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Bloomberg The Trump administration formally labeled China a currency manipulator, further escalating its trade war with Beijing after the country’s central bank allowed the yuan to fall in retaliation for new US tariffs. While the Treasury Department’s determination is largely symbolic — the potential penalties are less punitive than the steps Trump has already taken against China — it underscores ...

Bloomberg Reliance Industries Ltd. agreed to buy an Indian technology startup funded by Google, scooping up an inventory-management platform and adding to the list of smaller deals the conglomerate has assembled to take on Amazon.com Inc. Billionaire Mukesh Ambani’s group agreed to buy a controlling stake in Shopsense Retail Technologies Pvt, which operates the Fynd platform, according to a statement ...

Bloomberg A British-American trade deal won’t be easily agreed after Brexit because the UK wouldn’t accept the punitive terms on offer, according to former US Treasury Secretary Lawrence Summers. “Britain has no leverage. Britain is desperate. Britain has nothing else. It needs an agreement very soon. When you have a desperate partner that’s when you strike the hardest bargain.” President ...

Bloomberg The richest people in the UK are overwhelmingly middle-aged men living in London and the southeast, according to new analysis published on Tuesday. The Institute for Fiscal Studies said the top 1% of taxpayers receive over 150,000 pounds ($182,000) a year and more than a third of them now live in the British capital. The findings, based on Her ...

Bloomberg Barneys New York Inc. is in talks with potential buyers of the rights to its name and trademarks as its advisers search for ways to salvage the luxury retailer, according to people with knowledge of the matter. Potential buyers include Authentic Brands Group LLC, a brand management firm that has snapped up intellectual property from several retailers in recent ...

Bloomberg Pakistan’s foreign minister wrote to the United Nations, while its army pledged to go to “any extent’’ against India’s move to revoke the autonomous status of Kashmir, that’s claimed in full by the two South Asian nations. Foreign Minister Shah Mahmood Qureshi wrote a letter to the secretary general of the United Nations informing him about the “critical situation” ...

Dubai / Emirates Business Enoc Group announced the launch of NEXT, an accelerator programme, designed to unlock growth opportunities and tackle challenges in the energy sector through building new digital ventures for business-to-business and consumer categories. NEXT underpins the group’s commitment to contributing to the UAE’s future agenda and Dubai’s vision to be a global platform for knowledge-based, sustainable and ...

DUBAI / WAM Jebel Ali Free Zone Authority (Jafza) has signed a Memorandum of Understanding (MoU) with Dubai Courts for establishing a ‘Virtual Reality Smart Court’ to handle labour litigations involving companies operating from the Free Zone and its business units. A dedicated chamber for the “Smart Court” will be established at the Free Zone to conduct hearings and adjudicate ...

Dubai / Emirates Business Emaar Development, the UAE build-to-sell property development business majority-owned by Emaar Properties, has recorded an impressive growth in the sale of its residential property launches in Dubai to AED9.350 billion ($2.546 billion), an increase of 50 percent compared to the H1 2018 sales of AED6.234 billion ($1.697 billion). Emaar Development launched 16 new projects during the ...

DUBAI / WAM The Mohammed bin Rashid Space Centre (MBRSC) announced that Hazzaa Al Mansoori, the UAE’s first astronaut to travel to the International Space Station (ISS) on September 25, will host a traditional Emirati food night at the station. Al Mansoori will be dressed in the traditional Emirati clothes, and will offer his fellow astronauts three Emirati foods — ...