July, 2019

• 10 July

  Abu Dhabi, Japan to spur energy sector ties

  ABU DHABI / WAM A delegation from the Abu Dhabi Department of Energy (DoE) led by Chairman, Awaidha Al Marar, is visiting Japan this week to share the emirate’s experience in developing the energy sector and to exchange expertise with the Japanese energy ministries and organisations. During the visit, the DoE delegation will place particular focus on sustainability projects, demand-side ...

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• 10 July

  UAE’s ‘gold card’ initiative boosts investor sentiment

  

  Dubai / Emirates Business A survey of UAE investors and residents show that the recently implemented UAE Permanent Residency Scheme has created a positive sentiment in the investment community. A random survey of 1,012 respondents indicate that existing investors have more appetite to increase their portfolio, while would-be investors are now more open to start investing. Seventy-nine per cent of ...

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• 10 July

  DIFC introduces four new licencing categories, fees

  

  DUBAI / WAM Dubai International Financial Centre (DIFC) is continuing to prioritise the ease of doing business with the introduction of new licencing categories and fees designed to make establishing businesses within the Centre easier and more affordable. Four new licencing categories were introduced as part of the new Operating Law and Regulations, including Short-term and Restricted Licences, Comme- rcial ...

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• 10 July

  Chinese contract drugmaker plans Hong Kong listing

  Bloomberg Pharmaron Beijing Co is planning a Hong Kong share sale only six months after the contract drugmaker went public in China, according to people with knowledge of the matter. The Shenzhen-listed company is working with financial advisers as it prepares to sell shares in Hong Kong as soon as this year, the people said, asking not to be identified ...

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• 10 July

  Geely profit warning seen as ‘bad omen’ for others

  

  Bloomberg Geely Automobile Holdings Ltd, controlled by Volvo Cars owner Li Shufu, issued a profit warning that drove down its shares and those of other Chinese automakers as it sparked concern investors are underestimating the depths of the industry’s slump. Shares of Geely, which said first-half profit plunged an estimated 40 percent, dropped as much as 7.6 percent in Hong ...

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• 10 July

  Rocket scientist’s vegetable startup seeks to raise $500m

  

  Bloomberg Meicai, a Chinese startup that connects vegetable farmers with restaurants, is seeking at least $500 million in funding to try and grab a larger slice of a fragmented food sourcing market, people familiar with the matter said. The company is looking to achieve a valuation of between $10 billion and $12 billion, one of the people said. The figures ...

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• 10 July

  US says Huawei still ‘blacklisted’

  

  Bloomberg The US said it would grant licenses allowing companies to export goods to Huawei Technologies Co but won’t remove the Chinese technology giant from an export blacklist, as talks between the world’s two biggest economies resumed. The Department of Commerce will “issue licenses where there is no threat to US national security,” though Huawei will continue to face export ...

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• 10 July

  EU cuts growth forecasts for next year over trade tensions

  

  Bloomberg The European Commission cut its euro-area growth and inflation forecast for next year as trade tensions and policy uncertainty weigh on the region, strengthening Mario Draghi’s case for further stimulus measures. The latest warning comes just two weeks before the European Central Bank (ECB’s next policy meeting, where it may lower interest rates or signal that action is imminent. ...

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• 10 July

  Hyundai Motor set to make foray into US pickup market

  

  Bloomberg Hyundai Motor Co expects to enter the US pickup market soon with what’s likely to be an American-made vehicle aimed at luring buyers who aren’t traditional truck owners, an executive said. “It’ll be a very versatile vehicle,” Michael O’Brien, vice president of product, corporate and digital planning for Hyundai’s US unit, said in an interview. “That has the promise ...

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• 10 July

  London mayor’s new levy is discriminatory, say Uber drivers

  

  Bloomberg London Mayor Sadiq Khan’s decision to charge Uber Technologies Inc drivers to operate in the city centre amounts to racial discrimination and puts some out of business, lawyers for the drivers said in court, in the latest stage of a long-running battle between those working for the ride-hailing firm and traditional cabbies. A union representing Uber drivers is suing ...

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