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Bloomberg Malaysia’s Prime Minister Mahathir Mohamad said he will cancel a proposed multibillion-dollar high-speed railway link to Singapore, as the new leader who returned to power in a surprise election upset this month seeks to rein in expenditure. The scrapping of the plan will take time as it requires negotiation with Singapore, Mahathir told reporters in Kuala Lumpur on Monday. ...

Bloomberg Indonesian Finance Minister Sri Mulyani Indrawati said the government is willing to accept slower economic growth as a trade-off for stability. “All of us are ready to implement any policies needed to protect Indonesia’s economy,” Indrawati told reporters on Monday in Jakarta. “So, if we have to make adjustments in the short run that will result in slightly lower ...

Bloomberg The European Union is seeking a last-minute deal with the US to avoid inflaming global trade tensions as President Donald Trump prepares to impose tariffs on steel and aluminum imports at the end of the month. “We’re at the beginning of a decisive week,” German Economy Minister Peter Altmaier told reporters in Brussels on Monday. “We have to try ...

Bloomberg Just as Switzerland’s factories come roaring back, the rallying franc is a reminder of how the currency has the potential to pull the rug from under them. Industrial production is rising at the fastest pace since before the financial crisis and companies such as Schurter, a maker of electrical components, are seeing sales surge. Gross domestic product figures this ...

Bloomberg Europe wants its industry to burn more natural gas instead of coal to reduce global warming. The problem is, there isn’t enough gas at the right price. Depleted gas stores after the coldest winter since 2012, coupled with pipeline constraints on flows from Russia and Norway, have driven prices to their highest level in at least five years. The ...

Bloomberg Italian President Sergio Mattarella asked economist Carlo Cottarelli to form a government with new elections due as early as the fall, as populist leaders railed against the president and the European Union for blocking their bid for power. Cottarelli, 63, a former executive director of the International Monetary Fund, pledged Italy would stay in the euro and called for ...

ABU DHABI / SINGAPORE/ WAM Abu Dhabi Global Market (ADGM), and KPMG Lower Gulf Limited (KPMG LG), have announced the launch of the second edition of the FinTech Abu Dhabi Innovation Challenge. The inaugural Innovation Challenge, organised last year, generated strong interest among regional financial institutions about the potential benefits of collaborating with FinTech start-ups. As a result, this year’s ...

ADEN / WAM The Emirates Red Crescent (ERC), held an iftar at the Sheikh Zayed bin Sultan Al Nahyan Mosque in Aden Governorate, Yemen, as part of its Ramadan iftar project for the Holy Month of Ramadan. The ERC volunteer team provided Iftar meals at the mosque for hundreds of people who came for prayers. The worshippers who participated in ...

Dubai / WAM The Dubai Free Zones (DFZ) Council discussed in its 9th meeting on Sunday initiatives to promote foreign direct investment (FDI), flows to the emirate’s free zones. Key items on the agenda included easing the business set-up and reducing fees in the free zones, the new e-commerce regulations, the assessment of the effectiveness of measures related to anti-money ...

Abu Dhabi / WAM Dubai Municipality and the UAE Food Bank have signed a special partnership agreement with Careem, a transportation network company, for the adoption of a community initiative. Under the special sponsorship agreement, Careem will provide food collection and delivery services during the Holy Month of Ramadan, and on specific days. The logistics company will collect surplus food ...