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Bloomberg The escalating trade war between the US and China is nudging the world economy towards its first recession in a decade with investors demanding politicians and central bankers act fast to change course. In the US alone, the recession risk is “much higher than it needs to be and much higher than it was two months ago,” Lawrence Summers, ...

Bloomberg Add $4.4 billion in imported cabinets to the long list of Chinese goods slapped with US levies in the escalating trade dispute between Washington and Beijing. The Commerce Department said it will ask the US Customs and Border Protection to collect cash deposits from importers of the wooden cabinets and vanities from China based on subsidy rates of as ...

Bloomberg German industrial production registered its biggest annual decline in almost a decade, highlighting the severity of the trade-inflicted manufacturing slump in Europe’s largest economy. Output was down 5.2% in June from the previous year, the most since late 2009, when the country was recovering from the Great Recession that followed the global financial crisis. The numbers are the latest ...

Bloomberg Kim Jong-un said North Korea’s latest missile tests were intended as a warning against ongoing US-South Korea military exercises, while President Donald Trump’s new defense chief defended the training as necessary to maintain readiness. North Korean state media said that Kim personally oversaw what allied military officials said was a pair of short-range ballistic missile launches a day earlier ...

ABU DHABI / WAM The Year of Tolerance in the UAE has gained both local and international significance, due to the launch of initiatives that aim to support the country’s long-term efforts to promote tolerance around the world, in coordination with relevant international bodies. In this report, the Emirates News Agency (WAM) highlights the UAE’s key local and global achievements ...

DUBAI / WAM Five major regional insurance companies have signed on to Addenda’s integrated blockchin platform. Based at Dubai International Financial Centre (DIFC) Addenda is an InsurTech firm that uses distributed ledger technology to streamline processes between insurance companies. With the global InsurTech market revenue valued at $533 million in 2018 and expected to reach over $1 billion by 2023, ...

Dubai / WAM A total of 9,062 companies joined Dubai Chamber of Commerce and Industry as new members in the first half of 2019, marking a year-over-year increase of over 22 percent, and bringing the organisation’s total membership to over 240,000. The number of international delegations visiting Dubai Chamber rose 51.7 percent y-o-y to 1,094 over the same period, while ...

SHARJAH / WAM The Sharjah Research, Technology and Innovation (SRTI) Park discussed, with a Chinese delegation, the launch of strategic partnerships that aim to promote technology transfer between the park and Chinese research and development organisations. The delegation’s visit aims to explore available investment opportunities for Chinese investors operating in innovative technological sectors and research and development, as well as ...

Bloomberg The Trump administration formally labeled China a currency manipulator, further escalating its trade war with Beijing after the country’s central bank allowed the yuan to fall in retaliation for new US tariffs. While the Treasury Department’s determination is largely symbolic — the potential penalties are less punitive than the steps Trump has already taken against China — it underscores ...

Bloomberg Reliance Industries Ltd. agreed to buy an Indian technology startup funded by Google, scooping up an inventory-management platform and adding to the list of smaller deals the conglomerate has assembled to take on Amazon.com Inc. Billionaire Mukesh Ambani’s group agreed to buy a controlling stake in Shopsense Retail Technologies Pvt, which operates the Fynd platform, according to a statement ...