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Dubai / WAM An initiative of the Dubai Future Foundation, AREA 2071 has hosted 20 global startups valued AED42.2 million to participate in two renowned global Accelerator Programmes. Maha Al Mezaina, Head of AREA 2071, reiterated the essential role played by emerging companies in shaping key future sectors, due to their capacity in coping with the rapidly changing global needs ...

Bloomberg Apple Inc has a backup plan if the US-China trade war gets out of hand. The Cupertino, California-based company’s primary manufacturing partner has enough capacity to make all iPhones bound for the US outside of China if necessary, according to a senior executive at Hon Hai Precision Industry Co. The Taiwanese contract manufacturer now makes most of the smartphones ...

Bloomberg Embattled Indian tycoon Anil Ambani pledged to reduce debt at his infrastructure-to-finance conglomerate to a “bare” minimum, seeking to bolster investor confidence in an empire that’s grappling with high leverage and delayed asset sales. The Reliance Anil Dhirubhai Ambani Group has repaid 350 billion rupees ($5 billion) in the past 14 months, an amount entirely raised through disposal of ...

Bloomberg Citigroup Inc was suspended from the primary group of dealers that participate at certain Japanese government bond auctions after it was found to have manipulated futures prices. The Ministry of Finance ordered Citigroup Global Markets Japan Inc’s exclusion from participating in “non-price competitive auctions” and certain other government bond sales for a month from June 13, it said. The ...

Bloomberg China’s car sales declined for the 12th consecutive month, a historic slump that’s left manufacturers reeling as trade tensions and economic worries weigh on consumer sentiment. Retail sales of sedans, sport utility vehicles, minivans and multipurpose vehicles fell 12.5 percent to 1.61 million units in May, the China Passenger Car Association said. The unprecedented slide has hit local brands ...

Bloomberg India’s statistics may have been painting a far rosier picture of economic growth than the more modest reality of the past decade. The nation has held the crown of the world’s fastest-growing major economy until recently, but a new study by former Chief Economic Adviser Arvind Subramanian says the expansion was overestimated between 2011 and 2017. Rather than growing ...

Bloomberg Salesforce.com Inc., which makes America’s dominant sales-tracking software, agreed to buy Tableau Software Inc. in an all-stock deal valued at $15.3 billion that it said will help give customers more ways to analyse data. The acquisition of software maker will move Salesforce.com further away from its central business, marking a new era for the top seller of software for ...

Bloomberg Slack Technologies Inc. expects growing revenue and higher-than-usual losses in the second quarter, the period in which it’s expected to go public via a direct listing, the company said. Slack, which makes workplace chat and collaboration software, told investors it predicts it will lose $75 million to $77 million next quarter, including about $32 million in one-time expenses related ...

Bloomberg Uber Technologies Inc. rival Bolt, formerly known as Taxify, has relaunched in London — nearly two years after its operating license was revoked by the city’s transit authority. The Estonian company, backed by Daimler AG and most recently valued at $1 billion, said it would compete in the UK capital by offering lower fares for riders, and by taking ...

Bloomberg The recent yield curve inversion has renewed speculation about a potential North American recession and prompted questions about how a contraction would affect households. Though it’s impossible to say for certain when, or even if, such an event will occur, several indicators suggest the pain would be more severe on the Canadian side of the border than in the ...