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Dubai / WAM DP World, UAE Region has announced that its Mina Rashid has won the award for the Middle East’s Leading Cruise Port for the 13th consecutive year at the World Travel Awards (WTA), 2020. Considered as a noteworthy accolade in the travel industry, the award included nominations of cruise ports from around the world. Commenting on the announcement, ...

Bloomberg Chinese President Xi Jinping is expected to lay out his plans for a more innovation-driven and self-reliant economy on a tumultuous day for investors. Xi was scheduled to deliver a speech at the opening of the China International Import Expo on Wednesday in Shanghai, an annual event he has used since 2018 to tout China’s importance in global trade. ...

Bloomberg Indian employees are likely to witness their monthly paycheck getting a bigger boost next year compared to 2020 as companies are betting on higher consumer demand due to enhanced government spending and bumper rainfall to neutralise the pandemic-led economic contraction, a survey showed. Companies, spanning sectors including e-commerce, energy, financial institutions and pharmaceuticals, are projected to increase compensation by ...

Bloomberg Estee Lauder Cos sees a revival in China’s tourism — a promising sign in a critical growth market for international brands. Chief Executive Officer Fabrizio Freda said that Chinese travel stores — the type seen in airports and train stations — were a “stand-out performer” in the company’s most recent quarter, posting double-digit growth. Global travel sales, meanwhile, were ...

Bloomberg Mitsubishi Motors Corp reported an operating loss that was wider than estimates as the Japanese automaker struggles to sell cars amid the coronavirus outbreak. The loss for the quarter ended in September was 29 billion yen ($276.5 million), compared with analysts’ average projection for a loss of 27 billion yen. Even so, Mitsubishi Motors stuck to its forecast for ...

Bloomberg Jack Ma was poised to become Asia’s richest person with Ant Group Co’s initial public offering. Instead, his net worth tumbled almost $3 billion and both retail and institutional investors who were betting on a big first-day pop are in limbo. Alibaba Group Holding’s US-traded shares slid 8.1% in New York,the most since January, 2015, after Ant said its ...

Bloomberg Oil rises as broader markets rallied and Opec+ inched closer to delaying a planned easing of output cuts. Futures in New York traded near $38 a barrel after climbing 3.3%, extending gains from the previous session. Equities strengthened ahead of the US election, while the dollar lost 0.5%, adding to positive sentiment in crude. Russian oil companies met Energy ...

Abu Dhabi / WAM In an effort to ensure that stored value products and services are operated in a secure, sound and efficient manner in the UAE, the central bank of the UAE (CBUAE) issued a new regulation on Stored Value Facilities (SVF). By introducing this new regulation for the providers of SVFs, the CBUAE aims to facilitate fintech firms ...

Abu Dhabi / WAM The Ministry of Finance (MoF) organised two virtual workshops titled The Frameworks of implementing legislation governing Multinational Groups of Entities (MNEs) reports. The workshops sought to identify the main points around implementing the UAE’s cabinet resolution no. 44 of 2020, which covers legislation governing MNEs reports, and clarifies the private sector’s responsibilities in this area. That, ...

DUBAi / WAM The Sharjah Book Authority (SBA) is opening both physical and virtual doors of the 39th Sharjah International Book Fair (SIBF 2020) on Wednesday to its global audiences, as the fair assumes a unique hybrid online-offline format this year in line with the UAE government’s efforts to contain the spread of the novel coronavirus (Covid-19). Organised by the ...