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US factory output falls by most since 2014

Bloomberg US factory production fell in May by the most since January 2014, weighed down by fewer truck assemblies and still consistent with a steady outlook for manufacturing, Federal Reserve data showed. Factory output fell 0.7% (est. unchanged) after rising an upwardly revised 0.6%. Total industrial production, which also includes mines and utilities, decreased 0.1% (est. 0.2% rise) after an ...

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Fox board to weigh $65bn Comcast bid

Bloomberg Rupert Murdoch and the 21st Century Fox Inc. board will consider on Wednesday how to proceed with Comcast Corp.’s $65 billion bid for the company’s entertainment assets, people with knowledge of the matter said. The Fox board, which agreed to sell the assets to Walt Disney Co. last year, must decide whether Comcast’s proposal has a reasonable chance of ...

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Arab coalition to deliver urgent aid to Hodeidah

ABU DHABI / WAM Reem bint Ibrahim Al Hashimy, Minister of State for International Cooperation, said that the Arab Coalition has prepared a large-scale and comprehensive surge plan for the rapid delivery of humanitarian aid to the Yemeni Governorate of Hodeidah, and surrounding areas. In a statement, the minister said food and essential supplies have been stocked and prepared for ...

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Mohamed orders AED4.27bn in housing loans for Emiratis

ABU DHABI / WAM In line with the directives of President HH Sheikh Khalifa bin Zayed Al Nahyan, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of Abu Dhabi Executive Council, has instructed provision of housing loans worth AED4.27 billion in total, to 2,500 beneficiaries ...

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Mubadala to launch European tech fund

LONDON / WAM Mubadala Investment Company (Mubadala) of Abu Dhabi, on Wednesday announced its intent to create a $400 million fund to invest in leading European technology companies. The fund will be managed by Mubadala Ventures, the venture capital arm of Mubadala. SoftBank Group will participate as a strategic investor via its SIMI US Holdings I, Inc investment subsidiary. The ...

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Emirates SkyCargo, Alibaba arm ink e-commerce pact

DUBAI / WAM Emirates SkyCargo signed an MoU with Cainiao Smart Logistics Network Ltd (Cainiao), the logistics arm of the Alibaba Group, to jointly facilitate the delivery of cross-border parcels as Cainiao looks to expand its global logistics infrastructure with Dubai as a hub. Emirates SkyCargo and Cainiao will work closely to manage e-commerce shipments in Mideast and neighbouring regions ...

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Dubai Chamber promotes emirate at Ukraine summit

Dubai / Emirates Business The Dubai Chamber of Commerce and Industry participated in the 4th National Export Forum in Kiev where the organisation showcased Dubai’s economic prospects and competitive advantages as a strategic trade hub. Representatives from the chamber’s Azerbaijan office delivered a presentation highlighting Dub-ai’s global appeal and strengths including its ideal geographic location between East and West, world-class ...

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Abu Dhabi to cut tourism fees

ABU DHABI / WAM The Abu Dhabi Executive Committee has approved a proposal to reduce tourism fees from 6 percent to 3.5 percent and municipality fees from 4 percent to 2 percent. This came during a meeting of the Committee, which was presided over by Jassim Mohammed Buatabh Al Zaabi, Chairman of the Committee. The Committee also sanctioned a proposal ...

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Russia seeks rollback of most of OPEC cuts

Bloomberg Russia plans to propose that OPEC and its allies be allowed to return production to October 2016 levels, rolling back most but not all of their output cuts within three months, according to a person familiar with Moscow’s thinking. All the nations would proportionally share out a 1.8 million barrel-a-day increase to their output limit starting as soon as ...

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