with Uber’s software, with testing slated to ...

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• 1 September

  DJI’s Phantom drones may be blocked from US in trade spat

  

  Bloomberg The world’s biggest maker of civilian drones could see its products shut out of the US market after a patent-infringement complaint was filed by smaller rival. SZ DJI Technology Co., a manufacturer of popular hobbyist and commercial drones including the Phantom and Mavic series, is being challenged by Autel Robotics Co. The dispute is over unmanned vehicles used for ...

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• 1 September

  LG focusses on gaming at IFA with new UltraGear monitors

  

  DUBAI / Emirates Business LG Electronics is demonstrating its commitment to gaming technology with the announcement of its new UltraGear monitors at IFA 2018 in Berlin this week. The monitors take immersion to a new level thanks to their powerful performance, superb picture quality and speedy refresh rate. These factors combine with the UltraWide 21:9 screen and stylish design to ...

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• 1 September

  Kenya Airways to hire pilots as fleet expands, says CEO

  

  Bloomberg Kenya Airways (KQ) Plc may hire as many as 100 pilots annually as the company grows its fleet and adds as many as 20 new routes in the next five years, Chief Executive Officer Sebastian Mikosz said. Sub-Saharan Africa’s third-largest carrier is facing “significant operational challenges” and needs as many as 70 additional first officers and 50 captains to ...

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