June, 2016

• 26 June

  Myanmar torches $60mn worth of drugs

  

    Yangon / AFP Myanmar police on Sunday torched drugs with a street value of nearly $60 million as authorities struggle to tackle the scourge of poppy cultivation and shut down pill laboratories in lawless border zones. The impoverished nation remains the world’s second biggest producer of opium from which heroin is made, according to the United Nations. Decades of ...

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• 26 June

  Apollo Hospitals signs pact with HESCG to develop hospital in China

  

    Hyderabad / Tribune News Service Apollo Hospitals group signed an agreement with Chinese infrastructure firm Hainan Ecological Smart City Group (HESCG) to jointly develop an integrated modern healthcare services facility and systems in Hainan province, where a smart city is being developed in China’s largest special economic zone. The collaboration with Apollo Hospitals would begin with the development of ...

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• 26 June

  China logistics to delay $400mn IPO on Brexit jitters

    Shanghai / Bloomberg China Logistics Property Holdings Co., the warehouse developer backed by Carlyle Group LP, will delay the launch of its $400 million Hong Kong initial public offering, people with knowledge of the matter said. The Shanghai-based company will postpone the start of the share sale until June 29 due to volatile market conditions after Britain voted to ...

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• 26 June

  Delhi Metro uses broken tiles to conserve energy

    New Delhi / Tribune News Service In a unique environment friendly initiative, the Delhi Metro Rail Corporation (DMRC) has decided to use broken tiles to reduce the heat inside Metro stations. Unable to dispose of tiles that are broken at Metro stations and removed every day, engineers working with the DMRC suggested the pieces be placed on the rooftop ...

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• 26 June

  US politics starts scaring overseas investors

  

    Sometimes, an economic paper delivers such a disturbing result that you have no choice but to sit up and take notice. That was the case for me, when I saw this new study by Stony Brook University’s Marina Azzimonti. Azzimonti’s disquieting hypothesis is that political partisanship is deterring overseas investment in the U.S. When we think of foreign direct ...

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• 26 June

  China’s curious South China Sea negotiation policy

    David A. Welch SPECIAL TO EMIRATES BUSINESS There has been a great deal of commentary recently on Beijing’s strident refusal to participate in the Philippines’ arbitration case and the almost desperate vehemence with which it is preparing to greet the tribunal’s final judgment. This is not terribly surprising, as most analysts agree that the Philippines will win on a ...

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• 26 June

  Australia’s ‘Boat People’: Then and now

    Max Walden SPECIAL TO EMIRATES BUSINESS In late April 1976, a small fishing boat carrying five young Vietnamese refugees sailed into Darwin harbor. Although representing the arrival of Australia’s first “boat people,” the Kein Giang’s landing on Australian shores barely made the newspaper. Boat arrivals during 1976 and 1977 were largely met with similar indifference by the national media ...

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• 26 June

  Qatar retail to fetch foreign money

  

    Emirates Business Qatar’s economic diversification strategy continues to create foreign investment opportunities across its burgeoning retail market, despite the sustained low oil prices, according to Links Group, Qatar’s leading provider of commercial facilitation and advisory services. According to Alpen Capital, the Qatari retail market is expected to grow at a compound annual growth rate (CAGR) of 9.8 percent reaching ...

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• 26 June

  Saudi non-oil GDP growth to slow to 2.8pc

    Reuters Growth in Saudi Arabia’s non-oil gross domestic product is expected to slow to 2.8 percent in 2016 from 3.4 percent in 2015, Saudi central bank governor Ahmed al-Kholifey told state television station Ekhbariya. Kholifey, speaking in an interview broadcast late on Saturday, was responding to a question about Saudi monetary policy and economic growth given global financial market ...

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• 26 June

  Rosneft agrees to sell Siberia stake as Putin boosts China ties

  

    Bloomberg Rosneft PJSC, the world’s largest publicly traded crude producer, agreed to sell a stake in a key unit to China as Russian President Vladimir Putin seeks to bolster energy ties with Asia. The state-run company committed to negotiating the sale of 20 percent of its Verkhnechonsk unit to Beijing Enterprises Group Co., Rosneft said in a statement. The ...

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