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Lyft outlines self driving car plans after earlier partnerships

Bloomberg Ride-hailing provider Lyft Inc., emboldened by public stumbles by larger rival Uber Technologies Inc., is taking the leap into developing its own fully autonomous vehicles. Lyft is opening a self- driving vehicle development facility in Palo Alto, California, called “Level 5,” a nod to the designation of fully autonomous vehicles that don’t require human supervision. Several hundred employees will ...

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Next scandal looms large for German carmakers

Bloomberg Another week, another scare from the German car industry. What began with Daimler AG’s massive recall of more than 3 million diesel cars to lower their emissions, ended with Audi also embarking on a voluntary recall of 850,000 vehicles. Adding to the spate of bad news was a report in Der Spiegel magazine that the biggest car manufacturers — ...

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Mangrove Capital raises $170mn for startups, not sell outs

Bloomberg Mangrove Capital Partners, the Luxembourg-based venture capital firm, has raised a $170 million fund to invest in European startups. But its outspoken founder has no interest in startups looking for a quick buck. The fund, which is Mangrove’s fifth since its founding 17 years ago, will invest in early stage companies, said co-founder and Chief Executive Officer Mark Tluszcz ...

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McCormick buys Reckitt Benckiser food unit

Bloomberg McCormick & Co. agreed to acquire Reckitt Benckiser Group Plc’s food business for $4.2 billion, adding French’s mustard and Frank’s RedHot sauce to its lineup of spices and seasonings. The deal brings a stable of well-known condiments to Sparks, Maryland-based McCormick. For Reckitt Benckiser, unloading the products continues an overhaul that began with an expansion into baby formula through ...

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Aramco mulls Zuluf oilfield expansion

KHOBAR / Reuters State oil firm Saudi Aramco is considering building new facilities to add production of Arabian Heavy crude from the Zuluf offshore oilfield, industry sources said. The central processing plant is expected to have two units, known as trains, with a total capacity of 600,000 barrels per day (bpd) to process Arabian Heavy crude supplied by electrical submersible ...

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Emirates NBD posts AED3.9bn H1 profit

Dubai / WAM Emirates NBD recorded half-year net profits of AED3.9 billion, up 5 percent on higher net interest income, lower expenses and lower provisions. Net interest income improved 2 percent year-on-year due to loan growth and helped by a recent improvement in margins. Net interest margin improved since the beginning of the year as loans reset at higher rates ...

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World’s first floating wind farm on its way to Scotland

Abu Dhabi / WAM The first of five turbines for the Hywind Scotland commercial-scale floating offshore wind farm has now sailed away from Stord in Norway to its final destination, Buchan Deep, 25 km east of Peterhead in Scotland. Masdar, Abu Dhabi’s renewable energy company, announced that it had acquired a 25% stake in the Hywind Scotland project during Abu ...

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UAE, China keen to deepen economic, trade relations

BEIJING / WAM UAE Minister of State, Dr Sultan Ahmed Al Jaber, met on Wednesday with the Foreign Minister of the People’s Republic of China, Wang Yi, to discuss means of enhancing political, social, economic and trade relations between the two countries. Dr Al Jaber’s discussions with the Foreign Minister also included an exchange of sha- red views on extremism ...

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UAE ranks third in global change readiness index

DUBAI / Emirates Business The United Arab Emirates is most prepared for change among the Middle East and North African (MENA) countries, and the third most prepared in the world, KPMG’s 2017 Change Readiness Index (CRI) showed. The leading global audit, tax and advisory firm, launched the 2017 KPMG International Change Readiness Index, ranking 136 countries for their capacity to ...

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Ajman issues 1052 business licenses in Q2

AJMAN / WAM A total of 1052 business licenses have been issued in Ajman during Q2, 2017, reflecting the accelerated development of the emirate’s economy. With only 165 licenses revoked, the figures, revealed by the Planning and Development Division at Ajman Department of Economic Development, DED, indicated a 12.3 percent growth in the number of renewed licenses during the same ...

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