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Bloomberg Sequoia Capital and IDG Capital are investing in Beijing-based Bitmain Technologies Ltd., the world’s largest bitcoin mining organisation, according to people familiar with the matter. Bitmain is raising $50 million from several venture firms to boost its profile among mainstream investors, said one of the people, who asked not to be named. Sequoia and the other firms also plan ...

Bloomberg Asia’s messaging apps have a history of becoming huge in their home market before struggling to gain traction overseas. South Korea’s Kakao Corp. is counting on the Japanese love of manga comics to break that trend. Amassing 43 million users at home has driven Kakao’s market value to $7.2 billion but it’s little known outside Korea, a factor that’s ...

Bloomberg India plans to finalise trading specifications for the country’s new spot gold exchange in November amid a push to improve transparency in the world’s second-biggest bullion market, people familiar with the matter said. A panel of finance ministry and trade ministry officials, as well as industry groups including refiners, jewelry associations and export and import firms, plan to have ...

Bloomberg South Korea detected that North Korea is continuing to prepare for a possible intercontinental ballistic missile (ICBM) launch, a move that would further raise tensions a day after it conducted its sixth and most powerful nuclear detonation. Chang Kyung-soo, acting chief of the defense ministry’s policy planning office, told lawmakers on Monday that North Korea was making preparations for ...

Abu Dhabi / WAM The Ministry of Education and the Abu Dhabi Education Council (ADEC), on Sunday announced a plan to begin a process to achieve the standardisation of their education systems to support a unified and highly-performing education sector across the nation. The plan will unify the education sector through the development of the Emirati School Model across all ...

Dubai / WAM Cases of IT-based frauds are increasing in organisations, raising concern among corporate houses and external key stakeholders on ways to detect and prevent such incidents, as companies have reported significant losses. Companies should hire the “right people with integrity and competency” to detect and prevent fraud, Abdulqader Obaid Ali, President, UAE Internal Audit Association, told CIOMajlis a ...

Sharjah / WAM The Sharjah Electricity and Water Authority (SEWA) has announced the installation of 100 solar-powered lamp posts in the Yarmouk District of Khor Fakkan, as part of its plans to replace traditional street lighting with a solar-powered system on all the roads of the emirate. Traditional bulbs will be replaced with energy-saving LED bulbs to protect the environment ...

Abu Dhabi / Emirates Business Emirates Global Aluminium, the largest industrial company in the United Arab Emirates outside oil and gas, will work with the Massachusetts Institute of Technology on six new practical research projects at EGA later this year. MIT is the leading research university in the United States. The new projects extend EGA’s partnership with MIT’s David H. ...

­­­­­­­­­­­Bloomberg UK Brexit Secretary David Davis dismissed as “nonsense” published reports that Prime Minister Theresa May is set to approve paying as much as $64.8 billion to leave the European Union. May is ready to agree to the total in a bid to kickstart trade talks, but won’t disclose details until after the Conservative Party conference in October, The Sunday ...

Bloomberg Alphabet Inc. is forming a new holding company designed to finalise its evolution from Google, the web search giant, into a corporate parent with distinct arms that protects individual businesses in far-flung fields like health care and self-driving cars. The new entity, called XXVI Holdings Inc., will own the equity of each Alphabet company, including Google. The new structure ...