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Indonesia has yet to receive promised G7 funds to reduce coal use

By Sudarshan Varadhan NUSA DUA, Indonesia (Reuters) -Indonesia is still waiting for cheaper financing to hasten early retirement of coal-fired power plants under a pact with the rich nations of the G7 grouping, senior government officials said on Monday, in the transition to cleaner electricity. The Southeast Asian nation of more than 275 million had been promised $20 billion in funds as part of

2024-09-09T11:19:46Z

Tesla-supplier Panasonic Energy prepares for high-capacity EV battery production

By Daniel Leussink and Maki Shiraki KINOKAWA, Japan (Reuters) -Japanese Tesla supplier Panasonic Energy has finalised preparations for the mass-production of its high-capacity electric-vehicle batteries, the company said on Monday, as it seeks to start supplying the cell to automakers. Panasonic Energy's renovated plant in the western prefecture of Wakayama will serve as the main factory for

2024-09-09T09:28:38Z

Permira raises takeover offer for Squarespace to $7.2 billion

(Reuters) -Permira has agreed to increase its offer price to take website-design software company Squarespace private, now valuing the deal at $7.2 billion, the companies said on Monday. The private equity firm will offer $46.50 per share in cash to Squarespace stockholders, compared with its earlier proposal of $44 apiece. The revised bid comes days after proxy advisory firm Institutional

2024-09-09T13:35:12Z

UAE’s economy grew 3.4% in first quarter of 2024

The financial and insurance sector, trade activities and manufacturing were among the biggest contributors to non-oil GDP

2024-09-09T12:47:45Z

Air Canada preparing for shutdown as union talks near impasse

(Reuters) - Air Canada is finalizing contingency plans to suspend most of its operations as talks with the pilot union are near an impasse, the airline said on Monday. Talks between Air Canada and the Air Line Pilots Association (ALPA), which represents more than 5,200 pilots at Canada's largest carrier, are continuing, but both parties remain far apart, the company said. The airline and its

2024-09-09T10:20:10Z

1 Billion Pitches invites ideas from startups, content creators

The top 25 entrants will be selected to embark on a specialised mentorship and training programme led by industry veterans

2024-09-09T08:14:09Z

UAE's economy grows 3.4% in Q1 on non-oil sector boost

The UAE economy grew by 3.4 per cent in the first quarter of the year, with a strong performance by the non-oil sector driving the expansion. The country’s real GDP reached Dh430 billion ($117 billion) during the January to March period, the Ministry of Economy said on Monday, quoting preliminary estimates from the Federal Competitiveness and Stati...

2024-09-09T09:33:28Z

Boeing's shares rise after tentative labor deal that could avert major strike

By Medha Singh and Abhijith Ganapavaram (Reuters) -Boeing's shares rose 5% before the bell on Monday after the planemaker and its biggest union reached a tentative deal covering more than 32,000 workers, averting a possible strike. The proposed four-year contract was hailed by the union as the best it had ever negotiated. It is also an early win for new Boeing CEO Kelly Ortberg, who is tasked

2024-09-09T12:10:09Z

Warren Buffett’s Nebraska Becomes Sudden Political Battleground

Nebraska wasn’t on anyone’s election-year bingo card but Warren Buffett’s home state is quickly emerging as a battleground for party control of Congress and perhaps even the White House.

2024-09-08T15:17:11Z

Google's antitrust trial over online advertising set to begin

By Jody Godoy (Reuters) - Alphabet's Google will face U.S. antitrust prosecutors on Monday in Alexandria, Virginia, where the Justice Department will seek to show the company stifled competition in online advertising technology, in the search giant's second recent showdown with the Justice Department. Prosecutors say Google has largely dominated the technological infrastructure that funds the

2024-09-09T10:10:06Z

Indian e-scooter maker Ather Energy files for $536 million IPO, source says

By Aditya Kalra and VarunVyas Hebbalalu NEW DELHI/BENGALURU (Reuters) -Indian electric two-wheeler maker Ather Energy has filed for a 45 billion rupee ($536.2 million) IPO at a valuation of $2.5 billion, a source said on Monday, seeking to tap a red-hot stock market weeks after bigger rival Ola Electric went public. Hero MotoCorp-backed Ather is India's fourth-largest e-scooter maker by market

2024-09-09T09:50:11Z

Boeing, union reach preliminary deal to avert Seattle-area strike

Boeing has agreed on a preliminary new contract with union leaders that includes a hefty wage hike that would avert a strike in the Seattle region, the two sides announced Sunday. If workers ratify the contract, Boeing would follow in the steps of the United Parcel Service, which narrowly averted a strike in July 2023 after reaching agreement with the Teamsters union.

2024-09-08T15:05:26Z

Coach-Versace Union Goes to Trial Against Biden’s Antitrust Cop

President Joe Biden’s antitrust enforcers face a new test in a Manhattan courtroom Monday as they push to scuttle an $8.5 billion fashion industry deal in Tapestry Inc.’s proposed acquisition of Capri Holdings Ltd.

2024-09-09T13:00:06Z

Oil prices rebound on supply concerns after last week’s sell-off

Oil prices rebounded on Monday as investors worried about weather-related disruptions to production, following a sharp decline on Friday on weak US jobs data. Brent, the benchmark for two thirds of the world’s oil, rose 1.03 per cent to $71.79 a barrel at 3.59pm UAE time, while West Texas Intermediate, the gauge that tracks US crude, traded 1.15 pe...

2024-09-09T12:03:43Z

Oman energy company OQ plans to list E&P subsidiary on Muscat exchange

Oman’s state-run energy company OQ plans to offer 25 per cent of its shares in its subsidiary, OQ Exploration and Production, in an initial public offering on the Muscat Stock Exchange (MSX) as part of efforts to diversify the country’s economy. The subscription period will begin this month, pending approval from Oman's Financial Services Authority...

2024-09-09T09:48:29Z

Boeing's shares rise after tentative labor deal that could avert major strike

(Reuters) -Boeing's shares rose 5% in premarket trading on Monday after the planemaker reached a tentative deal with a union representing more than 32,000 workers in the U.S. Pacific Northwest that could avoid a possible strike later this week. The proposed four-year contract was hailed by the union as the best it had ever negotiated. It is also an early win for new Boeing CEO Kelly Ortberg, who

2024-09-09T11:00:09Z

$100 billion club shrinks to 12 members as slump in stocks knocks 3 people out

Nvidia's Jensen Huang, PC pioneer Michael Dell, and Indian industrialist Gautam Adani are worth under $100 billion each after stocks tanked last week.

2024-09-09T11:34:29Z

Russia is exploiting this outdated election law to pay American influencers to sway voters

Russia, which has long worked to sway American elections, has found a new and legal way in.

2024-09-08T21:43:36Z

Safran in talks with MBDA over Roxel's stake, La Tribune reports

(Reuters) - French jet engine maker Safran and European missile maker MBDA are in talks over the potential sale of tactical propulsion systems business Roxel, French weekly La Tribune reported on Monday. Both companies own 50% of Roxel, and the proposed deal would have MBDA buying the remaining shares from Safran, the newspaper said, noting the talks have been going on for more than a year.

2024-09-09T11:00:01Z

Norfolk Southern Probes Alleged Potential Misconduct by CEO

Norfolk Southern Corp. opened an investigation into allegations of potential misconduct by Chief Executive Officer Alan Shaw amid claims he was involved in an inappropriate workplace relationship.

2024-09-08T20:23:59Z

UAE-India pact seeks to enhance public sector audit

Other areas of cooperation include exchange of knowledge and experiences in public auditing

2024-09-08T13:40:52Z

India plans to use LNG for third of truck fleet, in blow to diesel

By Nidhi Verma NEW DELHI (Reuters) - India plans to have a third of its heavy duty long-haul trucking fleet fuelled by liquefied natural gas (LNG) instead of diesel in five to seven years to cut pollution, according to a draft policy from the federal oil ministry. India, one of the biggest emitters of greenhouse gases, has set a 2070 net zero goal and wants to raise the share of natural gas in

2024-09-09T09:50:06Z

Bajaj Housing Finance's $782 million IPO fully subscribed in busy week for Indian floats

By Dimpal Gulwani and VarunVyas Hebbalalu BENGALURU (Reuters) -Bajaj Housing Finance's $782 million public offer was fully subscribed on the first day of bidding on Monday, kicking off the busiest week for Indian IPOs so far this year as companies seek to capitalise on a booming stock market amid a retail investor frenzy. India's stock market has hit record highs over 50 times this year and has

2024-09-09T08:50:09Z

Indian e-scooter maker Ather Energy files for $536 million IPO, source says

By Aditya Kalra and VarunVyas Hebbalalu NEW DELHI/BENGALURU (Reuters) -Indian electric two wheeler-maker Ather Energy has filed for a 45 billion rupee ($536.2 million) IPO at a valuation of $2.5 billion, a source with direct knowledge of the matter said on Monday, seeking to tap a red-hot stock market weeks after bigger rival Ola Electric went public. Ather is selling new shares worth 31 billion

2024-09-09T08:50:10Z

Finstreet launches regulated digital market at ADGM for private and secondary securities

Finstreet, a Rorix Holdings subsidiary, has launched a digital multilateral trading facility (MTF) to allow trading of private and secondary securities at the Abu Dhabi Global Market. The marketplace will offer end-to-end protection from a traditional and blockchain-powered ecosystem for investors and issuers, Finstreet said in a statement on Monda...

2024-09-09T06:33:33Z

Boeing's tentative union deal includes a commitment to Seattle — another sign of its new CEO's work to improve quality

Boeing's new CEO appeared to secure another win with a tentative deal to avoid a strike. The deal includes a signal of prioritising manufacturing.

2024-09-09T12:49:39Z

Saudi Arabia’s real GDP shrinks by 0.3% in Q2 2024, oil weighs

The kingdom’s seasonally adjusted real GDP grew by 1.4 per cent compared to Q1 2024, as non-oil activities rose by 4.9 per cent YoY

2024-09-09T07:44:08Z

Volkswagen switches SEAT finance chief to struggling VW brand

BERLIN (Reuters) -The finance chiefs at Volkswagen's SEAT and VW brands are swapping roles as the auto group looks to inject fresh urgency into a cost-cutting drive at VW that has seen the brand contemplate unprecedented factory closures in Germany. The company said on Monday that David Powels, chief financial officer (CFO) at Spanish-based subsidiary SEAT, would change positions with VW CFO

2024-09-09T13:25:26Z

Clearlake-Backed Wheel Maker Files for Bankruptcy Protection

Wheel Pros, a maker of after-market specialty auto parts, filed for bankruptcy protection after struggling with inflation costs and a slump in demand.

2024-09-09T01:49:15Z

PayPal Teams Up With Shopify in CEO’s Latest Partnership Deal

PayPal Holdings Inc. added Shopify Inc. to its list of recent partnerships, reaching a deal to process some of the payment company’s debit- and credit-card transactions.

2024-09-09T11:35:56Z

Milestones in numbers: Dubai Metro celebrates 15 years of service

Dubai Metro has transported more than 2.4 billion passengers since its launch on September 9, 2009

2024-09-09T05:59:07Z

India-UAE business forum in Mumbai to leverage opportunities in key sectors

Event brings together senior officials and key business leaders

2024-09-09T08:26:17Z

India's GMR Airports raises stake in Delhi airport to 74% as Germany's Fraport exits

BENGALURU (Reuters) -India's GMR Airports Infrastructure said on Monday it increased its stake in the main airport in New Delhi to 74%, by buying out Frankfurt Airport operator Fraport's 10% interest in a deal worth $126 million. The Airports Authority of India (AAI) will continue to hold its 26% stake in Delhi International Airport Ltd (DIAL), one of the country's biggest and busiest airport,

2024-09-09T12:20:15Z

Japan’s Companies Sour on China After Years of Brushing Off Risk

Japanese companies are increasingly abandoning an approach to business in China that once seemed immune to politics, a stark shift after years when they were the biggest single investors in their neighbor’s economy.

2024-09-08T22:31:57Z

Thailand to distribute first $4.2 billion of handout scheme starting this month

BANGKOK (Reuters) - Thailand will distribute 145 billion baht ($4.2 billion) of its "digital wallet" handout programme earlier than scheduled to support vulnerable groups, a deputy finance minister said on Monday, stressing the need for short-term economic stimulus. In remarks during a budget debate in the Senate, Julapun Amornvivat said the government has prepared 450 billion baht ($13.29

2024-09-09T08:04:27Z

Starbucks’ New CEO Made Shares Soar. Now He Has to Prove His Worth

Brian Niccol will need to change the company’s course and win over workers while facing down unions and activist investors.

2024-09-09T09:19:51Z

Boeing may have just avoided another major crisis by agreeing to give workers a 25% raise

Boeing may have averted a potentially catastrophic strike by agreeing on Sunday to a contract that gives some union workers a 25% wage increases.

2024-09-08T22:43:58Z

Expanding horizons: Exploring the strategic appeal of Azerbaijan for UAE businesses

Lying at the nexus of Eastern Europe, the Middle East, and Western Asia, it is enriched by the influences of many cultures

2024-09-09T11:11:22Z

Slumping Bain-Backed BRP Bets on Electric Motorbikes

Snowmobile manufacturer BRP Inc. hasn’t made a motorcycle in nearly four decades, but the company believes growing interest in electric vehicles gives it an opening — if consumers are willing to pay up.

2024-09-09T10:35:03Z

UAE successfully conducts first-ever HAPS flights

HAPS technology, recognised by the World Economic Forum as one of the top ten emerging technologies, offers a sustainable solution for continuous Earth surface monitoring

2024-09-09T14:02:50Z

Byju's auditor BDO resigns after start of bankruptcy proceedings, company says

By Aditya Kalra (Reuters) -Indian education technology company Byju's' auditor BDO Global has resigned after the startup did not provide documents requested following the start of insolvency proceedings, Byju's said on Saturday. Byju's is fighting several battles including the insolvency proceedings and a $1 billion claim from U.S.-based Glas Trust. BDO was appointed auditor earlier this year

2024-09-09T12:18:49Z

Google's antitrust trial over online advertising set to begin

By Jody Godoy (Reuters) - Alphabet's Google will face U.S. antitrust prosecutors on Monday in Alexandria, Virginia, where the Justice Department will seek to show the company stifled competition in online advertising technology, in the search giant's second recent showdown with the Justice Department. Prosecutors say Google has largely dominated the technological infrastructure that funds the

2024-09-09T10:35:05Z

Exxon withdraws from race to buy stake in Namibia oil block from Galp, sources say

By Wendell Roelf, Ron Bousso and Sabrina Valle LONDON (Reuters) - Exxon Mobil has pulled out of the race to buy half of Galp Energia's stake in a large oil discovery in Namibia that has attracted interest from top energy companies, sources with knowledge of the matter said. More than 12 oil companies including Exxon, Shell and Brazil's national oil company Petrobras had expressed interest in

2024-09-09T10:08:01Z

TCS AI.Cloud’s Siva Ganesan on how the firm is driving GenAI adoption

The global head of TCS' AI.Cloud divison shares how the company is guiding organisations through AI integration, overcoming implementation challenges, and paving the way for an AI-driven future

2024-09-09T09:59:10Z

Asia's newest billionaire founded a grocery store in 1987 and never gave up any stake — until this week's IPO

Lee Thiam Wah, founder of 99 Speed Mart, became Asia's latest billionaire, with the largest Malaysian IPO in seven years.

2024-09-09T05:34:25Z

Iraq's excessive oil output poses challenges for Opec

Iraqi oil has fallen short of its potential so many times that it has become easy to overlook its impact. But on Thursday, Opec decided to pause its planned production increase, and one major factor was Iraq’s overproduction. With new projects on the way, the future of the nation’s oil output is crucial for the group’s strategy. Three countries hav...

2024-09-09T04:03:34Z

Boeing Gains on Optimism Labor Deal Will Avert Strike

Boeing Co. shares rallied on optimism that a labor deal with its largest union will help the troubled US aircraft manufacturer avoid a potentially crippling strike at its Seattle-area factories.

2024-09-08T12:48:35Z

Asian Development Bank says president Asakawa to leave in early 2025

TOKYO (Reuters) -The Asian Development Bank said on Monday its president, Masatsugu Asakawa, had announced his intention to step down from his position, effective Feb. 23, 2025. The Yomiuri newspaper reported earlier on Monday that Japan is set to back former top financial diplomat Masato Kanda as a candidate for the next president of the ADB. Finance Minister Shunichi Suzuki said in a statement

2024-09-09T11:00:04Z

Adnoc signs 15-year LNG supply deal with India to boost energy ties

Adnoc has signed a preliminary 15-year agreement with state-backed Indian Oil to supply 1 million tonnes a year of liquefied natural gas to India, amid efforts by the countries to expand co-operation in several key sectors including energy. The LNG will be primarily sourced from Adnoc’s lower-carbon Ruwais LNG project, the Abu Dhabi Media Office sa...

2024-09-09T12:03:34Z

HSBC weighs commercial, investment bank merger to shed costs, Bloomberg reports

(Reuters) - HSBC is mulling the combination of its Commercial and Investment banking divisions to eliminate overlapping roles at the lender and cut costs, Bloomberg News reported on Monday, citing people familiar with the matter. The combined division would become the bank's largest revenue generator, contributing about $40 billion to the lender's revenue annually, the report added. No final

2024-09-09T13:00:14Z