July, 2019

• 14 July

  Dubai set to be friendliest place for ‘people of determination’

  

  DUBAI / WAM Dubai’s successful development model, which has seen it become one of the world’s most prominent cities in the last few decades, has always had inclusive growth and social well-being at its centre. Nowhere is its focus on human welfare more evident than its investment in improving the lives of people with special needs. At the launch of ...

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• 14 July

  Huawei plans to cut jobs in US-based R&D unit, says WSJ

  

  Bloomberg Huawei Technologies Co is planning to cut jobs at its US subsidiary as the Chinese technology giant continues to struggle with its American blacklisting, the Wall Street Journal reported, citing unidentified people familiar with the situation. The cuts are expected to affect employees at Futurewei Technologies Inc, a research-and-development subsidiary that employs about 850 people in states including Texas, ...

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• 14 July

  Samsung secures emergency supply of materials from Japan

  

  Bloomberg Samsung Electronics Co has secured emergency supplies of three key materials that Japan had cut off as part of its export restrictions, averting a crisis at the South Korean company’s production lines. Samsung Vice Chairman Lee Jae-yong shared the “outcome” of his Japan trip with the company’s management during a directors’ meeting he hosted, Yonhap reported, citing unidentified people ...

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• 14 July

  Porsche, Ferarri to recall cars in China

  Bloomberg A unit of Porsche Automobil Holding SE will recall 57,200 imported Cayenne and Panamera cars due to faulty transmission components, while a unit of Ferrari NV will recall 200 vehicles due to faulty airbags. The Porsche recall will start from August 26, China’s State Administration for Market Regulation said in a statement. Ferrari’s will start from October 10, the ...

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• 14 July

  Tiger Global fuels India startup boom with deal-making spree

  

  Bloomberg Tiger Global Management has examined at least a dozen deals with Indian startups in recent months, according to multiple people with knowledge of the talks, illustrating global investors’ fierce interest in the country’s technology ecosystem. The ultra-secretive New York-based hedge fund has closed investments in at least half of these startups — nearly all of them in fintech or ...

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• 14 July

  Beyond trade war, China economy is struggling to stabilise

  

  Bloomberg China is grappling with a slowdown that will see output growth slide to the weakest pace in almost three decades this year, as factors far beyond the trade war with the US weigh on the world’s second-largest economy. Gross domestic product is forecast to grow at 6.2 percent in the second quarter, the slowest in a three-month period since ...

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• 14 July

  FTC approves Facebook’s $5b US privacy settlement

  

  Bloomberg US officials approved a record $5 billion privacy settlement with Facebook Inc to resolve the Cambridge Analytica data scandal, people said, prompting an immediate outcry from lawmakers and privacy advocates who said it didn’t go far enough. Although details of the settlement with the US Federal Trade Commission (FTC) weren’t announced, the fine is steep but far from devastating ...

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• 14 July

  Bayer loses bid for new trial in $80m ‘Roundup case’

  

  Bloomberg Bayer AG won’t get a new trial in the case of a California man who was awarded $80 million by a jury after it found exposure to the company’s Roundup weed killer caused his cancer. US District Judge Vince Chhabria in San Francisco is expected to issue a second ruling on Monday on whether to reduce the damages in ...

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• 14 July

  Power failure hits New York on anniversary of 1977 outage

  

  Bloomberg A chunk of New York City plunged into darkness for hours as 72,000 customers on Manhattan’s West Side lost power on the anniversary of the historic 1977 blackout. Energy supply has since been fully restored, Governor Andrew Cuomo said. The outage affected an area stretching from Fifth Ave to the Hudson River, and from West 42nd through 71st streets, ...

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• 14 July

  UK faces highest recession risk since 2007

  Bloomberg The risk of a UK recession is at its highest level in more than a decade, according to the Resolution Foundation. Using yields on government bonds as a measure, the think tank sees the greatest likelihood of a deep slump since just before the financial crisis. The decline of the pound, a widening current account deficit, and poor economic ...

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