News

Bloomberg The billionaire behind six-month-old Vietnamese auto startup VinFast plans a feat even Toyota Motor Corp and Hyundai Motor Co couldn’t pull off during their early days: sell a car in the US. Pham Nhat Vuong, the Southeast Asian country’s richest man and now in charge of the new automaker, is so intent on exporting electric vehicles to the lucrative ...

Bloomberg China’s top leadership will set the target for economic growth at “about 6%” for 2020 as they meet this week for their annual policy conclave, according to a survey of economists. The central Economic Work Conference meeting began Tuesday and will wrap up on Thursday, according to people briefed on the plans, right as negotiators aim to finalise a ...

Bloomberg Nissan Motor Co is set to be fined 2.4 billion yen ($22 million) for underreporting former chairman Carlos Ghosn’s compensation, Japan’s securities regulators said. The Securities and Exchange Surveillance Commission made the recommendation just over one year after Ghosn’s arrest, which shocked the auto industry and triggered turmoil at the Japanese automaker and its alliance partner, Renault SA. Ghosn, ...

Dubai / WAM The 12th Arab Strategy Forum (ASF 2019), held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Monday outlined a comprehensive list of the greatest challenges and opportunities facing the region and the world over the next decade in the run-up ...

Bloomberg Oil fell from the highest close in almost 12 weeks as the effects of the US-China trade war countered Saudi Arabia’s surprise move to take additional crude barrels out of the market. Futures in New York slipped 1.1% after climbing 1.3% on December 6. The kingdom voluntarily pledged to pump 400,000 barrels a day less than mandated by Opec ...

ABU DHABI / WAM The net income of commercial and Islamic banks operating in Abu Dhabi amounted to around AED15 billion during the first half of 2019, representing 58 percent of total net income in 2018, according to the latest statistics released by the Statistics Centre – Abu Dhabi (SCAD). The banking sector in Abu Dhabi and the UAE, in ...

Bloomberg India’s parliament is set to approve legislation preventing Muslim migrants from neighbouring countries from receiving citizenship — the next step in Prime Minister Narendra Modi’s hardline Hindu nationalist program and one that’s seen to go against the nation’s secular constitution. The controversial citizenship bill has sparked protests and fear around India, with lawyers working overtime to help millions at ...

Dubai / WAM During UAE 5G conference, the Telecommunications Regulatory Authority (TRA), and Huawei released the TRA and Huawei ‘5G and IoT Joint OpenLab’ in Dubai, aimed at boosting 5G and the Internet of Things (IoT), services throughout the UAE, promoting innovation and collaboration across markets with the intention of creating an open ecosystem that will further ICT development across ...

Bloomberg The European Union (EU) imposed five-year tariffs on biodiesel from Indonesia to counter alleged subsidies to producers in country, a move that could prompt the Indonesian government to retaliate. The EU duties on Indonesian exporters of this type of biofuel, which is made from vegetable oils and animal fats for use in diesel engines, range from 8% to 18%, ...

DUBAI / WAM Change is coming to world of air travel as self-imposed deadline looms for a ban on all single-use plastics at the world’s busiest international airport, Dubai International (DXB). Announced by operator, Dubai Airports, earlier this year, Dubai’s two airports – DXB and DWC – will soon be free of single-use plastics in a bid to manage environmental ...