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Korean prosecutors seek 12-yr jail for Samsung heir Lee J Yong

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 ...

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France, Germany plan tax crackdown on US tech giants

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 ...

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Germans wait for penny to drop as expectations surge

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 ...

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Sprint resumes early talks on T-Mobile merger

Bloomberg Sprint Corp. has resumed preliminary talks about a potential merger with T-Mobile US Inc., people with knowledge of the matter said, as billionaire Masayoshi Son explores ways to build scale for a carrier facing increasing competition in the US wireless market. The two wireless operators restarted discussions after Sprint’s exclusive negotiating period with Comcast Corp. and Charter Communications Inc. ...

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North Korea rules out nuclear talks, says US will ‘pay dearly’

Bloomberg North Korea condemned the latest round of United Nations sanctions and reiterated that it wouldn’t negotiate over its nuclear program until the US ceases “hostile” policies. Kim Jong Un’s regime said it will “make the US pay dearly for all the heinous crime it commits against the state and people of this country,” the Korean Central News Agency reported. ...

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ADGM, KPMG launch FinTech Abu Dhabi innovation challenge

Abu Dhabi / WAM Abu Dhabi Global Market (ADGM) and service company KPMG have come together to launch the first ever FinTech Abu Dhabi Innovation Challenge on October 22 in Abu Dhabi to enable start-ups to access industry-leading solutions that address emerging business challenges in the financial services industry. The Innovation Challenge, as part of the inaugural FinTech Abu Dhabi ...

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Etisalat’s goodwill amounts to AED14.65bn in first half

Abu Dhabi / WAM Etisalat’s goodwill amounted to AED14.65 billion during the H1 of 2017 from AED14.09 billion during the corresponding period in 2016. The growth translates the company’s resounding success in keeping its eminent position as a leading entity at the communications sector, not only in the UAE only but also in the Arabian Gulf and Middle East region ...

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Gulf Capital signs strategic partnership with EWS-WWF

ABU DHABI / WAM Gulf Capital, an Abu-Dhabi based alternative asset management company, announced a long-term ‘platinum’ corporate membership with Emirates Wildlife Society in association with WWF (EWS-WWF), the local environmental NGO which is committed to protecting the UAE’s natural heritage. As a platinum member, Gulf Capital will support EWS-WWF’s initiatives in the UAE, including marine and terrestrial conservation, environmental ...

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Shams, Shurooq explore opportunities for growth

Sharjah / Emirates Business In the presence of Sheikh Sultan bin Ahmed Al Qasimi, Chairman of the Sharjah Media Council; HE Dr Khalid Omar Al Midfa, Chairman of the Sharjah Media City (Shams) met HE Marwan Bin Jassim Al Sarkal, CEO of Sharjah Investment and Development Authority (Shurooq), at the interim premises of Shams. The meeting was an occasion to ...

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More residents turn to Abu Dhabi’s affordable housing market

ABU DHABI / Emirates Business Employment uncertainty and the rising cost of living continues to build deflationary pressures in the residential leasing market. As a result, residents are becoming increasingly cautious with their spending and gravitating towards affordable housing options, according to the latest Abu Dhabi MarketView by global real estate consultancy firm CBRE. As of Q2 2017, average rentals ...

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