August, 2020

• 8 August

  JLR loses its court battle over Defender trademark

  

  Bloomberg Jaguar Land Rover (JLR) lost a UK court bid to get the trademark rights for the shape of its iconic Defender SUV, freeing billionaire Jim Ratcliffe’s Ineos Group to go ahead with the Grenadier off-road vehicle. A London court dismissed an appeal by JLR, owned by India’s Tata Motors Ltd. The UK Intellectual Property Office had found the shapes ...

  Read More »
• 8 August

  BMW records first quarterly loss since 2009 on virus impact

  

  Bloomberg BMW AG’s loss-making automotive division dragged the company into the red for the first time in more than a decade, rounding out a dismal quarter for European carmakers hit by the coronavirus pandemic. The German manufacturer lost 666 million euros ($787 million) before interest and taxes between April and June, its first quarterly deficit since the financial crisis in ...

  Read More »
• 8 August

  Google-Fitbit probe shows EU is wising up to value of data

  

  Bloomberg Silicon Valley giants used to snap up smaller tech firms at will, safe in the knowledge that antitrust regulators rarely prevented them from expanding into new industries. The European Commission showed that those days are gone, opening an in-depth probe into Google’s $2.1 billion takeover of Fitbit Inc. — an investigation that focuses on the potentially huge value of ...

  Read More »
• 8 August

  Cadillac unveils first electric SUV

  Bloomberg General Motors Co. unveiled a long-awaited Cadillac electric vehicle that will offer Tesla Inc.-like range, though prospective buyers will need to be patient. The Cadillac Lyriq is debuting about four months later than planned, with GM having postponed the reveal because of coronavirus. But that interval pales in comparison with the two years it will take for the plug-in ...

  Read More »
• 5 August

  Sheikh Mohamed directs urgent humanitarian assistance to Lebanon

  Abu Dhabi / WAM Under the directives by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the UAE is offering urgent humanitarian assistance to assist those affected by the Beirut Port explosion. HH Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region, and ...

  Read More »
• 5 August

  Abu Dhabi’s Tawazun to build satellite centre with Airbus

  

  ABU DHABI / WAM Tawazun Economic Council has formed a collaboration with Airbus and the National Space Science and Technology Centre (NSSTC) from UAE University, to build and develop a Satellite Assembly, Integration and Testing (AIT) Centre with the aim of manufacturing components and assembling, integrating and testing small to medium satellites. The AIT Satellite Centre will develop and build ...

  Read More »
• 5 August

  Brent oil tops $45 on sliding US stockpiles

  

  Bloomberg Oil climbed to a five-month high in London, topping $45 a barrel after US industry data showed a decline in the nation’s stockpiles. Brent futures gained for a fourth day, rising as much as 2.6% to the highest price since March 6. The American Petroleum Institute reports 8.59 million-barrel drop in crude inventories last week. The international benchmark moved ...

  Read More »
• 5 August

  Consumer protection rights extended to Dubai’s free zones

  

  DUBAI / WAM Dubai Economy has announced it will extend its consumer protection services to free zones in Dubai under an agreement with the Dubai Free Zones Council. The agreement, which is part of enhancing co-ordination between government, government-related and private entities to improve the overall customer experience in Dubai, will allow consumers of free zone businesses to raise their ...

  Read More »
• 5 August

  DAE reports $672.6 million revenue in H1

  DUBAI / WAM Dubai Aerospace Enterprise (DAE) Ltd. reported its financial results for the six months ended June 30. According to the consolidated financial statements, the DAE’s total revenue reached $672.6 million during the first half of 2020 and net income hit $121.7 million. The company’s pre-tax profit margin reached 20% and pre-tax return on equity hit 8.9%. The available ...

  Read More »
• 5 August

  Dafza registers 54% rise in Q1 exports

  

  Dubai / WAM Dubai Airport Freezone Authority (Dafza) achieved positive financial and operational results in the first half of 2020. Throughout the first quarter of the year, Dafza recorded a 54 percent increase in general exports. During this period, China accounted for the highest percentage of Dafza’s trade, with 21 percent at a value of AED 7.7 billion, followed by ...

  Read More »