News

Bloomberg Irish packaging company Smurfit Kappa Group Plc rejected a sweetened 8.9 billion euro ($11 billion) takeover bid from International Paper Co., testing the US suitor’s resolve as the industry gains from a boom in online shopping deliveries. Smurfit’s board spurned a revised offer of 37.54 euros per share, according to a statement, adding that International Paper’s original offer was ...

Bloomberg The Trump administration is under growing pressure to explain the details of its trade policies after fears of a tit-for-tat economic conflict between the US and China sent stocks tumbling. Businesses and investors are awaiting details in the coming days of the proposed product list for the tariffs on roughly $50 billion in Chinese imports President Donald Trump announced. ...

Bloomberg Facebook Inc. has denied that the company secretly logs the calls and messages of individuals using Android mobile devices, following media reports and user complaints. In a blog post, the company said that logging is part of opt-in feature for individuals using Messenger or Facebook Lite on Android, and that it can be turned off in settings. “People have ...

Bloomberg Just two years after Ford Motor Co. bet the revival of its Lincoln luxury line on the return of the Continental sedan, it’s reversing course and going all in on sport utility vehicles instead. Despite its retro Rat Pack allusions and elegant evocation of Bentley styling, the Continental didn’t sell as expected. Sales are down 30 percent this year, ...

DUBAI / WAM DP World has won a 30-year concession with an option of a further 20-year extension for the management and development of a greenfield multi-purpose port project at Banana, Democratic Republic of the Congo (DRC). The Port of Banana will be the first deep-sea port in the country along its small coastline of 37 kilometres, which currently only ...

ABU DHABI / WAM Dubai non-oil external trade with South Korea grew eight percent in 2017 to reach AED27.43 billion, of which AED22.1 billion were in imports, AED 4.47 billion in exports and AED866 million in re-exports, compared to 2016. South Korea is Dubai’s eighth biggest trade partner in imports and ninth in exports. Ahmed Abdul Salam Kazim, Director of ...

ABU DHABI / reuters Abu Dhabi has folded utility Abu Dhabi Water & Electricity Authority (Adwea) into the emirate’s newly established department of energy as part of a consolidation of state-owned entities, a spokesman for the department said on Sunday. The Regulation & Supervision Bureau (RSB), which oversees water, waste water and electricity in Abu Dhabi, will also become part ...

DUBAI / WAM Mashreq Bank received the Service Olympian Award for ‘Best Call Centre 2018’. The award celebrates excellence in customer service delivery. Sumit Bhatia, Head of Direct Business Channel at Mashreq Bank, said, “We are pleased to have been recognised as the Best Call Centre by the Service Olympian Awards. This is a testament to the hard work of ...

Abu Dhabi / Reuters Inflation in the United Arab Emirates eased slightly in February after jumping to a multi-year high in January when the government introduced a 5 percent value-added tax, official data showed on Sunday. The annual inflation rate came down to 4.5 percent last month from 4.8 percent in January, which was the highest level since 2015. Month-on-month, ...

DUBAI / WAM The UAE Food Bank’s Board of Trustees recently approved its strategy of sponsorship privileges. The strategy emphasises the need to allow for the participation of all sectors of society in different categories of sponsorship of thefood bank, especially as the UAE is one of the leading countries in the field of charitable work. Khalid Mohammed Sharif Al ...