News

ABU DHABI / WAM Hub71, Abu Dhabi’s global tech ecosystem based in Abu Dhabi Global Market Square, on Monday announced the latest startups to have been selected for the Hub71 Incentive Programme’s second cohort of the year. The eleven startups come from all over the world, including: Bahrain-founded Tarabut Gateway, the first and largest regulated open banking platform that connects ...

Bloomberg Boris Johnson is under pressure to announce a ban on telecoms companies from installing new equipment made by Huawei Technologies Co in Britain’s fifth-generation mobile networks from as soon as the end of 2021. Britain’s National Security Council meets on Tuesday to decide on the company’s future in the UK in the wake of US sanctions against the company. ...

Bloomberg Analog Devices Inc. is close to an all-stock agreement to acquire Maxim Integrated Products Inc., according to reports. The semiconductor companies are talking about a deal that values San Jose, California-based Maxim at more than its current market capitalisation of roughly $17 billion. Norwood, Mass.-based Analog has a market value of $46 billion and also has a large office ...

Bloomberg France will unveil “massive” support for youth employment this week and a new broad stimulus plan including tax cuts for companies at the end of August, Finance Minister Bruno Le Maire said. The measures will be in addition to emergency aid to protect jobs and companies during the lockdown and a series of support plans for sectors including tourism ...

Bloomberg Swedish engineering giant Alfa Laval AB agreed to buy Neles Oyj in a deal that values the Finnish valve maker at roughly $2 billion, setting a price that’s high enough to potentially fight off any counter bids. After striking a so-called combination agreement with Neles, Alfa will make a voluntary recommended public cash tender offer for all issued and ...

Bloomberg Germany’s economy continues to recover following the easing of coronavirus-related restrictions, but remains well below capacity, according to a government report. “The economic recovery is still at the beginning,” the economy ministry said Monday. “Capacities are still clearly under-used.” While the recovery began in May, the second quarter will still show negative growth. “Only in the third quarter will ...

Abu Dhabi / WAM The UAE government’s efforts to provide financial aid and other social benefits to citizens intensified in 2019. These efforts were highlighted by rise in aid in 2019, reaching AED7.46 billion, an increase of 2% compared to AED7.32 billion in 2018. Financial aid and social benefits accounted for 13.4 percent of total federal government expenditures in 2019, ...

Bloomberg Saudi Oil Minister Prince Abdulaziz bin Salman likes the idea of Opec+ acting as the central bank of oil. And he expresses admiration for Alan Greenspan, former chairman of US Federal Reserve. The challenge now confronting the oil producers’ club is one that’s all too familiar to the Fed: how to avoid a “taper tantrum,” the market panic that ...

HODEIDAH / WAM The UAE, through its humanitarian arm, the Emirates Red Crescent (ERC) continues relief efforts in Yemen, by distributing food aid to the people of Khokha in the Hodeidah governorate. The ERC team distributed 300 food baskets to 2,100 displaced families in the Khokha district. Fathia Al Ma’amari, Director of the Human Rights Office in Hodeidah, expressed her ...

ABU DHABI / WAM Value of funds collected through the UAE Direct Debit system (UAEDDS) of the central bank of the UAE (CBUAE) rose by 7 percent to AED61 billion in 2019 from AED57 billion in 2018, according to figures released by the CBUAE. The statistics noted the increase in the funds settled through the UAEDDS was matched with a ...