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Bloomberg Eight years ago, before China’s Xiaomi Corp. had sold a single smartphone, 56 of the earliest employees pulled together $11 million to invest in the startup. Rank-and-file workers dipped into savings and borrowed from parents. One receptionist tapped her dowry. Today, they’re the Lucky 56. Xiaomi is one of the most successful smartphone makers in the world and it’s ...

Bloomberg President Donald Trump retreated from imposing tariffs on billions of dollars worth of Chinese goods because of White House discord over trade strategy and concern about harming negotiations with North Korea, according to people briefed on the administration’s deliberations. Trump also succumbed to pressure from farm-state Republicans, who heavily lobbied the White House to resolve its trade differences with ...

Bloomberg The European Union scrambled to come up with a strategy to avoid US tariffs on foreign steel and aluminum, signaling a readiness to accept American import quotas and to slash some EU duties in return for a permanent waiver. With an EU exemption from the metal levies due to lapse on June 1, European Trade Commissioner Cecilia Malmstrom indicated ...

Bloomberg As the Pentagon struggles to recruit a more tech-savvy workforce, it’s facing the confusion of many an old-timer: What to make of people who invest or trade in Bitcoin. The question is whether owning Bitcoins or lesser-known cryptocurrencies such as Ripple and Ethereum is an indicator of risky personal behaviour — one that should flag extra scrutiny in security ...

Bloomberg South Korean President Moon Jae-in, a champion of talks between the US and North Korea, will look to restore momentum for an unprecedented summit between the foes in a White House visit on Tuesday. Optimism for next month’s meeting in Singapore between President Donald Trump and leader Kim Jong-un was punctured last week by a North Korean threat to ...

Dubai / Emirates Business Dubai Airport Freezone Authority (Dafza), one of the UAE’s leading free zones, has further strengthened its ties with China through a series of initiatives focused on expanding bilateral trade and investment this year. This includes a senior government delegation visit from China that was welcomed by HE Dr Mohammed Al Zarooni, Director General for Dafza. He ...

Dubai / WAM Dubai Airports will use Siemens’ data analytics and smart building technology to guarantee annual energy savings of almost 20 percent per year at Dubai Airports’ facilities, by implementing energy efficiency measures at Terminal 1, Terminal 2, Terminal 3 and Concourse B at Dubai International (DXB). Focusing on air and water systems, the seven-year project is expected to ...

ABU DHABI / Emirates Business Digitalisation is the number-one trend driving CEO decision-making in the global oil and gas sector. According to recent research by international consulting firm, McKinsey, a range of interconnected emerging technologies have the power to unlock a potential $50 billion in savings and increased profit. Encompassing fields such as artificial intelligence (AI), blockchain, robotics, sensor technology, ...

DUBAI / WAM Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, has won the Frost & Sullivan 2018 Award for the Best Emerging GCC Pharma Company. The awards programme, now in its fourth year, is based on Frost & Sullivan’s research on best practices in growth, innovation and leadership and honours best-in-class innovators and disruptors ...

Bloomberg Hyundai Motor Group bowed to pressure from billionaire Paul Singer’s Elliott Management Corp. by shelving a controversial $8.8 billion deal, marking an unprecedented victory for shareholder activists in South Korea. The group’s Hyundai Mobis Co. unit on Monday withdrew a proposal to sell two of its most lucrative businesses to affiliate Hyundai Glovis Co., Mobis Chief Executive Officer Young-Deuk ...