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Bloomberg Glencore Plc is cutting out many of its intermediaries — the agents and dealmakers once essential to cracking the toughest markets — amid growing scrutiny of its operations around the world. Under pressure from its compliance division, Glencore is dismantling much of its glo-bal network of trading agents, according to people familiar with the situation. To continue operating, the ...

Bloomberg Iran said the path to a diplomatic solution with the US had closed after the Trump administration imposed sanctions against its supreme leader and other top officials, raising tensions days after the downing of an American drone brought the Middle East to the brink of war. President Donald Trump unveiled sanctions on Ayatollah Ali Khamenei and eight senior military ...

DUBAI / WAM The Telecommunications Regulatory Authority (TRA), on Monday announced the launch of the ‘UAE National Cybersecurity Strategy’ during a press conference held at TRA offices in Abu Dhabi and Dubai. The new strategy aims to create safe and resilient cyber infrastructure in the UAE that enables citizens to fulfil their aspirations and empowers businesses to thrive. Hamad Obaid ...

Abu Dhabi / WAM Nawah Energy Company (Nawah), the subsidiary created by Joint Venture partners Emirates Nuclear Energy Corporation (Enec), and Korea Electric Power Corporation (Kepco), to operate, maintain the Barakah Nuclear Energy Plant, on Monday signed a Long Term Maintenance Services Agreement (LTMSA), with Korea Hydro and Nuclear Power (KHNP), supported by Kepco Plant Service and Engineering (KPS). Under the scope of ...

Abu Dhabi / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, among the early adopters of social media in the region, completes a decade of his presence on Twitter this June. To commemorate his decade-long presence on Twitter, a book featuring a collection of tweets by Sheikh Mohammed ...

ABU DHABI / WAM Sultan bin Saeed Al Mansouri, Minister of Economy (MoE), issued a ministerial decision approving the status of Economic Concentration in the UAE market for the upcoming acquisition of Careem – one of the leading start-ups established in the UAE – by global company Uber. Under the Competition Law No. 04 of 2012 and the Executive Regulation ...

Bloomberg President Donald Trump is threatening Iran with additional sanctions on Monday, but there’s not much left for the US to target because most of the Islamic Republic’s economy has been crippled by earlier penalties. The US is already sanctioning significant sectors including oil, banks and steel, leaving smaller targets including certain exports and government officials. Trump could hit Iran’s ...

Bloomberg For nearly a decade, Tata Group has been Inditex SA’s partner running Zara stores in India. Now, the country’s largest conglomerate is building its own apparel empire as trend-focussed as Zara — but at half the price. Its retail arm, Trent Ltd, has fine-tuned its local supply chain to deliver “extreme fast fashion” which can get runway styles to ...

Bloomberg A consortium led by Fosun International Ltd is in talks to acquire a majority stake in GV Gold PJSC, a Russian gold miner backed by BlackRock Inc, according to people familiar with the matter. Fosun is considering teaming up with partners including Zhaojin Mining Industry Co for a joint offer, the people said, asking not to be identified as ...

Bloomberg The UK will generate more energy from low-carbon sources than from fossil fuels this year for the first time since the Industrial Revolution. Wind, solar, hydro and nuclear plants provided 48 percent of the nation’s electricity in the first five months of 2019, according to the UK network operator National Grid Plc. Coal, which made up more than 30 ...