Bloomberg The European Union (EU) praised “good progress” in tackling risky suppliers of core fifth-generation mobile network equipment and called on other member states to follow suit. With countries in the region under intensifying US pressure to ban China’s Huawei Technologies Co., the bloc published a report that assessed how well governments were reducing security risks in the shift to ...

Bloomberg Intel Corp.’s decision to consider outsourcing manufacturing heralds the end of an era in which the company, and the US, dominated the semiconductor industry. The move could reverberate well beyond Silicon Valley, influencing global trade and geopolitics. The Santa Clara, California-based company has been the largest chipmaker for most of the past 30 years by combining the best designs ...

Bloomberg Elon Musk, whose Tesla Inc. was a major beneficiary of government stimulus in the wake of the last global financial crisis, has soured on the concept. The outspoken chief executive officer of both Tesla and US government contractor SpaceX tweeted that “another government stimulus package is not in the best interests of the people,” in his opinion. A decade ...

Bloomberg IRobot Corp. shares dropped after the company warned that its Roomba autonomous vacuums could be hit with trade tariffs later this year. “On April 24, the United States Trade Representative granted iRobot an exclusion for its Roomba robot vacuums from Section 301 tariffs through August 7, 2020. The company does not yet know whether an extension for its exclusion ...

Bloomberg Microsoft Corp. showed off its most important video game for the next Xbox, a new installment of its flagship multi-billion dollar Halo series, as the company gears up for the release of the latest generation of consoles in time for the holidays. Halo Infinite returns to the saga of Master Chief, the bioengineered super-solider main character of the series, ...

Bloomberg Hertz Global Holdings Inc. has struck a deal that will cut the debt it owes lenders who financed its rental car fleet to less than $5 billion from $11 billion by December. 31, the company’s main bankruptcy lawyer said in court. Under an agreement with the lenders, Hertz has agreed to sell 182,000 cars over the next few months, ...

Abu Dhabi / WAM The UAE’s successful launch of the Mars Mission, Hope Probe, will serve as a positive impetus to South Korea’s planned lunar mission and pave the way for joint Moon and Mars explorations, a senior official told Emirates News Agency (WAM). As South Korea is planning to launch a lunar orbiter in 2022, and send a lunar ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), and holding company ADQ on Wednesday signed a joint venture (JV) agreement to create a new investment platform to fund and oversee development of industrial projects within the planned Ruwais Derivatives Park, a key enabler of Adnoc Downstream’s 2030 smart growth strategy and the UAE’s chemicals and industrial growth ...

DUBAI / WAM The Eid Al Adha holiday for ministries and federal bodies will begin on Thursday, July 30 (Day of Arafat), and will end on Sunday, August 2, the Federal Authority for Government Human Resources announced on Wednesday. In a circular, the authority added that work for all ministries and departments will resume on Monday, August 3. The authority ...

Sharjah / WAM Sharjah Islamic Bank (SIB) recorded an 8.6 percent increase in its operating profits amounting to AED 332.3 million in the first half of 2020 compared to AED 305.9 million for the same period last year. The net profit for the first half amounted to AED 251.2 million, compared to AED 290.5 million from last year. The balance ...