UAE wants its family businesses to go public

Dubai: The UAE Cabinet has given its backing for a relook at the country’s Agency Laws by getting such businesses — dominated by family-owned enterprises — to go for IPOs (initial public offerings). A draft law to this effect has been issued, and with more details to follow on such a transition can be made. […]

Toyota showers billions on US plants after slow shift to SUVs

Southfield, Michigan: Toyota Motor Corp has poured more money into yet another North American plant to boost production of the SUVs and trucks US customers increasingly seek instead of sedans. The Japanese automaker said it has spent $700 million and hired 150 new workers at its plant in Princeton, Indiana, mostly to increase output of […]

WeWork is still a good business at its core, SoftBank Says

Tokyo: SoftBank Group Corp. said it believes WeWork’s core business is still good despite governance and execution challenges. “We are still in it, we are involved, we are helping the company because we believe the idea at its core is very, very good,” said Deep Nishar, senior managing partner at SoftBank’s Vision Fund. “We will […]

Abu Dhabi Sustainability Week: Virgin Hyperloop One will be an economic game changer for the region

Abu Dhabi: Virgin Hyperloop One could see operations starting by 2025 if all things go well, according to the group’s managing director for the Middle East, Harj Dhaliwal, calling the technology a game changer for the region once it starts running. “I think we’re looking at 2024-2025 by the time we are in a position […]

Franklin cuts Vodafone Idea’s debt value to zero on court snub

New Delhi: Franklin Templeton Asset Management (India) Pvt. marked down its debt exposure to Vodafone Group Plc’s India venture to zero, concerned by the operator having to pay $4 billion in back-fees as early as next week. The carrier’s shares suffered a record plunge. The payment deadline has led to “significant uncertainty with respect to […]