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Bloomberg Tech startups are typically founded by young entrepreneurs with more passion than experience. This is as true in India as it is in Silicon Valley. Then there’s Bigbasket, whose founders are veterans of the dotcom bust and mostly north of 50. Drawing on their successes and failures, they’ve turned their six-year-old startup into India’s biggest e-grocer and are taking ...

Bloomberg Large digital companies operating in the European Union, such as Alphabet Inc. and Twitter Inc., could face a 3 percent tax on their gross revenue based on users’ locations, according to a plan by the European Commission. The proposal by the EU’s executive arm outlines how a targeted levy on sales would increase the tax bill technology companies face, ...

Bloomberg The UK’s transitional agreement to smooth its departure from the European Union is too late to stop some of Brexit’s fallout. Nearly one in seven EU companies with UK suppliers have moved some of their business out of Britain, according to the Chartered Institute of Procurement & Supply. Almost a third of UK businesses with suppliers from the bloc ...

Bloomberg Deere & Co., the world’s largest maker of agricultural equipment, is concerned that rising trade tensions between the US and other countries could affect sales of its signature green-and-yellow tractors and combines. While US tariffs on imports of steel and aluminum will have a financial impact on the company, Deere is “much more worried” about possible trade retaliation targeting ...

Dubai / Emirates Business In line with the Dubai Blockchain Strategy, announced by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council, which mandates that Dubai becomes the world’s first-ever government to execute all applicable transactions using blockchain technology by 2020, the first official Dubai government-hosted event, the inaugural ...

Dubai / WAM Ireland will promote its focus on innovation to a global audience of millions after confirming its participation at the UAE’s celebration of ingenuity, Expo 2020 Dubai. The country’s participation was confirmed in a letter from Ireland’s Prime Minister, Leo Varadkar, which was delivered by Paul Kavanagh, Ambassador of Ireland to the UAE, to HH Sheikh Ahmed bin ...

Bloomberg President Donald Trump welcomed Saudi Crown Prince Mohammed bin Salman as a friend of the US. “A lot of people are at work” because of Saudi Arabia’s business, Trump said, adding that the kingdom has finalised $12.5 billion in purchases of planes, missiles and frigates from US companies. Crown prince Mohammed praised the kingdom’s “really deep” relationship with the ...

DUBAI / WAM Dubai Investments has announced plans to lead a consortium of investors to launch Arkan Bank, a wholesale Islamic financial institution with an initial paid-up capital of $100 million. The authorised share capital of Arkan Bank will be $500 million. Arkan Bank is applying to the Dubai Financial Services Authority (DFSA), for approval for a prudential ‘Category 5’ ...

DUBAI / Emirates Business Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) highlighted Dubai’s growing popularity as a global cruise destination viable for pre-cruise and post-cruise stopovers and an apt homeport in the region at the Seatrade Cruise Global in Florida, USA, a leading event for the cruise industry. Dubai Tourism exhibited under the Cruise Arabia banner, bringing together ...

Bloomberg China made further promises to protect the intellectual property of foreigners investing in its economy, addressing a long-standing grievance as US President Donald Trump plans new tariffs aimed at Beijing. Speaking at the end of the annual National People’s Congress, Premier Li Keqiang said that China wants to avoid a trade war and that the government plans to further ...