News

Bloomberg Ericsson AB cautioned that turning around the beleaguered phone-equipment maker will require even steeper cost cuts, testing the patience of investors who sent the stock tumbling the most this year. Ericsson fell as much as 11 percent to 54 kronor in Stockholm after the company posted a second-quarter loss and warned that a faltering market amid technology shifts could ...

Bloomberg Oracle Corp. is hiring 1,000 employees in Europe, the Middle East and Africa as it expands its cloud computing services in the region. The company is looking for workers with between two to six years of experience to staff sales, management, finance, recruitment, marketing and human resources roles for its cloud computing service, Oracle said on Tuesday. The Redwood, ...

Bloomberg Mahindra, the Indian cars-to-technology conglomerate, plans to boost US investment as it prepares for the prospect that President Donald Trump will cut quotas for the H-1B visas needed to service clients at its outsourcing business. US investment and employment will be doubled in five years, said Pawan Goenka, managing director at automaker Mahindra & Mahindra Ltd. Mahindra has already ...

Bloomberg Tesla Inc. moved to diversify a board that some investors have complained is too closely tied to Chief Executive Officer Elon Musk, adding two executives from major media companies. James Rupert Murdoch, the CEO of Twenty-First Century Fox Inc., and Linda Johnson Rice, the chairman of Johnson Publishing Co., joined Tesla’s board effective Thursday, according to a filing. Murdoch ...

Abu Dhabi / Emirates Business The Masdar Institute of Science and Technology announced the development of a high-performance solar absorber that could make solar thermal technologies significantly more efficient. Masdar Institute is part of the Khalifa University of Science and Technology. The solar absorber, developed with the Massachusetts Institute of Technology (MIT), features an ultrathin nanocomposite film made of silver ...

FUJAIRAH / WAM National Bank of Fujairah (NBF) announced its results for the six month period ended June 30, 2017. It shows a net profit of AED154.9 million in second quarter of 2017, Q2, a rise of 24.4 percent over the corresponding quarter of 2016. On the back of a strong Q2 2017 performance, NBF reported a net profit of ...

ABU DHABI / WAM Emirates Global Aluminium, the largest industrial company in the United Arab Emirates outside oil and gas, announced that savings from implementing employee suggestions have reached AED 17 million since the start of the year, with employees making over 18,000 suggestions for operational and technical improvements since the year began. EGA’s employee suggestion scheme is a foundation ...

DUBAI / Emirates Business Dubai Police signed a Memorandum of Understanding (MoU) with the Rochester Institute of Technology, Dubai campus (RIT-Dubai), a leading American University based in Dubai Silicon Oasis (DSO). The agreement opens doors for collaboration between the two parties towards boosting the knowledge, skills, and expertise of police officers serving the emirate of Dubai. Dr Juma Al Matrooshi, ...

Dubai / WAM An agreement was signed between global trade enabler DP World and Indonesian government and port officials to advise on the development of the Kuala Tanjung greenfield port and logistics zone and Belawan port in North Sumatra. As part of a Technical Assistance Contract, DP World will share its expertise and experience in increasing efficiencies, training and development ...

Abu Dhabi / WAM ADCorp announced on Monday the launch of its operations in Abu Dhabi Global Market, making it the first Islamic financial institution located in ADGM. Making the announcement, Jassim Alseddiqi, Executive Chairman of ADCorp, said, “We are pleased with the launch of operations at ADCorp after having received the relevant regulatory approvals. We have a strong team ...