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Bloomberg Forget car salesmen. General Motors Co. should think a little more like ice cream vendors, according to billionaire hedge fund manager David Einhorn. Einhorn has been waging a months-long battle with GM to get the largest US automaker to split its stock into two classes — one would collect on the company’s dividend, and the other would capture the ...

Bloomberg There are plenty of explanations for the weaker-than-expected May jobs report, but the big picture is clear: The US labour market has lost some of its mojo. Monthly payroll gains are averaging 162,000 this year, a step down from the 2016 pace of 187,000, following a below-forecast rise last month and downward revisions to March and April in Labor ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, accompanied by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, on Wednesday launched the ‘Dubai Cyber Security Strategy’ that aims to strengthen Dubai’s position as a world ...

Bloomberg A suicide truck bomb in Kabul killed as many as 80 people and wounded 350 on Wednesday morning near a diplomatic enclave in the worst attack on the Afghan capital in 10 months. The explosion happened near the German embassy about 8:25 a.m. in the Wazir Akbar Khan area, a busy neighbourhood that’s home to the presidential palace and ...

ABU DHABI / WAM In a bullish sign reflecting the growing confidence in the UAE economy and improvement in the investment climate, UAE Dirham-denominated deposits with the banking sector in the country amounted to AED965.3 billion, claiming 70 percent of the value of total multicurrency banking deposits by end of April, 2017. According to UAE Central Bank data, deposits in ...

ABU DHABI / WAM Abu Dhabi Securities Exchange (ADX) has started implementing blockchain technology, enabling shareholders to overlook and participate with further transparency while using advanced e-voting techniques. The technology was used recently at Annual General Meetings (AGM), of the ADX for six listed companies including two private joint stock companies and four public joint stock companies. On this occasion, ...

MOSCOW / Reuters OPEC and non-OPEC countries are committed to bringing global oil inventories down to the industry’s five-year average, Saudi Energy Minister Khalid al-Falih said on Wednesday, adding he saw the target being reached in the very near future. Speaking in Moscow after a meeting between OPEC and Russia, Falih and his Russian counterpart Alexander Novak also said they ...

ABU DHABI / WAM Abu Dhabi Global Market (ADGM) has issued a public consultation paper inviting feedback on its proposal to establish a legislative and regulatory framework for foundations within ADGM. ADGM Foundations Regulations follow international best practice, including international regulatory obligations, and cater to the unique requirements of families and asset owners in Abu Dhabi, regionally and globally. Foundations ...

Dubai / WAM Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Dubai Islamic Economy Development Centre, DIEDC, has announced that the centre has made remarkable progress in three strategic sectors of the Islamic economy: Islamic finance, Halal trade and industry, and Islamic lifestyle. He noted that among the objectives of DIEDC’s updated strategy for 2017-2021, are ...

Abu Dhabi / Emirates Business ADNOC Distribution has announced the opening of two new service stations in Abu Dhabi and Ras Al Khaimah, taking the total number of service stations in its UAE-wide network to 447: these include 347 stations dedicated to vehicles and boats and 100 stations serving specialised sectors. The newly opened stations are the Tawazun service station ...