Category: Business

DP World returns to full state ownership, takes on $8.1 billion debt

Dubai is to take full control of port operator DP World (DPW.DI) in a deal with a $13.9 billion valuation that will help the company at the center of the emirate’s 2009 debt crisis to repay some of its borrowings. DP World, which operates ports around the world from Hong Kong to Buenos Aires, will […]

Oil near flat; virus impact offsets Libya supply disruptions

Oil prices were near flat on Tuesday, pressured by concerns over the impact on crude demand from the coronavirus outbreak in China, but prices drew support from a reduction in supply from Libya. Brent crude LCOc1 rose 8 cents to settle at $57.75 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures were unchanged […]

Alstom to buy Bombardier rail unit for up to $6.7 billion

France’s Alstom SA has agreed to buy the rail division of Canada’s Bombardier Inc for up to 6.2 billion euros ($6.7 billion) to create the world’s No. 2 train manufacturer and better take on Chinese leader CRRC Corp. The cash and shares deal, announced on Monday, is the latest attempt by Western rail firms to […]

Timeline: Bombardier’s journey from Ski-Doo maker to business jet maker

Alstom SA on Monday agreed to buy Bombardier Inc’s train business for up to 6.2 billion euros ($6.7 billion), days after Airbus SE agreed to buy out Bombardier’s remaining stake in the A220 passenger jet program, helping the company improve its financial position. Here is a timeline of Bombardier’s evolution from a company selling snowmobiles […]

Amazon’s Bezos pledges $10 billion to climate change fight

Amazon (AMZN.O) Chief Executive Officer Jeff Bezos will commit $10 billion to fund scientists, activists, nonprofits and other groups fighting to protect the environment and counter the effects of climate change, he said on Monday. Cutting emissions will be challenging for Amazon. The e-commerce company delivers 10 billion items a year, has a massive transportation […]

Thyssenkrupp shortlists buyout firms for elevator unit, Kone out

Germany’s Thyssenkrupp (TKAG.DE) has shortlisted two private equity consortia in the sale of its 16 billion euro ($17 billion) elevator unit, dealing a blow to Finland’s Kone (KNEBV.HE), which withdrew from the closely watched deal. Potentially Europe’s biggest private-equity deal in 13 years, the transaction is now in its last stages and could come to […]

WTO gives somber goods trade outlook, sees virus threat

Growth of global trade in goods is likely to remain weak in early 2020, the World Trade Organization (WTO) said on Monday, adding that the below-trend performance could become even worse due to the new coronavirus. The Geneva-based trade body said its goods trade indicator fell to 95.5 from the 96.6 reading reported in November. […]