Bloomberg Britain must work with other countries to prevent friction on medicine rules post-Brexit to avoid being sidelined by the global drug industry, according to a report from the UK’s biggest pharmaceutical lobby group. The country must collaborate with ‘science allies’ such as the US, Canada and Australia in developing its post-Brexit medicines regulation or risk being left behind, the ...
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Biden plans flagship projects to challenge China’s Belt and Road
Bloomberg The Biden administration looks to launch a global infrastructure financing program, intended to counter China’s Belt and Road initiative, with between five and 10 flagship projects announced as soon as January, a senior US official said. The “Build Back Better World†program will look to counter Chinese influence by offering funding for projects with higher labour standards, a focus ...
Read More »German VAT cut unleashed $39 billion spending spree
Bloomberg Countries looking to perk up their economies when interest rates are already at rock bottom might learn something from Germany. Last year’s surprise value-added tax cut by the government in Berlin unleashed about 34 billion euros ($39.4 billion) of household spending while only resulting in about 7 billion euros of lost budget revenue, a working paper published by the ...
Read More »Norway’s new government to cut power levies, up wealth tax
Bloomberg Norway’s new government is proposing to cut electricity charges to protect households from the effects of the energy crisis, while raising taxes on the wealthy, as it makes changes to a 2022 budget drafted by its predecessors. The Labour-Center minority coalition’s proposal includes a new, lower electricity tax rate for the winter months, it said. The budget, which the ...
Read More »EU steel deal to slow US inflation
Bloomberg The US’s decision to remove tariffs on steel and aluminum from the European Union (EU) in a weekend deal with the bloc will help slow inflation for American consumers, Commerce Secretary Gina Raimondo said. Prices paid by US shoppers rise 5.4% in September, matching the fastest pace of increase since 2008. Unprecedented shipping challenges due in part to the Covid-19 ...
Read More »UAE food campaign: More than 10.8m meals distributed in UAE
DUBAI / WAM The 100 Million Meals campaign, the largest of its kind in the region to provide food to more than 30 countries in the Arab world, Africa, Asia, Europe and South America, has successfully distributed 10,868,400 meals in the UAE, in collaboration with the UAE Food Bank. A total of 362,280 beneficiaries in the UAE, made up of ...
Read More »Sharjah real estate transactions surge 22.7% to AED5.7bn in Q3
SHARJAH / WAM The real estate sector in the emirate of Sharjah has shown significant growth during Q3 2021, as the monetary value of real estate transactions amounted to AED5.7 billion by the end of September, through 16,781 transactions, according to a report issued by the Sharjah Real Estate Registration Department. These numbers marked a growth rate of 22.7 percent ...
Read More »ERC sends relief to Ethiopia
ADDIS ABABA / WAM The UAE, through the Emirates Red Crescent (ERC), provided relief aid to people affected by the humanitarian situation in Ethiopia, including 50 tonnes of food, health supplies and children’s food supplements, benefitting thousands of displaced families in several provinces. The aid was sent to support Ethiopian families affected by the events taking place in the country, ...
Read More »Investcorp builds $1.16 billion European real estate portfolio
MANAMA / WAM Investcorp, a Bahrain-based asset manager which counts Mubadala Investment Company as its biggest shareholder, announced that it has completed the acquisition of ten UK industrial assets, comprising c. 660,000 sq ft, via four transactions for a combined purchase price of €56.7 million. Since launching its European real estate business in 2017, Investcorp has invested approximately €1 billion ...
Read More »UAE, Indonesia central banks to boost cooperation in payment systems
Abu Dhabi / WAM The Central Bank of the UAE (CBUAE) and the Central Bank of the Republic of Indonesia (Bank Indonesia) have signed a MoU to boost mutual co-operation. The bilateral MoU includes three main areas, covering digital innovation in payment and financial services to facilitate more efficient and secure transactions, cross-border payment systems including retail payments, and frameworks ...
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