News

Bloomberg Foxconn Technology Group grew into the world’s largest electronics manufacturer for hire by churning out best-selling products such as iPhones, Kindles and PlayStations. Now, it’s deploying that power to bring cryptocurrencies to the masses. A subsidiary of Foxconn has agreed to help develop and produce a blockchain phone from Sirin Labs, according to the startup. The new device, called ...

LONDON / Reuters Britain’s financial watchdog said that firms offering services linked to cryptocurrency derivatives must meet all relevant rules in the regulator’s handbook or could face sanctions. The Financial Conduct Authority (FCA) does not currently regulate cryptocurrencies. But it said that dealing or arranging transactions in, advising on or providing other services related to derivatives referencing cryptocurrencies or tokens ...

LONDON / Reuters Britain recorded its strongest productivity growth in more than a decade in the second half of 2017, helped by a strong fourth quarter, but economists said the improvement was unlikely to prove a turning point for one of the economy’s key weak spots. Productivity growth in most advanced economies has been poor since the 2008 financial crisis ...

Bloomberg Revelations that data belonging to as many 87 million Facebook Inc. users and their friends may have been misused became a game changer in the world of data protection as regulators are looking to raise awareness about how to protect information. Elizabeth Denham, the UK privacy regulator leading the European investigations into how user data ended up in the ...

BERLIN / Reuters German industrial output fell by the most in more than two years in February and the sector is losing momentum, the Economy Ministry said, as factories in Europe’s largest economy throttle back in the face of the rising threat of protectionism. Output fell by 1.6 percent after rising by a revised 0.1 percent in January, data from ...

Bloomberg Apple Inc. said it has hired technology executive Jon McCormack as a vice president working on software. McCormack previously led software for HP Inc., according to his LinkedIn profile. Before that, he was an executive in Google’s Advanced Technology and Products group. He spent several years at Amazon.com Inc. as chief technology officer of the devices group and a ...

DUBAI / WAM The total of the Foreign Direct Investments (FDI) in the UAE increased to more than AED1 trillion by the end of 2016, an indication of economic robustness, the UAE Federal Competitiveness and Statistics Authority (FCSA) said. According to the outcomes of a survey conducted by the FCSA, in association with local statistics authorities in the country, the ...

ABU DHABI / WAM Abu Dhabi’s Smart Solutions and Services Authority (ADSSSA) announced on Saturday that it has completed work on phase 1 of the integrated government project, Tamm. The Authority said that it has turned nine documents and services of 15 government bodies into integrated electronic data, thus saving AED80 million on the customers part and AED11 million on ...

Bloomberg Saudi Arabia’s state oil company will soon sign an agreement with a British oilfield services firm to explore building chemical facilities in Texas, according to people familiar with the matter. The agreement with TechnipFMC Plc involves a study for a potential chemical unit on the US Gulf Coast that would be able to produce materials used in gasoline and ...

Dubai / WAM In his capacity as the Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum ordered a three-year extension of the deadline for building private residences on lands granted by Dubai Government to Emiratis. The extension starts the day following the date of the previous deadline. The order ...