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Bloomberg The World Bank and China have held talks on how they can finance projects in Africa together, the lender’s vice president for the continent said. “We think it’s a good thing the continent has different sources of financing,” Hafez Ghanem said in an interview in Abidjan. “In my discussions with the Chinese authorities, we were looking at how we ...

Bloomberg The trade dispute between the US and China will continue for the foreseeable future and escalate, and is going to be painful for Americans, according to a former US trade negotiator. “For the foreseeable future, we’re going to be in a tariff world and we’ll see escalation,” said Asia Society Vice President Wendy Cutler, formerly a negotiator at the ...

Bloomberg A so-called Brexit without a trade deal between the UK and the European Union could cost the car industry and consumers at least $6.7 billion a year in vehicle tariffs, according to a report by a British industry group. The Society of Motor Manufacturers and Traders said the estimate is based on levies of 10 percent on cars exports ...

Bloomberg Tesla Inc. could raise funds as soon as this year as Elon Musk’s company ramps up production and prepares for maturing debt, analysts at Morgan Stanley predict. The company, whose stock has slumped 25 percent in the past six weeks amid a string of controversies, could raise $2.5 billion in equity in the fourth quarter from investors that have ...

Bloomberg The European business of coffee chain Starbucks Corp. paid an effective UK tax rate of 2.8 percent last year after a payment from another part of the company boosted profits, the Financial Times reported. The company paid $5.9 million in UK taxes on a profit of $213 million in the year ended October 2017, down from earnings of $219 ...

DUBAI / WAM The United Arab Emirates has achieved a new accomplishment in ICT global competitiveness by achieving advanced ranks in the Global Competitiveness Index, according to the results published recently by the International Telecommunication Union (ITU). The results showed that the UAE is ranked first globally in the rate of mobile-broadband subscriptions, in addition to ranking first in the ...

Bloomberg China announced it will take retaliatory tariff action against $60 billion of US goods, sharply escalating their trade conflict as the Trump administration considers imposing duties on almost all Chinese imports. China’s retaliatory tariffs, on items ranging from meat to wheat and textiles, will take effect on September 24, China’s Ministry of Finance said in a statement posted on ...

Bloomberg The European Union (EU) outlined ways to bolster the World Trade Organization (WTO) in a bid to keep US President Donald Trump committed to the global commercial order that America helped shape after World War II. EU Trade Commissioner Cecilia Malmstrom presented a ‘concept paper’ aimed at strengthening WTO rules against trade-distorting subsidies, averting a deadlock in the dispute-settlement ...

DUBAI / WAM The Malaysian Franchise Association has chosen Dubai and the 3rd edition of “The Global Franchise Market Exhibition” (TGFM) to explore the emerging and lucrative markets in the Middle East and North Africa region, connect with local, regional and international franchisors and brand owners and expand their businesses within the region. TGFM, the official franchising event in Dubai, ...

Abu Dhabi / WAM A new minister of the UAE government and two judges took the oath on Tuesday before His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. ...