News

Trade tensions put America’s growth momentum at risk

  Bloomberg The US economy entered 2017 with a solid head of steam, driven by consumer spending and a pickup in business investment. President Donald Trump’s stoking of trade tensions puts that momentum at risk. Fourth-quarter figures released on Friday showed how swings in trade can have big effects: Net exports subtracted 1.7 percentage points from gross domestic product, the ...

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Eye-care business Alcon weighs on Novartis

  Bloomberg Alcon, the eye-care business that Novartis AG acquired for more than $50 billion, is now weighing on Europe’s second-largest drugmaker. After more than a year of efforts to turn around the business, the Swiss company said it was considering all options for the embattled division, including a spinoff or initial public offering. Profit from the business plummeted 31 ...

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Lyft cuts staff, revamps team as startup chases Uber

  Bloomberg Six months ago, Lyft Inc. made a big push into corporate travel, building a team of several dozen employees to pitch banks, consulting firms and other companies on its ride-hailing services. This month, more than a dozen of those employees were dismissed or reassigned, part of a change in direction for the company’s nascent sales efforts. David Baga, ...

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Fear of US trade sanctions grows among German managers

  Bloomberg A closely-watched survey of business confidence in Germany, Europe’s largest economy, dropped in January as managers worried about the uncertainty associated with the advent of Donald Trump’s presidency. The Ifo index released on Wednesday fell to 109.8 points in January from 111 points in December, as companies’ greater satisfaction with their current situation was offset by a drop ...

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Intel projects sales growth on data centers, PC demand

  Bloomberg Intel Corp, the biggest maker of semiconductors, predicted first-quarter sales that will meet analysts’ estimates on improvements in the personal computer market and continued growth in orders from data center owners. Revenue will be $14.8 billion, plus or minus $500 million, the Santa Clara, California-based company said Thursday in a statement. Analysts had projected $14.5 billion, the average ...

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UAE, India to boost bilateral trade by 60% in next 5 years

NEW DELHI / WAM The State Visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to India from 24th to 26th January as the Chief Guest of India’s 68th Republic Day celebrations marked a momentous occasion in relations between India and the UAE, said a ...

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Foreigners buy shares worth AED2.4bn on DFM

  DUBAI / WAM Dubai Financial Market (DFM) announced that the value of shares bought by foreign investors, or non-UAE nationals, this week reached about AED2.45 billion, while value of stocks they sold stood at AED2.43 billion, with net foreign investment on the market reaching AED19 million during the period, as aggregate buy. Value of shares bought by foreigner investors ...

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MoF organises donation drive to support Aleppo

  Dubai / Emirates Business As part of the declaration of 2017 as the ‘Year of Giving’ by UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, the Ministry of Finance (MoF), in collaboration with Emirates Red Crescent, organised a donation campaign to aid and support the people of Aleppo at its premises in Abu Dhabi and Dubai.The donation ...

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PDO boosts Duqm with $1.2bn pipe supply pact

  MUSCAT / WAM Petroleum Development Oman (PDO) signed on Thursday a 1.2 $ billion contract to supply piping for its drilling operations through Duqm. The five-year deal with Japanese supplier Sumitomo further includes a new supply yard in the Duqm Special Economic Zone, which will be a logistics centre for materials being delivered to PDO’s drilling locations. The agreement ...

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National Bonds registers 50% rise in female savers

  Dubai / WAM National Bonds Corporation (National Bonds), the leading sharia-compliant savings and investment company in the UAE, has announced that it registered a 50 percent increase in the number of female regular savers in 2016 in comparison with 2015. In addition, the cumulative savings within the company’s various programs grew by 43 percent last year. Currently, National Bonds ...

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