News

Bloomberg Western Australia may ask Rio Tinto Group and BHP Billiton Ltd. to pay potentially billions of dollars to end a mining rent tax to help patch a budget decimated by lower commodity prices. The state government is seeking advice on a proposal that would see the nation’s two biggest miners pay out an iron-ore levy early in a one-off ...

Bloomberg Not everything Elon Musk touches has been a runaway sales success. While Tesla Inc.’s Model S has been a hit and thousands lined up to order the upcoming Model 3 sedan, the Model X sport utility vehicle hasn’t met the chief executive officer’s expectations. Model X deliveries have yet to keep pace with the Model S, as Musk predicted, ...

Bloomberg In the diamond industry, the only place that really matters is the US, and the market is starting to look a little shaky. In a country where consumers buy almost half the world’s gems, Tiffany & Co. and Signet Jewelers Ltd. this week reported disappointing sales. That’s a blow to expectations that President Donald Trump’s pro-business policies would give ...

Bloomberg Two shareholder advisory firms have recommended support for current General Motors Co. board members and against creating a dual share class, proposals advanced by activist investor David Einhorn to boost the automaker’s stock. “The dissident has not made a compelling case that change at the board level focusing on the implementation of its proposal is warranted,” Institutional Shareholder Services ...

Dubai / Emirates Business The Dubai Airport Freezone Authority (DAFZA) performed exceptionally well in Q1 2017, achieving 62 percent of its total annual sales target. This was accompanied by an increase of 7 per cent in sales revenues over Q1 2016. The freezone also posted a significant 31 per cent growth in the number of its registered companies, as compared ...

DUBAI / WAM Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Under-Secretary of the UAE’s Ministry of Economy, has met with Farid Amin, Chairman of the Canada-UAE Business Council (CUBC) to discuss developing economic and trade relations between the two countries, and encouraging private sector participation. During the meeting, the two sides discussed the role of the Council in communicating with ...

ABU DHABI / WAM The Abu Dhabi City Municipality (ADM) signed an AED94 million Musataha contract on Build-Operate-Transfer (BOT) model with Capital Investment LLC, for the rehabilitation of HH Sheikha Fatima bint Mubarak Park (formerly known as Al Khaldiya Park for Women). Upon signing the contract, Musabbah Mubarak Al Murar, Acting General Manager of Abu Dhabi City Municipality, said, “The ...

Sharjah / Emirates Business As part of the SAP Innovation Day held in Sharjah, Noor Ali Al Noman, Director of the Sharjah Department of eGovernment (DeG), addressed an assembly of senior public sector officials and commercial executives from around the region about Sharjah’s phenomenal success in transforming the government’s operations into a digital format. The audience heard how different forms ...

Abu Dhabi / WAM Once again, the UAE adds another outstanding achievement to its vast array of exceptional accomplishments following the announcement of the Sheikh Zayed Grand Mosque ranking as the world’s second favourite landmark, winning Trip Advisors Traveller’s Choice Award of 2017. Trip Advisor, the world’s largest travel site, bases the ranking of its Traveller’s Choice Award on the ...

Sharjah / WAM In line with its commitment to elevate the exhibition and event industry in Sharjah, Expo Centre Sharjah recently held a training workshop in the eastern region of the emirate. The workshop was held in collaboration with Sharjah Chamber of Commerce and Industry and the Arab Union for International Exhibitions and Conferences, and focused on enhancing competitiveness of ...