The value of the acquisition was reported to be $5.55bn.

In Asian stock market trading, Hong Kong extended the week's losses Friday, even as e-commerce titan Alibaba surged on a forecast-busting rise in revenue.

London announced the plan late Tuesday as part of its attempts to reduce illegal migration to the UK, a key political issue. The new UK-backed centre will "enrich existing expertise in both countries with respect to activities aimed at disrupting criminal networks organising illegal journeys", according to a statement from...

The announcement has angered environmental groups and comes amid an internal debate within the ruling Conservative party on green policies. (AFP) The main opposition Labour party has said it will not issue any new North Sea drilling licenses if it regains power in a general election due next year.

LONDON, UK - Allan Saint-Maximin has confirmed he is to leave Newcastle before an expected move to the cash-rich Saudi Pro League. The French winger, heavily linked with a £30 million ($38.5 million) move to Al-Ahli, posted a farewell message on his Instagram account. In it he professes his love for...

London, United Kingdom - Manchester City forward Riyad Mahrez has left the treble winners to join Saudi side Al-Ahli, the two clubs announced on Friday. The 32-year-old Algerian winger joined Pep Guardiola's team in 2018 from Leicester, winning 11 major trophies at the club. "The wait is over: Riyad is real,"...

Gas prices had soared last year after Russia cut gas shipments to Europe while oil markets were also rocked by supply concerns. But natural gas prices fell sharply as European countries found new suppliers, built up reserves and experienced a mild winter.

Revenue accelerated 25 percent to US$877 million.

Doha, Qatar -Qatar Airways, British Airways, and Iberia have come together to form a new joint venture In a move to expand international travel options.. The partnership aims to provide seamless connectivity for global travelers through major hubs in Doha, London, and Madrid, covering over 60 countries. With the addition...

Broadcom is seeking to expand into the software market.

The $5.2bn factory is expected to create up to 4,000 jobs.

London, United Kingdom - World stock markets mostly rose Wednesday as investors jockeyed for position before key US inflation data. London equities climbed after the Bank of England announced that all major UK retail lenders passed stress tests to assess their resilience to economic shocks. Frankfurt and Paris also advanced before...

London, Britain - The UK government has announced plans to reform the Consumer Credit Act (CCA) which is expected to benefit the Islamic finance industry. The proposed reform aims to encourage innovation, enhance credit accessibility, and strengthen consumer protections in the credit sector.  Dr Samir Alamad, a leading expert in...

Thames Water, which supplies 15 million homes and businesses in London and elsewhere in southern England, has debts of almost £14 billion.

LONDON, UK - Shell's chief executive told the BBC on Thursday that cutting gas and oil output would be "irresponsible" because it could further lift energy bills and worsen the cost-of-living crisis. Wael Sawan was asked about recent comments from UN head Antonio Guterres, who had declared it was "moral and...

London, United Kingdom - Stock markets retreated Wednesday on poorly-received Chinese data, as investors looked ahead to the reopening of Wall Street after the Independence Day holiday. "There are fresh concerns about the global economy powering down as data from China's service sector underlines how tepid the post-pandemic recovery has become,...

Gerry Murphy is new chairperson of Britain's biggest retailer.

LONDON, UK - Novak Djokovic warned on Saturday that the "integrity and tradition" of tennis must be preserved should the sport strike a tournament deal with Saudi Arabia. Both the ATP and WTA, which run the money-spinning men's and women's tours, have had discussions with Saudi Arabia. The country has been...

London, UK - Masdar, the UAE’s renewable energy company, has committed to invest £1 billion in British battery storage, following its acquisition of Arlington Energy in October 2022.  Masdar has partnered with Octopus Energy to license its technology platform, Kraken, to manage its battery portfolio at low cost and with...

London, Britain - In Britain to attend London Climate Action Week 2023, COP28 President-Designate, Dr. Sultan Al Jaber, urged investors to fund climate technology and also consulted with youth climate advocates to help shape the COP28 agenda. Dr Al Jaber also collaborated with the UK Government on policies which enable greater...

Responding to reports of a possible renationalization, a government statement said Thames Water's present situation was "a matter for the company and its shareholders".

Lucid Group to help make Aston Martin's luxury 'green' cars.

LONDON, UK -  The Bank of England on Thursday lifted its key interest rate by a half-point to five percent to tackle stubbornly high UK inflation despite such a move worsening a cost-of-living crisis. The higher-than-expected hike to a 15-year high was the 13th increase in a row. "There had been...

DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, inaugurated on Friday a new international representative office in London, UK. The launch of the new office, which is DIC’s first representative office in Europe and 20th globally, marks a significant step in the...

The merger will lead to network investment of £11 billion over 10 years.

Campaign group Global Witness labelled Wednesday's announcement as a "climate-wrecking U-turn", urging it instead to invest far more in cleaner energy.

Stock markets jumped after data showed US inflation slowed further in May, raising hopes the Federal Reserve will pause its interest rate-hike campaign. Wall Street indices advanced at the open while European markets climbed after official figures showed US consumer prices rose by 4.0 percent year-on-year in May, compared to...

The company had failed to secure new funding, the administrators said.

LONDON, UK - Greenpeace slammed Britain's power grid operator on Monday after it requested the reactivation of a coal-fired power station to meet electricity demand during a heatwave. National Grid ESO has asked energy firm Uniper to fire up a coal unit of its power station in Ratcliffe-on-Soar, central England, according...

London, UK-- Saudi Arabia and the UK have held discussions to boost trade and economic partnership between the two countries. The discussions were held during Saudi Arabia’s Minister of Commerce Dr. Majid Al-Qasabi visit to London, where he held a number of meetings with British ministers and leaders of major...

The UK government said it would scrap a windfall tax on the energy sector should oil and gas prices drop to historically-normal levels for a sustained period. The Energy Profits Levy, introduced after Russia's invasion of Ukraine sent oil and gas prices surging, increased tax on profits from North Sea...

The acquisition is expected to complete by early 2024.

"With some hardliners in the Republican party coming out against the agreement (in a vote due Wednesday), its passage through Congress could be bumpy," warned AJ Bell investment director Russ Mould. "Weak Chinese data also contributed to a subdued market mood with Asian stocks a little sickly."

Stock markets wobbled as a deal to hike the US debt ceiling and avoid a painful default goes to a vote in Congress this week. President Joe Biden and House Speaker Kevin McCarthy hammered out an agreement that saw both sides give ground, a week before a June 5 deadline.

LONDON, UK -  British Business and Trade Secretary Kemi Badenoch will hold talks for a modern, comprehensive trade deal as she visits Qatar, Saudi Arabia and the United Arab Emirates this week, according to a press release issued by the UK Embassy in the UAE. Meeting her ministerial counterparts in...

The merged firm will have a combined revenues of $3.4bn.

BT employs 130,000 staff, including contractors.

Aviation sector is flying high after a tumultuous period

Once it is signed by Brussels and London, it will create a framework for voluntary regulatory cooperation in the area of financial services between the EU and the UK.

Major stock markets advanced after President Joe Biden said he was "optimistic" about finding an agreement on averting a first-ever US default. Stock markets in Europe and Asia kicked the week off with gains amid growing hopes the Democrats and Republicans will reach a deal to avert a US government...

The Bank of England lifted its key interest rate to the highest level since the 2008 financial crisis, noting inflation remained stubbornly high but that the economy would now avoid recession this year. The BoE hiked the rate by a quarter-point to 4.5 percent with UK annual inflation stuck above...

The dollar wobbled following strong gains in the wake of Friday's solid US labor market figures, while oil prices dropped on Chinese data suggesting that recovery in the world's number two economy was still taking time. Focus is now on Wednesday's consumer price index report for April and the following...

Abu Dhabi, UAE - Mohamed Ibrahim Al Hammadi, Managing Director and Chief Executive Officer of Emirates Nuclear Energy Corporation (ENEC), has been selected as the Chair Elect of the World Nuclear Association (WNA) Board of Directors. The position sets Al Hammadi on track to take over as the Chairman of...

Wall Street stocks pushed higher despite data that showed US economic growth is slowing, which raised fresh questions about interest rates hikes. The dollar rose against the euro and yen after the data showed US gross domestic product rose at an annual rate of 1.1 percent in the January to...

The bank's profit was boosted by rising interest rates.

The UK's Competition and Markets Authority prevented the deal "over concerns... (it) would alter the future of the fast-growing cloud gaming market, leading to reduced innovation and less choice for UK gamers over the years to come", the CMA said in a final decision on its long-running probe.

London, UK— The UAE is looking to invest US$160 billion in the new economy sectors like renewable energy over the next three decades. This was stated by Abdullah bin Touq Al Marri, Minister of Economy, in his address at the 13th edition of the City Week 2023 Forum, in London,...

LONDON, UK - The UK will conduct its first test of a new emergency alert service on Sunday, with millions of mobile phones set to emit a loud alarm and vibrate at 3:00pm (1400 GMT). The national system, modeled on similar schemes in Canada, Japan, the Netherlands and the United States,...

London, United Kingdom -- From digital bank Revolut to money-transfer group Wise and payments company Checkout, London is Europe's fintech champion and intends on keeping its crown. "Before Brexit, the UK was a great place" for the sector developing financial technology, Revolut's global head of government affairs, Adam Gagen, told UK...

HSBC's largest stakeholder Ping An says the split will improve business.