April, 2017

• 19 April

  Akzo plans ‘break up’ to counter rival PPG’s bid

  Bloomberg Akzo Nobel NV, battling an unwanted $24 billion approach from PPG Industries Inc., will carve out its chemicals division and return 1.6 billion euros ($1.7 billion) to shareholders in a move Chief Executive Officer Ton Buechner said is more profitable than a takeover of the centuries-old paintmaker. The separation of chemicals will be carried out within 12 months and ...

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• 19 April

  Stocks advance with dollar as haven demand eases

  

    Bloomberg Markets struck a note of cautious optimism on Wednesday, with European stocks rising and haven assets declining. UK shares fell as the pound extended its gain following the surprise election announcement. Banks and automakers helped spur the rebound in Stoxx Europe 600 Index following the biggest one-day loss since November. Sterling edged higher after hitting the strongest level ...

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• 19 April

  Cement firms hold back Saudi index

  

    DUBAI / Reuters Construction-related shares underperformed Riyadh’s stock market on Wednesday because of poor first-quarter earnings, though troubled Dubai builder Arabtec jumped after shareholders approved a capital restructuring plan. Riyadh-listed Arabian Cement slid by 5 percent after reporting net profit for the three months to March 31 down 55 percent year on year, citing lower sales volumes and prices. ...

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• 19 April

  ADNOC 2030 strategy to deliver smart growth and profitability

  

    ABU DHABI / WAM Dr Sultan Ahmed Al Jaber, UAE Minister of State, ADNOC Group CEO and Chairman of the UAE’s National Media Council, on Wednesday shared details of ADNOC’s 2030 strategy, which will deliver smart growth and long-term value and profitability, with leading local and regional media. Dr Al Jaber was speaking at the third GCC Petroleum Media ...

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• 19 April

  ADFD earmarks AED330mn for devp projects in Somalia

    Abu Dhabi / Emirates Business Abu Dhabi Fund for Development (ADFD) announced a contribution of AED330 million (US$90 million) to implement development projects and programs in key sectors in Somalia, particularly infrastructure and transport. The contribution underpins efforts to improve public services, create new job opportunities and ensure stability and social development. Moreover, the AED330 million aims to help ...

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• 19 April

  Mashreq Bank launches ‘quick remit’ to Pakistan

  

    DUBAI / Emirates Business Mashreq, one of UAE’s leading financial institutions, announced the exclusive launch of Quick Remit service to Pakistan. Mashreq customers can transfer Pakistani rupees free of charge either – via MashreqOnline or Snapp and enjoy instant credit to all bank accounts in Pakistan. The new service is unique as it offers immediate transfers as opposed to ...

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• 19 April

  Imdaad, Emarat sign pact over waste collection

  

    DUBAI / Emirates Business Imdaad, the GCC’s leading integrated facilities management (FM) company based in Dubai, recently entered into a three-year-agreement with Emarat, one of the largest suppliers of petroleum products in the UAE, to deliver innovative, sustainable, and integrated general waste collection services. The scope of the contract includes Emarat’s 47 stations, atrium building, head office, central workshop, ...

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• 19 April

  Singapore to become more expensive for businesses

  

    Bloomberg Businesses in Singapore are bracing for higher costs in a country that’s already among the world’s most expensive to live in. From a 30 percent increase in water prices to higher diesel costs to a looming carbon tax, manufacturers are being forced to adjust their operations to remain competitive in an economy that’s only recently recovering from an ...

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• 19 April

  China, EU keen to push free trade, engagement

  

    BEIJING / AP Top diplomats from China and the European Union pledged closer cooperation on Wednesday at a time of global uncertainty, highlighting their common interests in peace and security and pushing a message of free trade and open engagement in contrast to fears that the US is turning inward under President Donald Trump. The statements came as China ...

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• 19 April

  Workers made Germany into world’s best economy

  

    Let’s hope US policy makers have woken up to the fact that the country is in a period of sclerosis, where its economic institutions seem to be inefficient along a variety of fronts. When things aren’t working, one good idea is to look around and see which countries are doing better. Right now, Japan is one such country. But ...

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