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ABU DHABI / WAM Abu Dhabi Commercial Bank PJSC on Tuesday reported net profit of AED4.840 billion for the fiscal year 2018, up 13% on year. The robust performance is supported by record operating income, optimal management of cost of funds and lower impairment charges, ADCB said in a press release on Tuesday. As a result of the Bank’s strong ...

SHARJAH / WAM GE and Japan’s Sumitomo Corporation have reached a public-private partnership milestone by signing a 25 year Power Purchase Agreement (PPA) with the Sharjah Electricity and Water Authority (Sewa), to develop, build and operate a 1.8 gigawatt (GW), combined cycle power plant in Hamriyah. Equipped with GE’s HA technology, including the world’s largest and most efficient heavy-duty gas ...

Abu Dhabi / WAM The United Arab Emirates Central Bank (UAECB) and the Saudi Arabian Monetary Authority (Sama) on Tuesday announced in a joint statement the launch of the common digital currency project ‘Aber’, which will be used in financial settlements between the two countries through Blockchains and Distributed Ledgers technologies. This comes under the framework of ‘Proof-of-Concept’, which can ...

Dubai / WAM Jebel Ali Free Zone (Jafza), affiliated with DP World UAE Region – participated at Arab Health 2019, where it highlighted prospects for global healthcare majors in the region. The free zone is home to more than 160 healthcare and pharmaceutical companies from over 38 countries and accounted for over 30 percent of Dubai’s total trade value for ...

Bloomberg Venezuelan leader Nicolas Maduro may wonder whether President Donald Trump is trying to rattle him. On Monday, White House National Security Adviser John Bolton entered a press briefing on new Venezuela sanctions with a yellow legal pad, accidentally — or not —turned to face gathered reporters and photographers. On the pad appeared a hand-written note: “Afghanistan —welcome the talks. ...

Bloomberg Apple Inc.’s main assemblers are shifting more output to India and Southeast Asia as trade tensions threaten to escalate costs in their longstanding production base of China. Hon Hai Precision Industry Co, known also as Foxconn, said over the weekend it’s investing more than $200 million in India and Vietnam. Smaller rival Pegatron Corp. said it’s moved to Indonesia ...

Bloomberg Investors locked into holding newly-listed Hong Kong stocks could only watch as last year’s bear market ate away at their returns. The shackles will soon be off. Xiaomi Corp saw a wave of selling after its lockup period — when key investors are banned from selling stock — ended three weeks ago. Similar restriction terms are due to end ...

Bloomberg The Trump administration will press China to prove it can keep promises in talks this week aimed at ending the trade war, Treasury Secretary Steven Mnuchin said, as the US ratcheted up legal pressure on one of the biggest examples of Chinese technological might. In a sign of the importance the White House is placing on the talks, President ...

Bloomberg Europe warned the world’s biggest tech and advertising companies that they need to intensify efforts to combat disinformation on their platforms ahead of European elections, or face regulation. The European Commission, the bloc’s executive body, acknowledged that companies such as Alphabet Inc’s Google, Twitter Inc and Facebook Inc, had made “some progress”, in particular with removing fake accounts and ...

Bloomberg Anyone looking for an upbeat forecast from Apple Inc is likely to be disappointed when the company’s results were expected on Tuesday. The company is set to report its first holiday quarter sales decline since the iPhone launched, and analysts are predicting revenue will keep shrinking in the current quarter. In early January, Chief Executive Officer Tim Cook forecast ...