News

Dubai/ WAM Members of the public can now experience a preview of Expo 2020 Dubai at an interactive pop-up pavilion travelling around the UAE, providing a glimpse of what to expect from the region’s first ever World Expo. Visitors can interact with the pop-up pavilion, which is currently near the waterfall at Dubai Mall until July 13. “When you say ...

Abu Dhabi / WAM First Abu Dhabi Bank (FAB), notified the Qatar Financial Centre Regulatory Authority, (QFCRA), that it will relinquish its Qatar Financial Centre (QFC), branch licence and permanently close its QFC branch. According to a statement issued by FAB, the decision to close its QFC branch follows “many months of baseless actions by the QFCRA that have made it impossible ...

Dubai / Emirates Business Dubai Internet City (DIC), the Middle East’s leading technology business community, on Wednesday witnessed the launch of the first Russian Centre for Digital Innovations and Information and Communication Technologies. The centre, facilitated by the Russian Export Centre (REC), is one of the largest and only business support platforms for Russian tech firms outside Russia, and follows ...

Bloomberg Apple Inc has asked its largest suppliers to consider the costs of shifting 15 percent to 30 percent of its output from China to Southeast Asia in a dramatic shake-up of its production chain, the Nikkei reported. The US tech giant asked “major suppliers” to evaluate the feasibility of such a migration, the newspaper cited multiple sources as saying. ...

Bloomberg Xiaomi Corp aims to spend an additional 5 billion yuan ($725 million) expanding its Chinese retail network over the next three years, anticipating a re-doubled effort by Huawei Technologies Co to grow its domestic market share. The smartphone maker will spend the money on expanding distribution channels and on reward programmes for its partners and sales employees, a person ...

Bloomberg Indonesia just made it cheaper for buyers to own an expensive house by raising the luxury tax threshold limit. The luxury levy of 20 percent on bungalows or high-rise condos will now apply only to properties valued at 30 billion rupiah ($2.1 million) or more, according to a Finance Ministry notification. The levy previously applied to town houses with ...

Bloomberg Hutchison China MediTech Ltd, a cancer drug developer backed by billionaire Li Ka-shing, is delaying the launch of its Hong Kong share sale that could raise about $500 million, people with knowledge of the matter said. The company is looking for an appropriate window to kick off the deal amid recent market uncertainties, the people said, asking not to ...

Bloomberg Xpeng Motors, the Chinese electric carmaker planning another fundraising round, said it has produced 10,000 sport utility vehicles. The company, which is backed by e-commerce giant Alibaba Group Holding Ltd, said in a statement it made its 10,000th G3 SUV in the city of Zhengzhou. Among the hundreds of EV startups in China, NIO Inc and WM Motor Technology ...

Bloomberg Tesla Inc is revamping its organisation in Asia to put more focus on China as the company prepares to start manufacturing in the world’s largest electric-car market, people familiar with the matter said. The company is dismantling its Asia Pacific business unit and forming a new division for Greater China that will cover the mainland as well as Hong ...

Bloomberg Prime Minister Justin Trud-eau’s government decided to proceed with the construction of a major crude oil pipeline, saying the project has met strict requirements on safety and consultation with Canadian indigenous groups. Trudeau’s cabinet approved the expansion of Trans Mountain, a state-owned pipeline that runs from Alberta to Vancouver. The project will add 590,000 barrels of daily shipping capacity, ...