India’s Reliance Communications’ unit GCX files for bankruptcy

A unit of Reliance Communications Ltd., Anil Ambani’s distressed telecom firm, has filed for bankruptcy protection. GCX Ltd., which owns the world’s largest private undersea cable system, is the latest company owned by the tycoon to stumble. The former billionaire’s Reliance Communications itself fell back into bankruptcy earlier this year. The move by subsidiary GCX […]

General Motors workers to strike for first time in 12 years

The United Auto Workers union called its first strike against General Motors Co. in 12 years, digging in for a fight over jobs and benefits that could cost the carmaker dearly for an indefinite period. The strike that took effect at midnight may cost GM about $50 million a day in earnings before interest and […]

Inflation concerns resurface in India as oil drags assets lower

New Delhi: India’s rupee halted a seven-day rally and bonds declined after a drone attack on Saudi Arabia’s oil facilities sent global crude prices soaring by the most on record. The currency fell 0.8 per cent to 71.48 per dollar and the benchmark 2029 bond yields rose six basis points to 6.70 per cent. The […]

Three-day pharmaceutical exhibition opens in Abu Dhabi

Abu Dhabi: The second annual edition of the CPhl Middle East and Africa 2019 pharmaceutical exhibition was opened in Abu Dhabi on Monday, with over 294 exhibitors taking part. Sponsored by the Ministry of Health and Protection (MoHaP), the event takes place at the Abu Dhabi National Exhibition Centre until September 18. The on-site conference […]

GM auto workers union declares strike

The United Auto Workers Union says that the strike will take effect as of 11:59pm ET on Sunday, September 15, 2019. The United Auto Workers union said Sunday that its members at General Motors will walk out by midnight if the automaker does not meet its demands, setting the stage for the nation’s first auto […]