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Sharjah / WAM Rexton Technologies, the world leader in the design and manufacture of LED light bulbs, launched the largest LED light manufacturing facility in the Middle East and North Africa region on Monday at the Sharjah Airport International Free Zone. Rexton Technologies developed the new facility with a total investment of over AED50 million. Rexton Technologies is an industrial ...

Abu Dhabi / WAM Adnoc Drilling, an Abu Dhabi National Oil Company, ADNOC, subsidiary, on Monday celebrated the graduation of 333 Emiratis from its Drilling Training Centre. Today’s graduates are the latest batch to have completed their training at the state-of-the-art centre. They will play a key role in ensuring efficient, reliable and safe onshore and offshore well-drilling operations. The ...

Bloomberg President Donald Trump predicted China will be first to buckle as the world’s largest economies teeter on the brink of a trade war that’s sent financial markets reeling, without indicating where his assessment sprang from. “China will take down its trade barriers because it is the right thing to do,” Trump told his 50 million Twitter followers on April ...

Bloomberg China is evaluating the potential impact of a gradual yuan depreciation, people familiar with the matter said, as the country’s leaders weigh their options in a trade spat with US President Donald Trump that has roiled financial markets worldwide. Senior Chinese officials are studying a two-pronged analysis of the yuan that was prepared by the government, the people said. ...

ZURICH / Reuters Swiss drugmaker Novartis is moving further into gene therapy by buying AveXis for $8.7 billion, adding a rare-disease treatment that could reap billions in sales. The acquisition reflects a surge of interest in biotech deal-making as large pharmaceutical companies seek promising new assets to boost their pipelines. The $218-per-share cash deal announced on Monday represents a 72 ...

Bloomberg The $4.2 billion Sequoia Fund bought a small position in Facebook Inc. as the stock slid late in the first quarter, investment manager Ruane, Cunniff & Goldfarb told clients. “The recent controversy enabled us to purchase a very unusual business franchise riding several powerful secular trends at a price-earnings multiple only a little higher than that of the overall ...

LONDON / Reuters Britain’s financial watchdog called on Monday for immediate coordination with European Union counterparts to ensure that Brexit is as smooth and stable as possible for markets. The Financial Conduct Authority (FCA) has said financial firms should feel comfortable about relying on a transition deal agreed last month between Britain and the EU. This covers the period between ...

Bloomberg As President Donald Trump threatens to tear up the Iran nuclear deal and tensions flare across the Mideast, his hawkish new national security adviser is preparing to start work. John Bolton, a veteran of Republican administrations who’s called for military action to stop Iran from getting a nuclear bomb, takes over the key White House position on Monday, just ...

Abu Dhabi / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, affirmed that meeting the needs of the society, particularly social welfare and social services, is essential for the stability of societies and peoples. His Highness also emphasised that paying attention to citizens’ demands is one of ...

Abu Dhabi / Emirates Business Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, has extended a concessionary loan of AED110 million ($30 million) to the Government of Mali to support its National Social Housing Programme. HE Mohammed Saif Al Suwaidi, Director General of ADFD, and HE Dr Boubou Cisse, Malian Minister of Economy and Finance, ...