Dubai’s Roads and Transport Authority (RTA) confirmed that it is currently executing the last traffic diversion on Jumeirah Beach Residence (JBR) Street ahead of the Dubai Tram launch in November. The one-km-long diversion is expected to last for at least one month, and will cause the closure of the two lanes on both sides of the street, the RTA said. Traffic will be temporarily shifted to the service road.
Updated 6 Years ago

China on Monday reviewed a plan to reform the payment system for executives at State firms under direct central government control, the latest step by the government to reform the controversial income distribution system. At a meeting of the Central Leading Group for Comprehensively Deepening Reforms, President Xi Jinping said unreasonably high incomes at State-owned enterprises (SOEs) will be adjusted.
Updated 6 Years ago

Twelve Japanese auto parts and bearing suppliers will be fined nearly 1.24 billion yuan ($201 million) for monopolistic conduct related to pricing, the National Development and Reform Commission said on Wednesday morning. Of the companies, eight auto spare parts suppliers will be fined 831.96 million yuan and four bearing suppliers will be fined 403.44 million yuan. The fine is the largest fine ever handed out by Chinese antitrust regulators.
Updated 6 Years ago

Base metals prices showed further improvement on Tuesday, helped by market tightness and signs of a strong US economic recovery. Copper, aluminum and zinc all closed higher in London, building on previous gains on Monday when the metals were boosted by improved July industrial production figures from the US.
Updated 6 Years ago

Smartphones embedded with Intel chips will start to be sold in the largest Latin American markets within the next two years. The projection is from David Gonzales, Intel's ​new country manager for Brazil, who took on the role in June with the main goal of increasing Intel's footprint in the Brazilian mobility and 2-in-1 segments.
Updated 6 Years ago

Semasa, the water utility serving Brazil's São Paulo state city of Santo André, will re-launch on Friday a 75.1mn-real (US$33.3mn) tender to build a water supply system in the neighborhood of Jardim Pedroso which is also aimed at preparing an upcoming 35-year concession, a spokesperson told BNamericas. "A few technical issues were changed in the bidding documents," the spokesperson said, without giving further details. Bids were previously due July 25.
Updated 6 Years ago

The former KGB colonel, concerned with how social media can be used to undermine his authority, this month expanded his regulation of media to the blogosphere, requiring those with at least 3,000 daily readers to register their real names and contact information. So far, about 580 bloggers in Russia have applied to register with the country's communications regulator Roskomnadzor. The government says this is needed so it can remove inaccurate or defamatory information on the Internet. But some bloggers fear it will limit free speech, allow Putin to close down blogs he doesn't like and give him an excuse to block sites such as Twitter in the future.
Updated 6 Years ago

Apple Inc. (AAPL)’s stock closed at an all-time high, surpassing a 2012 record as investors look ahead to new products such as bigger-screen iPhones and a wristwatch-like device that may jump-start revenue growth. Apple rose 1.4 percent to $100.53 yesterday, topping the split-adjusted record of $100.30 reached on Sept. 19, 2012, just before the iPhone 5 went on sale. The shares have gained 25 percent this year.
Updated 6 Years ago

Glencore Plc, the global commodity trader and metals producer run by billionaire Ivan Glasenberg, will start a $1 billion share buyback after first-half profit gained 8 percent on higher production of copper, coal and oil. Adjusted net income rose to $2.01 billion from a restated $1.9 billion a year earlier, Baar, Switzerland-based Glencore said today in a statement. That compares with the $1.93 billion average estimate of 7 analysts compiled by Bloomberg.
Updated 6 Years ago

Watching the meteoric rise of India's stock markets so far this year, one can be forgiven for forgetting that just a year ago, the asset class was a poster child of the emerging market bashing. Both benchmark indices, the Sensex and the Nifty, swooned last year on fears a tapering of asset purchases by the Federal Reserve will trigger an outflow of funds from the market, falling to year-lows in September.
Updated 6 Years ago