Ras Al Khaimah / WAM Ras Al Khaimah Economic Zone (Rakez) welcomed over 4,200 new companies to its business community in 2022, recording 18% growth compared to 2021. Commenting on this economic growth, Rakez group CEO Ramy Jallad said, “The latest numbers indicate how far we have come with our commitment to position the emirate of Ras Al Khaimah as ...
Read More »Blog Layout
US reversal on M 1 Abrams tanks underscores focus on Nato’s unity
Bloomberg As recently as last week, US officials insisted the M1 Abrams tank was a bad fit for Ukraine. Yet on Wednesday, President Joe Biden reversed course and offered 31 of them, saying the 70-ton vehicle would “enhance Ukraine’s capacity to defend its territory.†The switch shows how, nearly a year into Russia’s war, keeping Nato unified remains paramount among ...
Read More »India police detain students over BBC film on Modi
Bloomberg Indian authorities detained several students in the national capital as they thwarted their plans to organize a screening of a banned BBC documentary about the 2002 Gujarat riots and Prime Minister Narendra Modi’s role in the violence. Police on Wednesday detained about 70 students of Jamia Milia Islamia University who wanted to screen the documentary India: The Modi ...
Read More »Beijing accuses top US official in Hong Kong of vilifying China
Bloomberg China’s foreign ministry accused the top US official in Hong Kong of discrediting the city’s business reputation after he warned of diminishing confidence in its rule of law, the latest sign of frayed relations over the troubled Asian financial hub. Gregory May, who took over as US consul general in September, warned that companies in Hong Kong face ...
Read More »Boeing reports quarterly loss as high costs hamper recovery
Bloomberg Boeing Co reported a surprise loss to end 2022 — its sixth straight money-losing quarter — as higher costs slowed the planemaker’s recovery even though a late flurry of jet deliveries drove a surge in cash. Adjusted earnings were negative $1.75 a share in the last three months, the Arlington, Virginia-based company said in a statement. Revenue was about ...
Read More »Walmart dangles 17% bump in starting wage
Bloomberg Walmart Inc., the largest private-sector employer in the US, is raising its starting wage 17% after a surge in inflation last year and heightened competition for workers. The lowest initial wage will jump to $14 an hour from $12 next month, Walmart said in an email. The hourly average will rise to $17.50, up 2.9% from the summer ...
Read More »Apple begins hiring for effort to bring retail chain to Malaysia
Bloomberg Apple Inc. has begun hiring employees for a retail push into Malaysia, preparing to bring its chain to the Asian nation for the first time. The company recently published job listings on its website for locations in Malaysia, seeking store managers, technical specialists and support staff, salespeople for businesses, and operations experts. The listings indicate that the positions will ...
Read More »Debt concerns leave Asda investors fretting over ‘merger’
Bloomberg Holders of bonds issued by supermarket group Asda are demanding more details about a mooted takeover of EG Group Ltd.’s UK petrol operations, a deal that would saddle the grocer with more debt and could lead to ratings downgrades. The potential transaction came as a negative surprise when it was reported, according to multiple bondholders, who asked not to ...
Read More »Brazilian retailer Americanas files for Chapter 15 bankruptcy
Bloomberg Brazilian shopping chain Americanas SA filed for Chapter 15 bankruptcy, a move that protects its US assets while insolvency proceedings play out in its home country. Representatives for Americanas filed the bankruptcy petition in Manhattan. Chapter 15 bankruptcy filings stop creditors from seizing a company’s assets in the US. The retailer nosedived in January after becoming mired in ...
Read More »Billionaire Ackman invests in Bremont
Bloomberg Billionaire hedge fund manager and activist investor Bill Ackman is buying a minority stake in Bremont as the UK luxury watchmaker looks to expand in the fast-growing US market. Ackman is teaming with Bremont’s controlling shareholder, Hellcat LP, to invest a combined $60 million in Bremont, the watchmaker said in an emailed statement. The investment shows confidence in ...
Read More »