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DUBAI / WAM DMCC — the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise — has signed two new strategic partnership agreements with Chinese authorities during visits to the cities of Hangzhou and Qingdao as part of its sixth Made for Trade Live roadshow of 2019. DMCC signed a memoranda of understanding (MoU) with ...

ABU DHABI / WAM A UAE delegation attended the fourth annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB). Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, was mandated to represent the UAE at the bank’s meetings and events and on its board. Following last year’s event in Mumbai, ...

DUBAI / WAM An exhibition titled Norway-UAE: +40 Years of Culture opened at the Ministry of Foreign Affairs and International Cooperation, with the attendance of Zaki Nusseibeh, Minister of State and Jens Eikaas, Norwegian Ambassador to the UAE. The exhibition was previously on display at Mesh — The Nordic Creator’s Community in Oslo. Taking the Norwegian Seamen’s Centre in Dubai ...

DUBAI / WAM Union Coop, reported a 20 percent growth in net profit for the first half of 2019, compared to the previous year. The net profit for 2018 was AED237.7 million, whereas 2019 reported AED284.6 million net profit, which is a surge of AED46.9 million. CEO of Union Coop – Khalid Humaid Bin Diban Al Falasi said, “The increase ...

Bloomberg Chinese ride-hailing giant Didi Chuxing launched new financial services in Brazil and Mexico as it expands in Latin America and again confronts Uber Technologies Inc. The privately-held company, which was last valued at $56 billion and facilitates 30 million rides a day, said it would partner with financial institutions to offer drivers in Mexico and Brazil a bank card ...

Bloomberg A full-fledged electric vehicle just made its debut in a market known for affordable, entry-level cars. South Korea’s Hyundai Motor Co launched its Kona SUV in India, where 3.4 million new cars and SUVs hit the roads last year, and is the only major market without a real electric vehicle. The vehicle will sell starting at $36,000 in the ...

Bloomberg France won’t back off from its planned tax on companies like Facebook Inc and Alphabet Inc’s Google even after the US suggested it may use trade tools against the levy. The French Senate passed a bill to impose a 3 percent tax on global tech companies with at least 750 million euros ($845 million) in worldwide revenue and digital ...

Bloomberg New York Governor Andrew Cuomo said the state transit agency must rid city subways of a growing homeless population. In a letter sent to the Metropolitan Transportation Authority’s (MTA) board of directors, Cuomo said they should confront the issue as part of a reorganisation plan the state legislature required last month. The MTA and the city police department have ...

Bloomberg Volkswagen AG’s “Love Bug” has been squashed by the SUV boom. The German automaker marked the end of production of the iconic Beetle at its plant in Puebla, Mexico, and wasted no time talking about what will take its place: a compact sport utility vehicle. It’ll be a beefed-up version of a model sold in China called Tharu and ...

Bloomberg The UK is in talks with the US and other allies about beefing up their military presence in the Persian Gulf to deal with the rising threat to shipping posed by Iran. Britain raised the threat level to 3 — the highest possible — for ships operating in the Gulf, according to a person with knowledge of the matter. ...