News

Dubai / WAM Tax compliance in the UAE is one of the highest in the world, as 98.8 percent of all businesses and groups registered for Value Added Tax (VAT), have complied with submitting their Tax Returns on time, where the rate increased after follow-ups from the Federal Tax Authority (FTA), asserted Khalid Ali Al Bustani, Director-General of the FTA. ...

Abu Dhabi / WAM Khalifa Port has surpassed 8.6 million continuous manpower hours since the last Lost Time Incident (LTI), in August 2015. Under the guidance of Abu Dhabi Ports, the master developer, operator and manager of commercial and community ports within the emirate of Abu Dhabi, Khalifa Port has become a beacon for health and safety best practices in ...

Abu Dhabi / WAM The UAE has expressed its ‘deep concern’ on the current situation in Syria, and the failure of the UN Security Council to make a decisive call to protect Syrian civilians and put an end to the use of chemical weapons. In a statement, the Ministry of Foreign Affairs and International Cooperation (MoFAIC), said, “The UAE calls ...

Dubai / WAM Dubai will be at the centre of the global trade debate this month when government ministers, senior business leaders and officials from the World Trade Organisation (WTO), attend a major trade dialogue in the emirate. Abdulla Al Saleh, Under-Secretary for Foreign Trade at the UAE Ministry of Economy, Suresh Prabhu, India’s Minister for Commerce and Industry, and ...

NEW DELHI / Reuters Global oil supply remains a concern amid OPEC and Russian-led output reductions, with production falling from mature oilfields while demand growth remains strong, the International Energy Agency’s Executive Director Fatih Birol said on Wednesday. This was despite forecasts of rising oil output from non-OPEC producers, led by the United States, which is expected to be able ...

Bloomberg Oil surged to a two-week high in New York as President Donald Trump told Russia in a tweet to “get ready” for US missiles to be fired at Syria. Futures in New York rose as much as 1.3 percent after climbing the most in eight months. President Donald Trump has intensified preparations for a response to a suspected chemical ...

Bloomberg The world’s first small-scale nuclear power reactor may be just eight years away. NuScale Power LLC, which is leading global efforts to build a so-called small modular reactor, is seeking as much as $120 million in equity investment to accelerate design of a matching power generator. The company has already spent more than $700 million, and has “hundreds of ...

Bloomberg Walmart Inc. looks likely to take the next round in the battle for India’s retail market over rival Amazon.com Inc. Flipkart Online Services Pvt, the country’s leading e-commerce company, is leaning towards selling a controlling stake to the Bentonville, Arkansas-based company, rather than Amazon, because of the greater certainty in such a deal, according to people familiar with the ...

Bloomberg Chinese President Xi Jinping’s promises to open sectors from banking to auto manufacturing were unrelated to US trade complaints and not intended as a response, the country’s foreign ministry said. “I can tell you clearly that China’s announcement of major opening-up measures has nothing to do with the current China-US economic and trade conflicts,” Foreign Ministry spokesman Geng Shuang ...

Bloomberg Xiaopeng Motors, the Chinese car startup that’s backed by Alibaba Group Holding Ltd. and Foxconn Technology Group, plans to raise more than 10 billion yuan ($1.6 billion) this year in a bid to take on rivals in the world’s biggest market for electric vehicles (EV). The company plans to start pre-sales of its first model, the G3 crossover, by ...