Bloomberg Hermes International reported record first-half profitability as the maker of $10,000-plus Birkin handbags benefited from brisk sales in China, a trend that shows no sign of easing off even as stock prices slump in the Asian nation. Recurring operating income amounted to 34.5 percent of sales, up 0.2 point, the Paris-based company said in a statement. Analysts predicted 34.4 ...

Bloomberg Schools, hospitals and governments have quickly embraced Amazon.com Inc. as a go-to source for supplies, propelling the company’s three-year-old business platform into a $10 billion annual enterprise. Its success may soon provide as much revenue as the Amazon Web Services cloud-computing division and its digital-advertising services. The e-commerce giant likely will keep expanding the business service internationally — currently ...

CAIRO / WAM The Secretary General of the Arab League Ahmad Aboul Gheit condemned on Tuesday the US administration’s decision to close the Palestine Liberation Organisation’s (PLO), office in Washington. In a statement issued on Tuesday, Aboul Gheit said that the decision came as part of a long series of US unfair policies towards the Palestinians aiming at terminating their ...

Bloomberg Dubai’s Emaar Properties PJSC denied reports that it’ll provide 10-year visas to investors in some of its projects. “The issuance of visas falls under the purview of the concerned authorities and Emaar does not have any role regarding the same,” the company said in a statement. Al Bayan newspaper reported on Tuesday that the developer will offer 10-year visas ...

Bloomberg The tariff battle with the US will probably cost China 700,000 jobs, or more in the event of further escalation. The job losses would come if the US imposes 25 percent tariffs on $200 billion in Chinese exports and China retaliates by devaluing its currency by 5 percent and adding to levies on US goods, according to economists led ...

Bloomberg Abu Dhabi’s stock exchange is joining a race to introduce derivatives as Gulf bourses including Kuwait and Saudi Arabia put strategies in place to lure more investors. The Abu Dhabi Securities Exchange (ADX) plans to enable trading of futures contracts on single stocks in 2019, and they may eventually be available for the benchmark ADX General Index, Chief Executive ...

DUBAI / WAM DP World said on Tuesday that it will continue to pursue all legal means to defend its rights as a shareholder and concessionaire in Doraleh Container Terminal SA in face of Djibouti’s blatant disregard for the rule of law and respect for commercial contracts. On September 9 the President of Djibouti enacted a decree which purportedly transferred ...

Abu Dhabi / WAM Following China President Xi Jinping’s historic visit to the UAE in July, senior representatives at Abu Dhabi Ports and Khalifa Industrial Zone Abu Dhabi (Kizad), visited Nanjing, Jiangsu Province, to bolster growing trade relations. During the China-UAE Industrial Capacity Cooperation Demonstration Zone Investment Promotion Conference, industry leaders, government officials and private sector decision makers gathered to ...

ABU DHABI / WAM The Registration Authority of Abu Dhabi Global Market (ADGM), signed a Memorandum of Understanding (MoU), with the Emirates Development Bank (EDB), the host and operator of Mohammed Bin Rashid Innovation Fund (MBRIF). Through the MoU, the parties aim to facilitate cooperation in cultivating local entrepreneurship and innovation. Access to finance for young businesses remains a fundamental ...

Dubai Emirates Business Expo Centre Sharjah and the Riyadh International Convention and Exhibition Centre, RICEC, have signed a cooperation agreement to exchange knowledge and expertise between the two centres, as well as to review the best practices applied by both sides in the field of organising exhibitions and conferences and specialised events. Under the agreement, the two sides will cooperate ...