News

Bloomberg Some projects to develop new power cables between the UK and France are on hold because of uncertainties related to Brexit, throwing into question the delivery of infrastructure intended to reduce electricity costs in the UK. Work continues on two new interconnectors that were already under construction between the countries. However, talks on 3 other subsea power lines have ...

Bloomberg Filings for US unemployment benefits fell more than expected to a four-week low, as the labour market tightens further following the end of a five-week government shutdown. Jobless claims fell to 221,000 in the week that ended on March 16, beating economist forecasts for 225,000, Labor Department figures showed. The four-week average, a less-volatile measure, ticked up to 225,000 ...

Bloomberg Qualcomm Inc. has fired multiple legal shots at Apple Inc. aiming to use patents to get an import ban on the iPhone. In separate rulings, one hit and one missed. The US International Trade Commission invalidated a Qualcomm patent for a battery-saving feature. Earlier in the day, a separate trade judge said Apple infringed a different Qualcomm patent and ...

Bloomberg BT Group Plc, Britain’s dominant phone company, is considering a deeper restructuring under new Chief Executive Officer Philip Jansen that could see its 100,000-strong workforce shrink by a quarter over five years, according to people with knowledge of the matter. BT has internally discussed a target of reducing its headcount to 75,000, partly through accelerated automation of back-office processes, ...

Dubai / WAM The UAE’s GDP is set to expand 3.5 percent this year against 2.8 percent in 2018, thanks to a stimulus package worth AED 50 billion announced last year along with a host of other mea-sures for ease of doing business in all emirates, said Director of Dubai Customs, Ahmed Mahboob Musabih, while chairing the first quarterly Consultative ...

ABU DHABI / WAM Mubadala Investment Company, Abu Dhabi’s strategic investment and development fund, has exchanged a set of strategic agreements with the Republic of Uzbekistan, in which future partnerships can be explored across three key strategic sectors; the conventional power generation, renewables, and the oil and gas sectors of Uzbekistan’s economy. This will build on the existing strategic government-to-government ...

Dubai / WAM Uber and Careem have reached an agreement for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash. The acquisition of Careem is subject to applicable regulatory approvals. The transaction is expected to close in Q1 2020. Uber will acquire all of Careem’s mobility, delivery, and payments businesses ...

ABU DHABI / WAM Continuing its upward streak for the second straight month, the total foreign currency assets held by the Central Bank of the UAE increased to AED359 billion by the end of February 2019, a growth of 3.2 percent from AED348 bn in the preceding month, as current account balances and deposits with foreign banks strengthened to AED289.76 ...

Kuwait / Emirates Business Gulf Craft, the Emirates pioneer builder of luxury yachts and leisure boats, and Al Boom Marine, its dealer in Kuwait, explore a world of opportunities at the 7th international edition of the Kuwait Yacht Show 2019. The shipyard returns to the show with a fleet of 7 yachts and boats, boasting its leading position in the ...

Emirates Business Ideas Abu Dhabi, a two-day ideas festival bringing together some of the brightest minds from the UAE and around the world to tackle complex global challenges, returns for the third time on March 27-28. Part invite-only Forum, part public Festival, Ideas Abu Dhabi will be held at New York University Abu Dhabi (NYUAD), on Saadiyat Island and features ...