News

Bloomberg Ginkgo Bioworks Inc raised $290 million in new funding, giving a boost to a startup that designs organisms to do everything from re-create the scent of an extinct Hawaiian hibiscus to treat liver disorders in humans. The latest investment brings the Boston-based biotech’s total valuation to $4 billion, according to a person familiar with the company’s finances who wasn’t ...

Bloomberg The OECD warned that a no-deal Brexit would push the UK into a recession, send investment and exports plunging and create damaging long-term fallout for the economy. In a report, the Paris-based group said exports would “immediately decline” by 8 percent, and uncertainty would put the brakes on business spending. While part of the trade shock would be absorbed ...

Bloomberg Caisse de Depot et Placement du Quebec (CDPQ) is acquiring a minority stake in jobs website Neuvoo, the latest investment by Canada’s second-largest pension fund in companies that rely on artificial intelligence. The institutional investor, also known by its initials CDPQ, is buying $40 million worth of shares in the company, Neuvoo co-founder Maxime Droux said. Droux didn’t say ...

Bloomberg Tesla Inc’s Model 3 earned a coveted Top Safety Pick+ award from the Insurance Institute for Highway Safety (IIHS), after the sedan performed better in a crash test than the Model S. The Model 3 earned “good” crash ratings in each of IIHS’s tests, including one that measures how vehicles perform in front, driver’s-side-corner collisions. The Model S fell ...

GENEVA / WAM An event to promote awareness on the principles of the Human Fraternity Document was held on the sidelines of the 42nd session of the Human Rights Council currently running in Geneva. The Permanent Mission of the UAE to United Nations in Geneva organised the event to define the Document signed by His Holiness Pope Francis, Head of ...

Bloomberg Oil trimmed losses after Saudi Arabia said Iran sponsored recent attacks to its oil production facilities. Futures fell as much as 2.2% in New York before easing declines on Wednesday. The weekend attacks on the kingdom’s critical oil infrastructure were “unquestionably sponsored by Iran,” according to a spokesman for the Saudi defense ministry. West Texas Intermediate crude for October ...

Abu Dhabi / WAM The central bank of the UAE has announced that the Money Supply Aggregate M3 edged up to AED1.632trn in August, from AED1.602trn by the end of 2018. According to bank’s statistics, government’s deposits amounted to AED269bn in August with monetary deposits standing at AED433.6bn and quasi-monetary deposits at AED853.4bn. Issued cash reached AED90.2bn, with currency in ...

WAM / BLOOMBERG Saudi Arabia on Wednesday announced it has joined the International Maritime Security Construct to secure the Mideast’s waterways. The Saudi Press Agency (SPA), quoted a statement by the Ministry of Defence stating that, “The kingdom’s accession to this international alliance comes in support of regional and international efforts to deter and counter threats to maritime navigation and ...

Sharjah / Emirates Business Sharjah FDI Office (Invest in Sharjah), operating under the Sharjah Investment and Development Authority (Shurooq) has collaborated with the US–UAE Business Council to organise business seminars in Durham, North Carolina, and Pittsburgh, Pennsylvania. The objective of the seminars was to shine light on lucrative commercial opportunities Sharjah has on offer for American investors. These events were ...

Dubai / WAM The Khalifa Fund for Enterprise Development (KFED) is showcasing two businesses owned by UAE citizens at the ongoing Hotel Show Dubai 2019. The event is being held at the Dubai World Trade Centre until Thursday. The featured companies ‘National Traders Refreshments’ and ‘Overseas for Water’ are two of the most prominent KFED-supported Small and Medium-sized Enterprises (SMEs), ...