News

  Bloomberg India’s trade ministry is discussing a reduction in import taxes on gold to rein in illegal shipments, according to people familiar with the matter. The world’s second-largest consumer of the precious metal, almost all of which is purchased from abroad, has asked the Finance Ministry to consider reducing the tariff to about 10% from 12.5%, two of the ...

Bloomberg Space development can reshape the world economic order, a South Korean official said, as Seoul works to expand its prowess among a small group of countries capable of developing and launching their own space vehicles. Titanium, platinum and rare-earth materials are among commodities South Korea should be able to independently excavate in space missions given their importance for future ...

  Bloomberg One of Xiaomi Corp’s top executives in India is leaving the smartphone maker just as it faces intensifying regulatory scrutiny and competitive pressure in the country. Chief Business Officer Raghu Reddy, who helped the Chinese company to the top of India’s smartphone and smart-television markets, resigned to “pursue different growth opportunities externally,” Xiaomi India said in an email ...

  Bloomberg A chronic shortage of plantation workers in Malaysia may cost palm oil producers about 20 billion ringgit ($4.6 billion) this year, according to the Malaysian Palm Oil Association, curbing supply and potentially boosting global prices. Palm growers hired around 14,000 foreign workers this year through November, just a fifth of the industry’s needs and about half of the ...

  Abu Dhabi / WAM Abu Dhabi National Oil Company (Adnoc) is accelerating operationalisation of its board mandated low carbon growth strategy, by establishing a new Low Carbon Solutions and International Growth vertical that will focus on renewable energy, clean hydrogen and carbon capture and storage, as well as international expansion in gas, liquefied natural gas (LNG) and chemicals. Musabbeh ...

  Abu Dhabi / WAM The UAE has welcomed the agreement of an initial political framework reached by Sudanese parties to complete the transitional period in a way that enhances the stability and prosperity of the Republic of Sudan. In a statement, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) affirmed that the agreement is an essential step towards ...

Abu Dhabi / WAM AD Ports group on Tuesday announced the merger of Kezad Communities with Al Eskan Al Jamae LLC (EAJ) to create Abu Dhabi’s largest integrated staff accommodation company in which AD Ports group will retain a controlling majority stake. The combined entity will have an equity value of approximately AED7 billion, positioning it as one of the ...

  Dubai / WAM Dubai International Financial Centre (DIFC) on Tuesday announced that during the first nine months of 2022, the number of FinTech and innovation firms joining DIFC exceeded the total that established operations during the whole of 2021. Between January and September 2022, DIFC-based FinTech firms secured more than AED2 billion ($559 million) of funding, according to DIFC ...

  Geneva / WAM The global aviation sector is set to return to profitability next year for the first time since the coronavirus pandemic broke out in Europe at the beginning of 2020, the International Air Transport Association (IATA) reported in Geneva. In statement carried by Deutsche Presse-Agentur (dpa), the IATA estimated total profit at some $4.7 billion is expected ...

  Dubai / WAM In line with World Futures Day, the Ministry of Economy and the Government Development and the Future Office launched the “Future 100” initiative, aiming to support 100 startups in new sectors that will shape the future economy of the UAE. The initiative will annually highlight the top 100 startups that will promote the UAE’s readiness for ...