News

Bloomberg It’s not just Theresa May who’s worried about being toppled. Pound investors say the threat of Conservative party turmoil is one more reason to avoid the UK currency. Amid reports that the British Prime Minister faces ministerial resignations if she fails to achieve a solution to a Brexit deadlock, strategists warn sterling could fall as low as $1.25 if ...

Bloomberg Mexico’s next president, Andres Manuel Lopez Obrador, plans to fight tax evasion and boost revenue by clamping down on companies that take advantage of special rules for cooperatives to avoid paying tax, according to his pick for finance minister. The next government will put an end to use of cooperatives by “unscrupulous people” to evade tax, Carlos Urzua told ...

Bloomberg The US agency that administers Obamacare is freezing payments to insurers that cover sicker patients, saying a federal court ruling ties its hands. The move brought a sharp response from health insurers warning of market disruptions and higher costs. The Centers for Medicare & Medicaid Services said that the February action by the trial court in New Mexico “prevents ...

DUBAI / WAM Dubai Land Department (DLD) has revealed that real estate transactions in the emirate for the first half of 2018 reached AED111 billion, reaffirming Dubai market’s attractiveness and ability to compete with global investment destinations. The strengths portrayed by Dubai’s real estate investments underscore the leadership’s mandate to ease business processes and procedures. According to a report issued ...

SHARJAH / WAM The UAE-based, Fares Foundation for General Trading, which specialises in logistics and distribution through land, air and sea, has acquired 50 percent shares of Tawseel Delivery Services, a Sharjah-based food delivery service. As per the acquisition agreement signed by the two parties, Fares will increase the number of its fleet of delivery vehicles, enabling Tawseel to provide ...

DUBAI / WAM The Director of Dubai Customs, Ahmed Mahboob Musabih, has received the newly appointed South Korean Consul General, Jion Yung Wok, where the two sides discussed means to enhance cooperation and promote trade and investment. During the meeting, Musabih reaffirmed importance of enhancing cooperation with the South Korean diplomatic mission, business council and Korean companies. Dubai non-oil external ...

DUBAI / WAM The Dubai Electricity and Water Authority (Dewa) has awarded the contract for the construction of electricity transmission projects, worth AED1.05 billion, including a 400/132kV substations, two 132/11 kV substations, and 75km of 132kV ground cables. This is part of Dewa’s efforts to support and upgrade the capacity and efficiency of electricity transmission networks. Dewa Managing Director and ...

ABU DHABI / WAM Al Bayt Mitwahid Association in collaboration with Airbus have selected 18 Emirati students to travel to Hamburg, Germany for a six day behind-the-scenes visit to Airbus Germany, as part of the Future Scientists 2018 initiative. During their visit, students will interact with senior Airbus engineers, participate in engaging workshops, spend free time exploring the local culture ...

Abu Dhabi / WAM Al Bayt Mitwahid Association in collaboration with Airbus have selected 18 Emirati students to travel to Hamburg, Germany for a six day behind-the-scenes visit to Airbus Germany, as part of the Future Scientists 2018 initiative. During their upcoming visit, students will interact with senior Airbus engineers, participate in engaging workshops, as well as spend some of ...

Abu Dhabi / Emirates Business Further to its initiative in 2012 to regulate the appointment of court banking experts in the UAE, the UAE Banks Federation (UBF) continued its collaboration with the Ministry of Justice (MoJ) and the Central Bank of UAE (CBUAE) to further develop and enhance the profession of banking experts in the country. With the aim of ...