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Bloomberg Chinese ride-hailing company Didi revealed a $1.6 billion net loss for 2020 as it moves ahead with plans for a US initial public offering. The company in its first public filing for the IPO listed the offering as $100 million, a placeholder that will change when the company discloses terms for the share sale. Didi filed under the business ...

Bloomberg Indian mobile content provider Glance InMobi Pte agreed to acquire e-commerce startup Shop101 to expand into influencer-led shopping in the South Asian country. Glance, which became a unicorn in December after backing from Alphabet Inc’s Google and Peter Thiel’s Mithril Capital, pushes curated news and entertainment content onto phone lock screens and also runs a short video app. It ...

Bloomberg Delays from congestion at southern Chinese ports triggered by fresh Covid-19 outbreaks are rippling through global supply chains, threatening to inflate costs and exacerbate disruptions. A cargo vessel operated by Cosco Shipping Lines Co will skip a scheduled port stop in Singapore this month because of delays in China, according to alliance partner Ocean Network Express Holdings Ltd. One ...

Bloomberg Just eight months after celebrating a narrow escape from financial disaster, Chinese billionaire Hui Ka Yan finds himself back in crisis-fighting mode. Resurgent concerns about the health of China Evergrande Group, Hui’s flagship property company, have pushed its stock to within a hair’s breadth of the lowest level since March 2020. Bondholders are rushing for the exit too, spooked ...

Bloomberg It was supposed to be another sign of Joe Biden bringing together US allies left adrift under four years of Donald Trump: The leaders of Japan and South Korea sitting down for a meeting at the Group of Seven summit. Yet Japanese Prime Minister Yoshihide Suga and South Korean President Moon Jae-in failed to hold the first substantive direct ...

Dubai / WAM Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (Dewa), has announced that the authority will add 600 megawatts (MW) of clean energy capacity using photovoltaic solar panels and Concentrated Solar Power (CSP) during 2021. The move will increase Dewa’s total power capacity from clean energy to 1,613 MW compared to 1,013 MW ...

Abu Dhabi / WAM A delegation of the Khalifa bin Zayed Al Nahyan Foundation, in collaboration with the UAE Embassy in Beirut, has provided vouchers to 35,600 families in Northern Lebanon, as part of the UAE’s endless efforts to support friendly countries. An official from the foundation stated that the humanitarian initiative was launched upon the directives of the UAE’s ...

Abu Dhabi / WAM Dr Abdullah Belhaif Al Nuaimi, Minister of Climate Change and Environment, stated that the Ministry of Climate Change plans to launch a new food safety standards system in the next two months. The new system will ensure that only top-rated food products that comply with the highest international standards can enter the country, he added, stressing ...

Dubai / WAM Dubai Economy and the Dubai Business Women Council (DBWC) hosted a webinar to highlight the packages of incentives, services, and benefits that can support all UAE-based businesswomen and entrepreneurs. The webinar was part of the monthly ‘Market Dialogue’ series conducted by Dubai Economy to provide an open platform to discuss subjects of interest to the business community. ...

ABU DHABI / WAM Writers and publishers are being invited to submit their entries for next year’s Sheikh Zayed Book Award (SZBA). The submission period for the 16th edition of the SZBA, will run from June until October 1. The announcement follows the success of the 15th edition’s virtual awards ceremony, which received widespread praise and publicity after it was ...