August, 2016

• 13 August

  China state grid said to near control of $7bn utility CPFL

  

    Bloomberg State Grid Corp. of China reached a deal to gain control of Brazil’s CPFL Energia SA, after two major shareholders agreed to sell the Chinese company their stakes in the $7.3 billion utility, people with knowledge of the matter said. Bonaire Participacoes and Banco do Brasil SA’s pension fund, known as Previ, have given informal approval to sell ...

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• 13 August

  Everbright Securities raises $1.1 billion in Hong Kong offering

  

    Bloomberg Everbright Securities Co. raised $1.1 billion after pricing its Hong Kong first-time share sale above the midpoint of a marketed range. The Chinese brokerage sold 680 million shares at HK$12.68 each, after earlier offering them at HK$11.80 to HK$13.26 apiece, according to terms for the deal obtained by Bloomberg on Friday. The final price represents a 38 percent ...

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• 13 August

  High-risk ‘shadow’ credit in China put at $2.9 trillion by IMF

  

    Bloomberg International Monetary Fund staff said that 19 trillion yuan ($2.9 trillion) of Chinese “shadow” credit products are high-risk compared with corporate loans and highlighted the danger that defaults could lead to liquidity shocks. The investment products are structured by the likes of trust and securities companies and based on equities or on debt — typically loans — that ...

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• 13 August

  South Korean growth will rise to 3 percent in 2017, IMF says

  

    Bloomberg South Korea’s economy will expand 2.7 percent this year and 3 percent next year, the International Monetary Fund said in a statement, which also welcomed recent fiscal and monetary stimulus in Asia’s fourth-largest economy. The nation has “considerable fiscal space” to manage challenges to growth such as an aging society and high household debt, the fund’s directors said ...

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• 13 August

  Tata Steel moving forward with sale of UK specialty unit

    Bloomberg Tata Steel Ltd. plans to move to the next stage in the sale of its specialty steels unit in the U.K. after it received interest from several buyers as the Indian producer tries to sell unprofitable assets. The sale process of its South Yorkshire-based unit is progressing well, while the company remains open to selling its Port Talbot ...

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• 13 August

  UAE youth play key role in our journey towards sustainability

  

    DUBAI / Emirates Business His Excellency Dr. Thani Al Zeyoudi, Minister of Climate Change and Environment called on the UAE youth to engage and be part of the country’s global efforts in protecting the environment, achieving sustainable development and combating climate change. The statement came in His Excellency’s opening remarks at the Youth Circle held at the Mleiha Archeological ...

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• 13 August

  UAE shooters take aim at glory at Rio Olympics

  RIO DE JANIERO / WAM United Arab Emirates’ shooters Sheikh Saeed bin Maktoum and Saif bin Fetais will be participating in the skeet shooting contest in Rio Olympics, where the duo will be vying for a second Olympic medal in Rio after the UAE’s judoka Sergiu Toma took the bronze in U81 kg judo contest. They will also try to add ...

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• 13 August

  DEWA awards AED 74.6mn contract for substation

  

    Dubai / WAM The Dubai Electricity and Water Authority (DEWA) awarded a construction contract for the development of the 132/11 kilovolt (kV) substation at Warsan 2, with total cost of AED 74.6 million. The substation will be connected to the current electricity network, to enhance capacity, efficiency, credibility, and availability. “In adherence with the directives of our wise leadership to ...

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• 13 August

  Indian delegation extends condolences to Emirati firefighter

  

    RAS AL KHAIMAH / WAM A delegation from Ma’din Academy (Ma’dinu Ssaquafathil Islamiyya) of Kerala, India, have extended condolences to the family of Emirati firefighter Jassim Eisa Al Baloushi, who was martyred while trying to rescue the passengers of an Emirates Airline aircraft which was involved in an incident at Dubai International Airport recently. The delegation also conveyed condolences from ...

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• 13 August

  Ministry of Infrastructure Development to strengthen partnership with TSC

  

    Dubai / Emirates Business A delegation from ‘Ministry of Infrastructure Development’ visited ‘The Sustainable City’ (TSC), the region’s first fully integrated and operational sustainable community, in Dubai on Saturday. Engineer Faris Saeed, the CEO and Co-Founder of Diamond Developers, received the delegations during their visit to The Sustainable City and took them through the innovative project, while reviewing its ...

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