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Abu Dhabi / WAM The United States and the UAE have had an exceptionally close economic relationship for many years, said Shakir Y. Farsakh, Principal Commercial Officer at the US Consulate General Dubai. In an interview with Emirates News Agency (WAM), the US Commercial Attaché added, “Investment naturally follows trade and the United States and the UAE exchanged $24 billion in ...

Bloomberg French energy utility Engie SA faces a 120 million-euro ($139 million) tax bill after the European Union said it benefited from an unfair fiscal arrangement with Luxembourg. Concluding a state-aid probe into the tax affairs of Engie, the European Commission on Wednesday said Luxembourg selectively deviated from provisions of national law to help lower the tax bill for France’s ...

Bloomberg The biggest US shale region will have to shut wells within four months because there aren’t enough pipelines to get the oil to customers, the head of one of the industry’s largest producers said. The worsening bottleneck in the Permian region that straddles west Texas and New Mexico offers an unexpected fillip to OPEC and other oil producers outside ...

Bloomberg Donald Trump’s threat to impose tariffs on another $200 billion of Chinese imports could cut as much as half a percentage point from the nation’s economic growth, according to economists. The warning comes amid signs that the world’s second biggest economy—and biggest contributor to global growth— is already slowing down as a simmering trade dispute with the US risks ...

Bloomberg In the global cotton market, India stands to be a winner amid escalating trade tensions between the US, the world’s top exporter, and China, the biggest buyer. The weak rupee makes India’s exports more appealing, and freight costs to the neighbouring Asian country can be relatively cheap, Keith Brown, the president of Keith Brown & Co., a brokerage in ...

Bloomberg Xiaomi Corp. has set tentative terms for the world’s biggest initial public offering in nearly two years, aiming to raise as much as $6.1 billion in Hong Kong, people with knowledge of the matter said. The Chinese smartphone maker and some existing investors plan to offer 2.18 billion shares at HK$17 to HK$22 apiece, according to the people, who ...

Bloomberg Telstra Corp. plans to cut 8,000 jobs, sell assets and potentially spin off a new infrastructure business in a make-or-break attempt to fend off competition. The stock tumbled. Australia’s former phone monopoly, which has lost more than half its market value since early 2015, said it will almost double its cost-cutting programme. An asset carve-off will raise as much ...

Bloomberg About two years after Blackstone Group LP registered India’s first real estate investment trust, the private equity giant is close to taking it public. Rising interest rates threaten to get in the way. Blackstone and local partner Embassy Group plan to file a prospectus for an initial public offering of the REIT as early as next month, a deal ...

Bloomberg The European Union is on course to hand dozens of UK-based companies a pre-Brexit tax bombshell, according to people familiar with a state-aid probe that could lead to bills exceeding 1 billion pounds ($1.3 billion.) A decision in the European Commission’s investigation into a controversial tax break for UK-based multinationals will be ready later this year, well before Britain’s ...

Bloomberg Volkswagen AG and Ford Motor Co are considering a strategic alliance to work together on a range of commercial vehicles, a move that would enable two of the world’s largest automakers to share the burden of meeting tougher environmental rules. The potential alliance on several projects, including vans and other commercial vehicles, won’t lead to an exchange of equity ...