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Bloomberg Billionaire Mike Ashley said he and his Sports Direct International Plc were “stabbed in the back by shareholders” who failed to support former Chairman Keith Hellawell. Hellawell resigned this week at the company’s annual meeting after proxy firm Glass Lewis accused the board of “poor governance” and urged shareholders to vote against his re-election. The company has long been …

Bloomberg As Hurricane Florence batters the southeastern US, a small army of drones is being assembled to quickly help identify and even fix damage caused by the storm. At least 53 drone teams have been recruited to help with damage assessment, said Brian Reil, a spokesman for Edison Electric Institute, the Washington-based industry group coordinating utility recovery efforts. Each team …

Bloomberg Abu Dhabi is set to cash in significant gains as its Mubadala Investment Co. pushes ahead with an initial public offering (IPO) for Spanish oil firm Cepsa, in what could be the largest such deal in a decade. The state-owned investor decided to proceed with an IPO rather than a sale after potential bidders for the company were narrowed …

Bloomberg Saudi Arabia started the sale of dollar-denominated Islamic bonds and is seeking to raise about $2 billion to complete the kingdom’s external funding requirements for the year. The world’s biggest oil exporter mandated BNP Paribas SA, HSBC Holdings Plc, JPMorgan Chase & Co., Citigroup Inc., Mizuho Bank and Samba Capital for the deal, according to a term sheet seen …

DAMMAM / WAM The Arab Petroleum Investments Corporation (Apicorp) announced its half year results for the six months ended June 30. The company records total income of $169.9 million as compared to $60.0. Key drivers of this strong underlying performance were a 40 percent increase in net interest income to $45.9 million, evidence of an increase of the yield and …

Bloomberg India’s rupee rallied the most in 1 1/2 years and stocks recovered after an official said the government may announce measures to support the currency after a planned review of the economy by Prime Minister Narendra Modi this weekend. The government is not ruling out an increase in interest rates, the official said in New Delhi. The rupee has …

Bloomberg Russia has the capacity to set a new oil-production record, but won’t decide whether the market needs those additional supplies before a meeting later this month with its OPEC allies. The country could boost output by as much as 300,000 barrels a day in the medium-term, which would beat the post-Soviet record set in October 2016, Russian Energy Minister …

Bloomberg A slide in technology shares sent most US equities lower, while Europe’s benchmark rose and Asian shares extended a losing streak as traders turned their focus to the outlook for monetary policy amid lingering worries for global trade. Chipmakers extended their slide as Goldman and Stifel downgraded several US peers amid mounting industry concerns. Telecom stocks were also among …

Bloomberg The Great Crypto Crash of 2018 looks more and more like one for the record books. As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80 percent. The tumble has now surpassed the Nasdaq Composite Index’s 78 percent peak-to-trough decline after the dot-com bubble burst …

Bloomberg After supplying Europe’s biggest economy with natural gas for more than four decades, Norway is preparing to defend its share as the world’s biggest producers all vie for a larger slice of the $21 billion market. Russia began building a second giant pipeline to Germany and US President Donald Trump is turning up the rhetoric in an attempt to …