News

DUBAI / WAM Jebel Ali Free Zone Authority (Jafza) attracted more than 55 new food and beverage companies last year from 20 countries around the world. Sultan Ahmed bin Sulayem, Executive Director of DP World Group, Chairman of Ports, Customs and Free Zone Corporation in Dubai, said that Jafza strengthens the strategic location of the UAE in general and Dubai ...

Dubai / Emirates Business Dubai real-estate developer Azizi Developments has announced the launch of Royal Bay Residence, an exclusive collection of 90 fully serviced luxurious residential apartments situated on the crescent of Palm Jumeirah, next to Anantara Hotel. The new project is part of company’s Dh4.5 billion development plan to build thousands of flats in Nakheel’s Al Furjan project and ...

Beijing / Bloomberg China’s stocks slumped by the most in a month after money-market rates jumped. The Australian dollar fell on concern investment is weakening while oil resumed declines and gold advanced. The MSCI Asia Pacific Index of shares halted two days of losses, while China’s equities slumped as concern increased that recent gains were overdone relative to the outlook ...

New Delhi / AFP India’s government is expected to deliver on promises to overhaul the tax regime and ramp up public spending in its budget on Monday, as Prime Minister Narendra Modi bids to shore up his sagging reputation as a reformer. The business-friendly premier came to power almost two years ago with promises to overhaul Asia’s third-largest economy and ...

Shanghai / AFP G20 finance ministers gather in Shanghai from Friday with the global economy assailed on multiple fronts, from China’s slowing growth to weak commodity prices, amid simmering disagreements over how best to face the challenges. The International Monetary Fund (IMF) on Wednesday warned risks of a “derailed recovery” are growing, citing China’s faltering economy, falling oil and commodities ...

Tokyo / AFP Money-losing Sharp on Thursday accepted a multi-billion-dollar bailout from the parent of Taiwan’s Foxconn, ending speculation over its uncertain future with the first foreign takeover of a major Japanese electronics firm. Sharp — which has teetered on the edge of bankruptcy for years — had been mulling rival offers from Taiwan-based Hon Hai Precision, better known as ...

Bangkok / AFP Thai exports fell by nearly nine percent in January, their worst drop in more than four year as economic woes continue to pile up on the kingdom’s military rulers, government figures released Thursday showed. Once one of Southeast Asia’s most vibrant and successful economies, Thailand has struggled with lacklustre growth fuelled by more than a decade of ...

Abu Dhabi / Emirates Business As part of the Knowledge Forums that were launched in 2014, the Emirates Nuclear Energy Corporation (ENEC) in coordination with the Office of the Abu Dhabi Excellence Program at the Secretariat of the Executive Council (GSEC), showcased its government excellence experience, initiatives and projects at the forum which was held at Dusit Thani hotel in ...

BLoomberg Fancy another recession? Economists say voting to leave the European Union would dramatically increase the U.K.’s chances of heading down that road. As Britons contemplate their place in the 28-nation bloc before June’s referendum, respondents to a Bloomberg survey said the probability of a slump spikes to 40 percent in the event of an “out” vote. That compares with ...

Bloomberg Rachel Holdsworth has the “Brexit” blues. The 38-year-old London resident is anxious that her already expensive planned holiday to Norway is getting pricier with each passing day. The pound is sinking under the weight of worry that her fellow subjects will vote to quit the EU. “How much I pay will be entirely dependent on the exchange rate,” says ...