December, 2016

• 12 December

  Majid Al Futtaim to bring American Girl to Middle East

  

    Dubai / Emirates Business Majid Al Futtaim, the leading shopping mall developer, retail and leisure pioneer across the Middle East and North Africa on Monday announced that it has secured an exclusive retail agreement with American Girl®, a division of Mattel, Inc. and a premium brand for girls known for its high-quality doll, content, and unforgettable experiences. American Girl’s ...

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• 12 December

  Rosneft to pay $2.8 billion to join Egyptian gas block

  

    Bloomberg Rosneft PJSC agreed to pay as much as $2.8 billion to buy up to 35 percent of a natural-gas project off Egypt, joining Eni SpA and BP Plc in the largest discovery in the Mediterranean Sea. Rosneft will pay $1.13 billion for an initial 30 percent stake in the Shorouk concession, which includes the Zohr find, plus $450 ...

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• 12 December

  Output cut deal boosts Asian energy firms

    Hong Kong / AFP Most energy firms in Asia jumped with a surge in oil prices on Monday after 11 non-OPEC countries agreed to huge cuts in crude production, while Saudi Arabia also signalled a bigger reduction in output than previously agreed. The 11 nations, led by Russia, said they would pump more than half a million fewer barrels ...

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• 12 December

  Oil prices surge on output deal

  

    AFP World oil prices surged on Monday after non-OPEC producers struck a deal to cut output, while Europe’s main stock markets were subdued before a key Fed meeting due this week. Indices in London, Frankfurt and Paris pulled back after soaring last week when the European Central Bank decided to extended its massive quantitative easing (QE) stimulus to December ...

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• 12 December

  Israel, Turkey seek to shield natural gas ties from politics

  

    Bloomberg Israel and Turkey are working to eliminate a major obstacle to natural gas deals: their own fractious history. The two governments are working on a framework for the export of Israeli natural gas to Turkey that would protect contracts between companies if diplomatic ties break down, Israeli Energy Ministry Director-General Shaul Meridor said in an interview in Jerusalem. ...

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• 12 December

  Turkey economy shrinks unexpectedly in coup attempt fallout

  

    Bloomberg Turkey’s economy unexpectedly shrank in the third quarter, led by a slump in consumption, in the most significant sign yet that July’s failed coup and the political turmoil it provoked are weighing on confidence. It’s the first time in seven years that Turkey has announced a contraction. The lira weakened. Gross domestic product shrank an annual 1.8 percent ...

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• 12 December

  $1bn clean energy fund gets backing from rich individuals

    Bloomberg Bill Gates and more than a dozen of the world’s wealthiest individuals revealed a new $1 billion investment fund to foster major advances in clean energy production. Dubbed Breakthrough Energy Ventures, the 20-year fund is backed by a mix of technology luminaries and heavyweights from the energy industry. The goal is to pump money into risky, long-term energy ...

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• 12 December

  Online shopping boom empties China malls

  

    Bloomberg While China’s online shopping giant Alibaba Group Holding Ltd. racked up $18 billion of sales over a single day last month, a broader picture of retail conditions isn’t as rosy when it includes brick-and-mortar shops. Foot traffic to malls and restaurants declined in November amid a surge in online shopping activity, according to data from Baidu Inc., operator ...

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• 12 December

  Tencent looks to Hollywood deals in race towards own blockbusters

  

    Bloomberg Tencent Pictures, the film unit of China’s biggest internet company, is looking for acquisitions that can accelerate plans to make its own blockbusters instead of just writing checks for them. The potential targets could be in Hollywood and include companies on both the creative and production sides of movie making, Chief Executive Officer Edward Cheng said in an ...

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• 12 December

  Tata accuses Mistry of breach of governance

  

  Bloomberg Tata Group wants to remove Cyrus Mistry, the former chairman of the conglomerate, from all its company boards, citing a breach of governance and failure to distance himself from Shapoorji Pallonji & Co. and other companies owned by his family. The fresh allegations were made in a Tata Sons statement Sunday and come ahead of an extraordinary general meeting ...

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