November, 2019

• 24 November

  UAE, Montenegro ink number of MoUs

  

  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, and Milo Dukanovic, President of Montenegro, attended the signing of several Memoranda of Understanding, MoUs, on Sunday to expand cooperation between the two countries in areas of tourism and culture. The signed MoUs included: ...

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• 24 November

  DIFC launches global currency exchange, payments company

  

  DUBAI / WAM Dubai International Financial Centre (DIFC), announced the launch of global currency exchange and payments company WorldFirst in the Centre. UK headquartered WorldFirst was acquired by Ant Financial, the financial technology arm of Alibaba Group Holding Limited in February 2019. The expansion to Dubai with a representative office in the centre will enable WorldFirst to provide currency exchange ...

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• 24 November

  RTA launches Digital Coach

  

  Dubai / WAM Dubai’s Roads and Transport Authority (RTA), launched the Digital Coach project for training public transport riders. The move is in line with the UAE Strategy for artificial intelligence (AI), and technology is the first of its kind in training drivers worldwide. This robot is configured to train both novice and professional drivers in need of further exposure ...

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• 24 November

  Sharjah Islamic Bank wins Wells Fargo award

  

  SHARJAH / WAM Sharjah Islamic Bank (SIB) received the Wells Fargo Operational Excellence Award 2018-2019. The award is granted for banks that achieve over 95 percent straight through processing rate of their payments through Wells Fargo money transfer systems. According to a bank statement, winners of the Operational Excellence Awards were judged based on several criteria’s. SIB as an entity ...

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• 24 November

  Emirates Steel to showcase its products, services at Big 5

  

  Abu Dhabi / Emirates Business Emirates Steel, the only integrated steel plant in the UAE and a subsidiary of the General Holding Corporation (Senaat), is participating in the Big 5 International Building and Construction Show 2019. The steel manufacturer will showcase its range of high quality steel products, services and solutions with leaders in the national and regional construction industry. ...

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• 24 November

  China to raise penalties on IP theft in trade war talks

  

  Bloomberg China said it will raise penalties on violations of intellectual property rights (IPR) in an attempt to address one of the sticking points in trade talks with the US. The country will also look into lowering the thresholds for criminal punishments for those who steal IP, according to guidelines issued by the government. It didn’t elaborate on what such ...

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• 24 November

  Telenor to pay $235.6m in Bangladesh dispute

  

  Bloomberg Telenor ASA’s Bangladesh unit was ordered by the country’s Supreme Court to pay 20 billion taka ($235.6 million) to the nation’s regulator, the latest step in a long-running dispute, a lawyer for the company said. The order doesn’t resolve the case, which involves Bangladesh Telecommunication Regulatory Commission seeking 125.8 billion taka from the unit, Grameenphone Ltd, the lawyer, Sharif ...

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• 24 November

  Sony in talks to acquire Ambani’s TV network

  

  Bloomberg Sony Corp is in talks to acquire a stake in the Indian television network controlled by billionaire Mukesh Ambani, as the Japanese giant seeks to tap booming demand for content in the South Asian nation, according to people familiar with the matter. The Tokyo-based company is currently conducting due diligence on Ambani’s Network18 Media & Investments Ltd before any ...

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• 24 November

  Battery giants hit by slump in China

  

  Bloomberg CATL and BYD Co saw sharp declines in sales of electrified-vehicle batteries in September as demand weakened in China, where the government is cutting subsidies in the EV sector. Sales by market leader Contemporary Amperex Technology Co Ltd (CATL) fell 10%, while BYD’s slumped 71%, causing it to lose its No. 3 ranking to South Korea’s LG Chem Co, ...

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• 24 November

  Indian tycoon loses $3b as mobile war weighs on wealth

  

  Bloomberg The financial distress at Vodafone Group Plc’s Indian venture has dragged down the wealth of Kumar Mangalam Birla whose group is the second-largest investor in the teetering wireless carrier. The tycoon, who joined forces with the British operator last year, has lost about a third of his fortune since the end of 2017 as mounting losses and debt decimated ...

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