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  Dubai / Emirates Business The adoption of value added tax (VAT) by the GCC countries represents a major shift in tax policy that will impact all segments of the economy and lead to a fundamental change in the way businesses operate across around the region. According to EY, the VAT of 5% is expected to produce revenues of over ...

  Aleppo / AFP The Syrian army captured a major district of Aleppo on Monday from rebel fighters, now confined to a small pocket of their former bastion in the city’s east. President Bashar al-Assad’s forces held more than 90 percent of the onetime opposition stronghold, a monitor said, and appeared on the verge of retaking the whole city. The fall ...

  Beijing / AFP Beijing issued its first clear warning on Monday over Donald Trump’s fiery rhetoric, as state media said the Asian giant could back “forces hostile to the US” if the president-elect follows through with threats to drop Washington’s One China policy. It was the strongest signal yet from Chinese authorities that abandoning the One China policy, which ...

  Dubai / Emirates Business The healthcare industry in the GCC is expected to continue its robust growth propelled by demographic and macroeconomic factors in the region; said a market analysis report that was recently released by Al Masah Capital Limited. Given the demand for specialized services amidst an ageing population and prevalence of lifestyle diseases, the GCC healthcare sector ...

  Emirates Business UAE’s leading financial institution, Mashreq and Novo Cinemas, a leading cinema chain in the Middle East announced the launch of a new strategic partnership that is set to completely change customers’ cinema experience. The official signing was attended by Subroto Som, Head of Retail Banking Group at Mashreq and Debbie Stanford – Kristiansen, CEO of Novo Cinemas, ...

  Bloomberg While China’s online shopping giant Alibaba Group Holding Ltd. racked up $18 billion of sales over a single day last month, a broader picture of retail conditions isn’t as rosy when it includes brick-and-mortar shops. Foot traffic to malls and restaurants declined in November amid a surge in online shopping activity, according to data from Baidu Inc., operator ...

  Bloomberg Tencent Pictures, the film unit of China’s biggest internet company, is looking for acquisitions that can accelerate plans to make its own blockbusters instead of just writing checks for them. The potential targets could be in Hollywood and include companies on both the creative and production sides of movie making, Chief Executive Officer Edward Cheng said in an ...

  Bloomberg Dutch electronics giant Philips announced on Monday the sale of a majority share in its Lumileds LED lighting business for $1.5 billion, after cancelling the spinoff earlier this year over US regulatory concerns. “Royal Philips announced that it has signed an agreement to sell an 80.1-percent interest in Lumileds to certain funds managed by affiliates of (US-based) Apollo ...

  Bloomberg Amundi SA agreed to buy Pioneer Investments from Italy’s UniCredit SpA, accelerating the French investment company’s growth in the US and European markets including Germany and Austria. Amundi will pay about 3.5 billion euros ($3.7 billion) in cash, the Paris-based company controlled by Credit Agricole SA said in a statement on Monday. It will pay for the purchase ...

  Sharjah / Emirates Business ‘Sharjah Land’, Sharjah Department of eGovernment’s (DeG’s) first-ever augmented reality project in aiding the younger generations learn their civic responsibilities through digital interaction, has been making a stir since its launch at GITEX Technology Week in October. The game’s principal architect and DeG’s Director, Noor Ali Al Noman, was recently recognised and honoured by the ...