News

Bloomberg Facebook Inc. has sent another signal that it’s serious about building its own semiconductors, joining Apple Inc., Alphabet Inc.’s Google, and Amazon.com Inc. in trying to make its own custom chips. The social-networking giant this month hired Shahriar Rabii to be a vice president and its head of silicon. Rabii previously worked at Google, where he helped lead the ...

Bloomberg France is on a charm offensive. While the UK’s financial-services industry reels from the Prime Minister’s latest Brexit proposal, politicians across the Channel are stepping up their campaign to show firms they have other options. On a two-day visit to the UK, French Deputy Finance Minister Delphine Geny-Stephann met banks, asset managers, private equity and fintech firms in an ...

ADEN / WAM The Emirates Red Crescent (ERC) has renewed its commitment to fulfil the urgent needs of Yemeni communities, through its support of the country’s Ministry of Social Affairs and Labour. During a meeting with Dr Abtahaj Al-Kamal, Yemeni Minister of Social Affairs and Labour, Saeed Al Kaabi, ERC’s Representative in Aden, reviewed the activities carried out by ERC ...

ABU DHABI / WAM The UAE Cabinet has adopted a decision to implement the value added tax (VAT) refund system for tourists, which will integrate between retail outlets with tax refund points in line with the government’s efforts to achieve the efficient implementation of the tax system in the UAE. According to a press statement, the new tax refund system ...

Dubai / WAM The Commercial Bank of Dubai (CBD) on Wednesday reported its financial results for the first half of 2018. H1 profit was AED 561 million, 68.7% higher on the back of a 1.1% increase in operating income and a 5.6% decline in operating expenses. The impairment allowances meanwhile decreased by 35.5%. Operating income increased by 1.1% to AED ...

Bloomberg China vowed to fight back against the Trump administration’s plans to impose tariffs on an additional $200 billion in Chinese goods, escalating a trade war between the world’s two biggest economies. Beijing described the latest US move as “totally unacceptable” bullying, and urged other countries to join China to protect free trade and multilateralism. China promised to lodge complaints ...

DUBAI / WAM Dubai Future Foundation signed an MoU with EY to support Dubai 10X initiative, one of the Foundation’s initiatives. The collaboration with EY will support government organisations to develop their ide-as, to be evaluated by a specialised committee. This is part of DFF’s strategic plans to support Dubai 10X initiative, which aims to propel Dubai into the future, ...

DUBAI / WAM Dubai Multi Commodities Centre (DMCC), the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, signed a Memorandum of Understanding (MoU) with China Council for the Promotion of International Trade (CCPIT), the largest official institution for the promotion of foreign trade in China. Designed to strengthen the commercial collaboration between the Chinese ...

ADEN / WAM Reem bint Ibrahim Al Hashemy, Minister of State for International Cooperation, visited a task force of the UAE Armed Forces operating within the Saudi-led Arab Coalition in Aden. Minister Al Hashemy conveyed the greetings of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister ...

Dubai / WAM The Mohammed bin Rashid Space Centre (MBRSC), announced that nine candidates have qualified for the final evaluation phase of the UAE Astronaut Programme. The programme aims to train and prepare a team of Emiratis to be sent to space for various scientific missions. This supports the intensive preparations to send the first Emirati and Arab astronaut to ...