• Alcoa spins off upstream smelting business


    Metals company Alcoa said its planned split will consist of a spinoff of upstream smelting business, and that up to 19.9 per cent of the new firm will be owned by its value-added business that serves aerospace and automotive industries.

  • Abu Dhabi fund IPIC records $2.6bn loss in 2015

    LOW OIL PRICE BITES
    Abu Dhabi state investment fund International Petroleum Investment Company (IPIC) said it suffered a net loss of $2.6 billion in 2015, reflecting the blow to the wealthy emirate's finances from low oil prices.

  • Mondelez makes takeover bid for Hershey


    Mondelez International Inc, the maker of Oreo cookies and Cadbury chocolates, has made a takeover bid for chocolate and sugar confectionery company Hershey Co, a person familiar with the matter said on Thursday.

  • Averda launches big medical waste disposal drive


    UAE-based Averda, a provider of integrated waste management solutions, is investing heavily in the medical waste treatment and disposal sector in South Africa. With a 2,500-strong workforce, it now has a major presence in five big cities.

  • Saudi, France plan major trade agreements


    Saudi Arabia and France are expected to sign major trade agreements in key areas of defence, energy, transport, research, housing and tourism during the current visit of Deputy Crown Prince Mohammed bin Salman.

  • Indian firms to invest $235m in Iran port


    Indian companies have announced plans to invest $85 million into the Iran’s port of Chabahar which will be set up on a build-operate-transfer (BOT) model, said a report.

  • AIS opens big food production facility in Ajman


    Arab & India Spices (AIS), a major importer of food products in the Middle East, has opened the region’s largest food production facility built at an investment of Dh350 million ($95.2 million) over a 400,000-sq-ft area in Ajman, UAE.

  • Empower wins top district cooling services award


    UAE-based Empower, a leading district cooling services provider, said it has won top honours at the International District Energy Association (Idea) Annual Conference & Trade Show, held recently in the US.

  • Iran plans tenders for oil fields as contract nears


    Iran plans to issue tenders to develop its oilfields this summer, as the government is expected to approve a new model oil contract designed to attract investors, Oil Minister Bijan Namdar Zanganeh said in an interview with the Isna.

  • Etihad Cargo launches luxury car service


    Etihad Cargo, the freight division of Etihad Airways, has launched a unique, new offer for guests who want to travel with their luxury car over the summer period.

  • Dow, RSA-Talke sign supply chain contract


    An affiliate of The Dow Chemical Company and RSA-Talke, a leading logistics company, have signed a contract for the storage of chemical products that will be manufactured by Dow from various production sites globally.

  • Rio gives away stake in PNG Mine with $51bn reserves


    Rio Tinto Group has given away its stake in the company that owns an abandoned mine in Papua New Guinea with potential copper and gold reserves worth $51 billion, said a report.

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Industry News

Alcoa spins off upstream smelting business

Metals company Alcoa said its planned split will consist of a spinoff of upstream smelting business, and that up to 19.9 per cent of the new firm will be owned by its value-added business that serves aerospace and automotive industries....


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