July, 2019

• 9 July

  Dubai Chamber, DP World sign pact on Digital Silk Road initiative

  

  DUBAI / WAM Dubai Chamber of Commerce and Industry announced that it has signed a memorandum of understanding (MoU) with DP World — UAE Region, to collaborate on the Digital Silk Road, a Dubai 10X initiative which is expected to be launched by 2020. The Digital Silk Road is a smart digital platform which utilises blockchain technology to increase the ...

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• 9 July

  RTA, FTA and Etihad Rail review railways legislation

  DUBAI / WAM Dubai’s Roads and Transport Authority (RTA), Federal Transport Authority — Land and Maritime (FTA), and Etihad Rail discussed the existing cooperation between the three entities and the federal legislation regulating rail networks in the UAE. At a coordinative meeting held RTA headquarters, Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of RTA, Ahmed ...

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• 9 July

  UAE committed to creating future of global industry

  

  YEKATERINBURG / WAM Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, highlighted the UAE’s commitment to creating the future of global industry and achieving sustainable development. In his speech during the launch of the second edition of the Global Manufacturing and Industrialisation Summit (GMIS), held in the Russian city of Yekaterinburg, Al Mazrouei said that the ...

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• 9 July

  India’s Adani doubles down on ‘controversial’ coal mine

  

  Bloomberg The Indian billionaire behind the controversial Carmichael coal mine in Australia is hitting back at criticism the endeavor will be both unprofitable and too dirty. In an interview in New Delhi, Gautam Adani took aim at two major faults opponents have flung at the development: that the mine’s low-quality coal won’t earn enough money to justify his $2 billion ...

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• 9 July

  Thailand minimum wage set for second increase in 2 years

  

  Bloomberg Thailand is set to increase minimum wages for a second straight year as it looks to attract workers amid an aging population and shortage of labour in key industries. A subcommittee to decide on the extent of increase will meet in the next one to two months to assess the revision based on the state of the economy and ...

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• 9 July

  Viktor Orban ally’s tech firm seals Deutsche Telekom deal

  

  Bloomberg A tiny company linked to Prime Minister Viktor Orban’s closest business ally agreed to take over a much bigger unit of Deutsche Telekom AG’s local subsidiary in Hungary, in the most high-profile acquisition to date for the premier’s circle of business partners. 4iG, partly owned by Lorinc Meszaros, a former gas fitter from Orban’s home village, signed the deal ...

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• 9 July

  Germany’s BioNTech raises $325m to spur research on cancer

  

  Bloomberg The German cancer-treatment researcher BioNTech raised $325 million from investors, one of the largest financing rounds ever by a European biotechnology company. The second-round haul brings closely held BioNTech’s total fundraising to more than $1.4 billion, according to Sean Marett, the company’s chief business officer. The figure is high even by standards in the US, where the valuations of ...

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• 9 July

  PepsiCo posts profit beating estimates on soda, snack sales

  Bloomberg PepsiCo Inc reported quarterly profit that beat estimates with brands including Mountain Dew soda and Doritos chips boosting results. Second-quarter earnings, excluding some items, amounted to $1.54 a share, compared with projections of $1.50. Revenue of $16.44 billion was narrowly ahead of estimates. PepsiCo has boosted its marketing spending as it tries to drive growth in an increasingly competitive ...

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• 9 July

  London’s ethnicity pay gap sees minority workers paid 22% less

  

  Bloomberg Workers from ethnic minority groups in London are paid 21.7 percent less on average than white employees, according to Office for National Statistics data. The capital — which is home to the highest proportion of workers identifying as being from an ethnic minority group — had the largest pay gap in the country last year, figures drawn from the ...

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• 9 July

  Salini to make $1.7b bet to save Italy’s construction hub

  

  Bloomberg Italy’s construction industry is crumbling after years of recession and bad investments, but now the sector’s biggest player is betting it can be rebuilt. Salini Impregilo SpA, whose projects have included expansion of the Panama Canal to a new subway line in Riyadh, plans to create a 1.5 billion-euro ($1.7 billion) construction hub dubbed “Progetto Italia,” or Project Italy, ...

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