Bloomberg Mobile app spending and usage hit a record in 2019 and show no signs of tapering off this year as faster cellular connections and more big-name video streaming services come online, industry tracker App Annie says. In the past year, mobile apps accumulated $120 billion of global consumer spending, with games accounting for 72% of that. Advertising brought in …
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ABU DHABI / WAM Masdar, one of the world’s leading renewable energy companies, signed a power purchase agreement (PPA), with Perusahaan Listrik Negara (PLN), the state electricity company in Indonesia, for the first floating solar photovoltaic (PV), plant in the country. Dr Sultan bin Ahmad Al Jaber, UAE Minister of State and Chairman of Masdar, and Zulkifli Zaini, President Director, …
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ABU DHABI / WAM According to statistics from the Ministry of Economy, the total value of non-oil trade between the UAE and Japan reached AED481.34 billion or $130.8 billion over the past ten years from 2009 to 2019. These statistics highlight the growing trade and economic relations between the two countries, with the value of their overall trade in the …
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DUBAI / WAM DP World has won a further legal hearing against the Government of Djibouti over the Doraleh Container Terminal. A Tribunal of the London Court of International Arbitration ordered Djibouti to restore the rights and benefits under the 2006 Concession Agreement to DP World and Doraleh Container Terminal SA within two months, or pay damages. An independent expert …
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Bloomberg The United Arab Emirates will invest $22.8 billion in Indonesia through a sovereign wealth fund being set up by President Joko Widodo as the Southeast Asian nation seeks to finance billions of dollars of infrastructure and energy projects. The UAE plans to invest in building Indonesia’s new capital and also develop properties in Aceh province, the cabinet secretariat said …
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Bloomberg India’s consumer price inflation hit a more than five-year high, boosting the case for the central bank to keep interest rates on hold for longer and possibly putting at risk its accommodative stance. Data on Monday showed inflation breached the upper end of the Reserve Bank of India’s (RBI) 2%-6% target band as it accelerated to 7.35% in December …
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Bloomberg Saudi Arabia’s energy minister said that Opec and its allies remain focused on using production cuts to reduce oil inventories to normal levels, undeterred by the flare up of political tensions in the Middle East. Oil prices have erased all of this year’s rally, which saw Brent crude surge to a three-month high of almost $72 a barrel. Opec …
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Bloomberg The world’s biggest initial public offering turned out even bigger than initially thought. The final amount raised by Saudi Aramco’s sale totaled $29.4 billion as Goldman Sachs Group Inc., one of the underwriters of the world’s biggest IPO, exercised the option to place some shares that were initially separated to avoid price swings, according to a statement. It said …
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ABU DHABI / WAM The share of renewables in global power should more than double by 2030 to advance the global energy transformation, achieve sustainable development goals and a pathway to climate safety, according to the International Renewable Energy Agency (Irena). Renewable electricity should supply 57 percent of global power by the end of the decade, up from 26 percent …
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NEW YORK / WAM The UAE has supported the call made by UN Secretary-General Antonio Guterres to stop escalation in the Middle East and renew international cooperation, reiterating its commitment to seeking political solutions, playing a mediation role, and promoting the values of tolerance in the region and beyond. During the UN Security Council Open Debate on the upholding of …
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