News

Bloomberg The retailer Muji became one of Japan’s most recognisable brands by selling simple, practical items that it hopes will last for decades. It turns out, though, that “less is more” has its limits as a business strategy. After a decade of expansion that brought its minimalist emporia of modular shelving, sturdy kitchen gear and earth-tone fashions to cities from ...

Bloomberg Oil traded close to $60 a barrel after a tropical storm shut almost three-fourths of US Gulf of Mexico crude production amid lingering concerns about demand growth. Futures were little changed on Monday in New York after advancing almost 5 percent last week. About 73 percent of Gulf crude output was offline after explorers evacuated platforms and rigs ahead ...

ABU DHABI / WAM Dubai Customs announced the launch of its new e-statistics system, which has been developed in-house to keep abreast with the technological advancements in the UAE towards embracing the Fourth Industrial Revolution. Ahmed Mahboob Musabih, Director-General of Dubai Customs, kicked off the e-statistics system, at a launch ceremony held at the Dubai Customs headquarters in the presence ...

Bloomberg Amlak Finance PJSC is nearing a deal to restructure debt for a second time, according to two people with knowledge of the plan. The company is asking creditors to reschedule repayments on $1.2 billion of loans over the originally agreed period that ends in 2026, said the people, asking not to be identified because the information is private. Most ...

Abu Dhabi / Emirates Business The value of announced M&A transactions in the Middle East and North Africa (Mena) reached an all-time high of $112 billion in the first half of 2019, according to a report from financial data provider Refinitiv. The increase of 231 percent compared to the value recorded during 2018, was driven by Saudi Aramco’s $69.1 billion ...

Bloomberg His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, underscored that preserving Yemen’s security and stability and supporting its people were part of the established pillars of the UAE policy since the time of the late founding father, Sheikh Zayed bin Sultan Al Nahyan. His Highness ...

DUBAI / WAM Etisalat Digital, in partnership with First Abu Dhabi Bank, FAB, and Avanza Innovations, have developed UAE Trade Connect, UTC — a new nationwide platform that will use the latest disruptive technologies to digitise trade in the UAE. The initial phase will focus on addressing the risks of double financing and invoice fraud before turning to other key ...

Dubai / WAM Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (Dewa) has welcomed Antonio Alvarez Barthe, Spanish Ambassador to the UAE, and Erik Rovina Mardones, Head of the Spanish Trade Office in Dubai. The meeting touched on ways to further develop cooperation between Dubai and Spanish companies, especially in the fields of electricity, water, ...

ABU DHABI / WAM The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) on Monday issued its regulatory framework for digital investment managers (also known as ‘robo-advisors’), operating in ADGM. Digital Investment Managers provide investment management services using algorithm-based tools and technology to interact with more tech-savvy clients. This technology allows investment managers to provide tailored investment ...

DUBAI / WAM The Dubai Gold & Commodities Exchange (DGCX) and the Multi Derivatives Exchange Nepal (MDX), a proposed derivatives exchange in Nepal, announced the signing of a memorandum of understanding (MoU), agreeing to collaborate and share knowledge on areas of mutual benefit surrounding commodity trading. DGCX and MDX will host workshops and meetings to further the scale of the ...