News

Bloomberg Fiat Chrysler diesel vehicles spewed pollution as much as 20 times the legal limit, according to testing by the same researchers who first recorded the excess emissions in Volkswagen AG’s diesel cheating scandal. The results shed new light on the US Justice Department’s allegations in a civil lawsuit last month that Fiat Chrysler Automobiles NV has used illegal “defeat ...

Bloomberg The squeeze on UK households intensified in the three months through April as wage growth lagged further behind inflation. Average earnings rose 1.7 percent, the slowest annual pace for more than two years, the Office for National Statistics said on Wednesday. But they fell 0.6 percent after inflation is taken into account, the largest drop since August 2014. In ...

Bloomberg Shaw Communications Inc. sold its ViaWest data service business to Peak 10 Holding Corp. for C$2.3 billion ($1.7 billion), three years after the Canadian telecommunications company bought it for C$1.3 billion. ViaWest and Peak 10 combined will be North America’s largest privately held data center company, Shaw said in a statement. The deal frees up cash for Shaw to ...

Bloomberg The former chief executive officer of Noble Group Ltd. has filed a lawsuit against founder Richard Elman claiming that he’s owed stock in the embattled commodity trader. Yusuf Alireza, who left the company in May 2016, filed the suit against Elman in the High Court of Hong Kong alleging contract breaches, according to a writ of summons. Alireza seeks ...

Dubai / WAM The Mohammed bin Rashid Fund (MBRF), the financial arm of Dubai SME, an agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector, and Beehive, the first and only regulated peer-to-peer lending platform in the MENA region, providing innovative online financing solutions for SMEs, have signed an MoU to facilitate SME financing and ...

DUBAI / Reuters Abu Dhabi’s Dana Gas said it would propose restructuring $700 million of outstanding Islamic bonds on Tuesday to a committee of holders of the sukuk, which it said was not sharia-compliant. “The company has recently received legal advice that the sukuk in its present form is not sharia-compliant and is therefore unlawful under United Arab Emirates law,” ...

Dubai / Emirates Business Businesses across the UAE are scrambling to hire new talent for their rapidly changing IT needs, brought about by the consumer shift to mobile, evolving web technologies and increasing cyber threats, according to a study of the UAE’s IT job market just released by GulfTalent, one of the largest online recruitment portals in the Middle East. ...

SHARJAH / WAM Sharjah Commerce and Tourism Development Authority (SCTDA) has launched the first Sharjah Summer, an array of entertainment, arts and cultural events and shows aimed at boosting the emirate’s tourism. Organised by 28 public and private sectors entities across the emirate, the fair will run from June 27 to September 8, and includes a package of world-class events ...

Dubai / Emirates Business Dubai has emerged as one of the top 10 destinations for international meetings, according to the latest edition of the International Meetings Statistics Report published last week by Union of International Associations (UIA). The report ranked 1,157 cities globally based on the total number of international meetings that took place during the year. Previously ranked 14th ...

Dubai / WAM Dubai Investments Real Estate Company (DIRC), a subsidiary of Dubai Investments, has announced the completion of preparation work, including excavation and shoring works, for the first phase of its AED3 billion Mirdif Hills project, currently under construction in the Mirdif area of Dubai. The first phase of Mirdif Hills includes 1,054 apartments in its three components, Janayen ...