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ABU DHABI / WAM The hospitality sector in Abu Dhabi reported impressive growth across all major KPIs during the last quarter of 2019, revealed the Department of Culture and Tourism – Abu Dhabi. The figures were presented during DCT Abu Dhabi’s regular industry development meeting which sees key representatives from Abu Dhabi’s hotels and industry partners highlighting the latest trends ...

Bloomberg Europe’s manufacturers headed into the new year on a downbeat note, with expectations for both export orders and employment weakening at the end of a rough 2019. The latest sentiment figures from the European Commission came just hours after Germany reported an unexpected drop in manufacturing orders. That’s a volatile figure, but it adds to signs that Europe’s largest ...

Bloomberg New data shows president Donald Trump may be poised to deliver on one of his biggest economic promises: Reducing the annual US trade deficit with China and the world. Scratch the surface, though, and that accomplishment comes with plenty of caveats attached and even what some economists see as worrying signs for the US economy. November trade data released ...

Bloomberg For Paul Boudre, US president Donald Trump’s push against Chinese telecommunications companies is less about espionage than the race for technological supremacy. Boudre, the chief executive officer of Soitec, a French maker of semiconductor materials that go into 5G equipment, automobiles, cloud computing and IT infrastructure, says Trump’s actions are aimed primarily at allowing American firms to catch up. ...

Bloomberg India’s transport and banking services were disrupted on Wednesday as millions of employees joined a strike called by the country’s major trade unions to protest against prime minister Narendra Modi’s economic policies. About 250 million people across at least 12 states including Kerala, West Bengal, Bihar, Odisha and Assam participated in the nationwide strike, said Tapan Sen, general secretary ...

Bloomberg Citic Securities Co is tightening control over its CLSA Ltd unit, following an exodus of staff and top executives from the Hong Kong brokerage last year amid a clash over corporate culture and bonus levels. China’s biggest broker is creating a “coordination committee” at CLSA, which will include its president Yang Minghui and Chairman Zhang Youjun, according to people ...

Bloomberg India’s Supreme Court revived the nation’s revenue department’s bid to investigate billionaire Gautam Adani’s companies, which the agency claims got undue tax benefits by overvaluing coal imports. A three-judge bench headed by Chief Justice SA Bobde on Wednesday put on hold a lower court’s ruling, effectively allowing the revenue office to seek information on the case from overseas. The ...

Bloomberg Samsung Electronics Co’s quarterly earnings beat estimates after memory chip prices began to climb out of a persistent downturn. The world’s largest memory chip maker reported a 34% fall in operating income to 7.1 trillion won ($6.1 billion) in the three months ending December, according to preliminary results released on Wednesday by the Suwon, South Korea-based company. That compares ...

Abu Dhabi / WAM The value of financial aid and other social benefits provided by the Federal Government to UAE citizens in the first nine months of 2019 increased to AED5.55 billion, a two percent rise compared to the same period in 2018, according to the Ministry of Finance. Government expenses categorised as financial aid and social benefits accounted for ...

ABU DHABI / WAM The UAE, Saudi Arabia, Bahrain, and Egypt have issued a joint statement rejecting the Turkish parliament’s passing of the motion earlier this week to allow a military intervention in Libya. Saudi Arabia’s Consultative Assembly issued the joint statement, along with the UAE’s Federal National Council, Egypt’s House of Representatives, and Bahrain’s Consultative Council, in light of ...