Sunday, February 26, 2017

Business News


Kraft Heinz to make improved bid for Unilever

US food giant Kraft-Heinz is expected to make an improved bid for European rival Unilever as soon as this week. That’s after Unilever turned down a $143 billion offer, saying it undervalues the company whose brands include Dove Soap and Lipton tea. Analysts say the biggest barrier to a takeover ...

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Oil closes near $53 as record US supply counters OPEC cuts

Oil closed near $53 a barrel as record US inventories tempered the impact of Organisation of Petroleum Exporting Counties (OPEC’s) production cuts. American crude supplies climbed 9.53 million barrels to 518.1 million, the highest level in weekly data going back to 1982 and more than twice the 3.5 million-barrel gain ...

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Dubai developer unveils AED 850 million mall expansion plan

Dubai developer Nakheel has unveiled the AED 850 million expansion of its Ibn Battuta mall. The project will include a new 55-storey residential tower, 16-screen cinema, park, retail and car park complex. The high-rise, with 279 apartments, will be located near the 48-storey Ibn Battuta Residences twin-tower, which will have ...

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ADIB dismisses Al-Hilal merger talk as ‘rumour’

Abu Dhabi Islamic Bank PJSC, which bought Barclays Plc’s retail business in the United Arab Emirates, dismissed reports that it may merge with Al-Hilal Bank PJSC as consolidation takes hold in the emirate’s financial-services industry. “For the time being we’re going to stick to our core markets and strengthen our ...

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