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Bloomberg TNG FinTech Group Inc., a Hong Kong-based digital wallet operator founded in 2013, is poised to close a funding round and is targeting a valuation of about $500 million, according to a person familiar with the matter. The firm has attracted almost $60 million in the series. A round from investors including a Beijing-based private equity fund, said the ...

Bloomberg South African President Jacob Zuma survived a no-confidence motion in parliament, ensu- ring that he’ll maintain his grip on power until at least the end of the year. The motion was defeated by 198 votes to 177, Baleka Mbete, the speaker of the National Assembly, announced at a sitting in Cape Town. Nine of the 384 lawmakers present in ...

DUBAI / WAM Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, visited the Expo 2020 Dubai Site Office and said he was encouraged by the developments on site. During the visit, His Highness was accompanied by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of ...

ABU DHABI / WAM Foreign investors’ purchases in July 2017 reached AED1.391 billion at Abu Dhabi Securities Exchange (ADX) accounting for 42.5 percent of total buy trades, whereas their sales stood at AED1.365 billion, comprising 41.7 percent of total sell trades, bringing to AED26 million the net foreign investments in July, with net institutional investments in the same month amounting ...

ABU DHABI / WAM Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and the Responsible Finance and Investment Foundation (RFI) have announced the setting up of a partnership to bolster the growth and sustainability of the FinTech ecosystem through financial inclusion and ethical and responsible finance practices. The collaboration agreement was signed by Blake Goud, Chief ...

DUBAI / Emirates Business The Community Development Authority’s (CDA) team of professionals dedicated to implem- enting the Dubai 10X strategy is organising a week-long series of brainstorming workshops to turn their initiatives into pragmatic projects. The series kicks off with a workshop for CDA’s tier-one and tier-two leaders, where, along with the Authority’s Dubai 10X team, attendees will explore pragmatic ...

Bloomberg Country Garden Holdings Co. said it’s looking to attract customers from countries such as Thailand and Vietnam as some Chinese buyers hit by capital controls have pulled back from the $100 billion Forest City project in southern Malaysia. China’s escalating crackdown on capital outflows this year has spooked buyers seeking to invest in property abroad, with some reconsidering past ...

Bloomberg Prosecutors demanded a 12-year jail term for Lee Jae-yong, accusing the billionaire vice chairman of Samsung Electronics Co. of bribing a presidential confidante to increase his control over the world’s biggest maker of smartphones and memory chips. Lee has been in detention since February and is the highest-profile business figure drawn into a scandal that led to the ouster ...

Bloomberg France is working with Germany and other partners to plug loopholes that have allowed US tech giants like Alphabet Inc.’s Google, Apple Inc., Facebook Inc. and Amazon.com Inc. to minimise taxes and grab market share in Europe at the expense of the continent’s own companies. France will propose the “simpler rules” for a “real taxation” of tech firms at ...

Bloomberg The German economy is all about records. Highs and lows. Never in the 27 years since the country’s reunification have more people held a job. Never have fewer people been unemployed. Companies haven’t assessed the business climate more positively and consumers have never been more optimistic about future income. That’s where the records end. Wage growth is lagging the ...