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EDF, Masdar consortium wins tender to build 800MW solar plant in Morocco - Dotemirates

EDF, Masdar consortium wins tender to build 800MW solar plant in Morocco

A consortium led by French EDF Renewables won a tender to build an 800-megawatt solar plant near the Moroccan city of Midelt. The winning consortium for Noor Midelt I is led by French company EDF Renouvelables in collaboration with UAE renewables developer and operator Masdar, as well as Moroccan company Green of Africa. The plant will be built with an investment of 7.57 billion dirham (781.5 million U.S. dollars) funded by several international institutions, namely the European Investment Bank, the German bank of KfW, the French Development Agency, the European Commission, the World Bank, the African Development Bank and the...


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Business News

13/08/2019

Westpac wins out over ASIC on responsible home loan case

By business reporter Michael Janda The Federal Court has dismissed Australian Securities and Investments Commission's responsible lending case against Westpac and ordered the regulator to pay the bank's costs.ASIC had alleged that Westpac breached responsible lending laws on up to 262,000 home loan approvals made using an automated process that relied on the Household Expenditure Measure benchmark, rather than using each applicant's individually assessed living costs.In September last year, Westpac agreed to pay a $35 million settlement to ASIC and admitted it breached aspects of the National Consumer Credit Protection Act.However, in November Justice Nye Perram sensationally rejected the settlement,...

RIL unveils Rs 1.15 lakh crore stake sales

Mumbai: Reliance Industries (RIL) on Monday announced sales of a 20 per cent stake in its oil to chemicals (O2C) division to Saudi Aramco for $15 billion and a 49 per cent stake in its petrol retail business to BP for Rs 7,000 crore. Announcing the deals at its 42nd annual general meeting (AGM) here, RIL said it plans to reduce a part of its over Rs 2.8 lakh crore debt by over Rs 1.15 lakh crore. The 20 per cent stake sale values the O2C division at $75 billion. The company will also roll out fibre-based fixed-line broadband services...

Reliance Retail may get global partner

Chennai: Amidst reports of Amazon eyeing stake in Reliance Retail, the conglomerate has announ-ced plans to get global partners for its retail business and to list the entity in five years. The New Commerce, or Reliance’s omni-channel, proposes to partner with millions of small merchants and kirana shops. Addressing shareholders at the 42nd AGM, Reliance Industries Chairman Mukesh Ambani said the retail arm would be one of the key growth engine of the group. “We have received strong interest from strategic and financial investors in our consumer businesses, Jio and Reliance Retail. We will induct leading global partners in these...

13/08/2019

Asda and Boots urge chancellor to reform 'broken' rates system

Bosses of more than 50 retailers including Asda and Boots have written to the chancellor urging him to change tax rules to boost the UK High Street.The group said it wanted him to fix the "broken business rates system", which it called outdated. It said the tax had jumped by 50% since the 1990s and had contributed to some retailers going out of business. The Treasury said it had announced a £3.6bn fund last month "to support our high streets and town centres"."The Chancellor will announce further details of the government's policy programme in the coming weeks and months," it...
13/08/2019

Global economic outlook darkens

BERLIN: The economic outlook has deteriorated worldwide as the trade dispute between the US and China escalates, a survey showed on Monday.Germany’s Ifo economic institute said its quarterly survey among nearly 1,200 experts in more than 110 countries showed that its measures for current conditions and economic expectations have both worsened in the third quarter.“The experts expect significantly weaker growth in world trade,” Ifo President Clemens Fuest said, adding that trade expectations hit the lowest since the beginning of the tariff conflict last year.“Respondents also expect weaker private consumption, lower investment activity, and declining short- and long-term interest rates,” Fuest...
13/08/2019

South Korea tightens export controls on Japan

SEOUL: South Korea has put Japan into its own new export category as President Moon Jae-in called Tokyo’s latest measures “very serious,” intensifying a trade war between the two neighbors and US allies.The move came after Seoul announced earlier this month it would remove Tokyo from its list of trusted trading partners, reciprocating an identical decision by Japan.That followed Tokyo’s imposition of tough restrictions on exports crucial to tech titans such as Samsung following a series of South Korean court rulings ordering Japanese firms to pay for forced labor during the Second World War.The dispute has raised concerns over the...