Bloomberg Mogu Inc., a Chinese startup selling fashion and cosmetics online, is targeting a reduced valuation of $2 billion in its US initial public offering amid a market rout that has hit demand for tech stocks, people familiar with the matter said. More volatility could hit its ability to achieve the goal and Mogu is evaluating conditions, the people said, ...

Bloomberg UK retailers made a faltering start to the fourth quarter as sales unexpectedly fell for a second month in October. The volume of goods sold in stores and online declined 0.5 percent from September, the Office for National Statistics said. The median forecast in a Bloomberg survey was for a 0.2 percent gain. Decline was largest in seven months ...

Bloomberg American Airlines raised a stink over the US government’s refusal to give its logo copyright protection — and that may get results. The US Copyright Office has repeatedly deemed the airline’s flight symbol to be lacking in creativity, finally prompting the company to sue the head of the agency a month ago. A spokesman for the carrier said that ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) on Wednesday announced an AED5.1 billion ($1.4 billion) investment to upgrade and expand its Bu Hasa field that will increase crude oil production capacity to 650,000 barrels per day (bpd). This is an important step towards delivery of Adnoc’s 2030 smart growth strategy that seeks to increase its crude ...

DUBAI / WAM The Federal Tax Authority (FTA) announced digital system for tax refunds for tourists scheme will be ready to issue and process VAT refund claims for eligible tourists to recover tax incurred on their purcha-ses as of Sunday, November 18, at Abu Dhabi, Dubai and Sharjah airports. The authority revealed preparations are underway for phase 2 of the ...

Emirates Business The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has initiated world’s first cross-border testing of fintech digital sandbox connectivity with Asean Financial Innovation Network (AFIN) between Abu Dhabi and Singapore. This is a continuation of ADGM’s first announcement in September to launch its fintech digital sandbox. To ...

DUBAI / Emirates Business Damac Properties Dubai Co announced financial results for the first nine months of 2018, reporting total revenue of AED5.2 billion ($1.42 billion), gross profit of AED1.9 billion and net profit of AED1.1 billion. During the first nine months of 2018, Damac delivered 3,800 units, compared to 1,923 units in the same period in the previous year. ...

DUBAI / WAM National Central Cooling Company, Tabreed, on Wednesday, released its financial results for the first nine months of 2018, reporting a 10% increase in net profit to AED319.3 million for the year up to September 30, compared with the same period in 2017. Tabreed’s latest financial results follow its announcement last month that it successfully issued a $500 ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Wednesday visited the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) at the Abu Dhabi National Exhibition Centre (Adnec) and which concludes on November 15. His Highness Sheikh Mohamed bin Zayed, accompanied by ...

Abu Dhabi / WAM Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (Irena) are inviting applications for more than $50 million in funding through the Irena/ADFD Project Facility. The ADFD-financed initiative is available to government-guaranteed renewable energy projects in developing countries that seek to increase energy access, improve livelihoods and advance sustainable development. ADFD has committed ...