May, 2019

• 18 May

  Key development projects underway in Fujairah

  

  FUJAIRAH / WAM A wide range of development projects are underway in the UAE’s East Coast Emirate of Fujairah as it seeks to diversify its economy. The Port of Fujairah, its adjacent anchorage and the Fujairah Oil Industry Zone, FOIZ, are already well-established as the second largest oil bunkering centre in the world, with a new 250,000 barrels per day ...

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• 18 May

  China Starbucks rival Luckin climbs after $561 million IPO

  

  Bloomberg Luckin Coffee Inc, a challenger to Starbucks Corp in the race to dominate China’s growing coffee culture, climbed in its trading debut after raising $561 million in an expanded US initial public offering. The Xiamen-based company, which opened at $25, climbed as much as 53 percent in New York trading. Luckin sold 33 million American depositary shares for $17 ...

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• 18 May

  GIC, Tata’s hotel unit partner for $600mn investment in India

  

  Bloomberg Tata Group-controlled Indian Hotels Co Ltd has joined hands with Singapore’s wealth fund, GIC Pte, to invest as much as $600 million over three years in buying hotels in India. The partners will acquire fully-operational hotels mainly in the luxury, upper scale and upscale segments and house these in a separate special purpose vehicle with its own funding, according ...

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• 18 May

  Alibaba faces EU consumer complaints over user terms

  

  Bloomberg Alibaba Group Holding Ltd faces complaints from six European consumer organisations into allegedly unfair user terms for its online retail service, arguing some of the clauses violate European Union law. Consumer groups, including from France, Spain, Italy and the Netherlands, filed complaints with national regulators to probe “unclear” and “problematic contract terms and practices” for AliExpress users in the ...

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• 18 May

  ‘US fabricated tech transfer claims’

  Bloomberg The US “purely fabricated” accusations that Chinese authorities had been forcing foreign companies to transfer technology, according the flagship newspaper of the Communist Party, saying it was an old argument to suppress the country’s development. The US hasn’t been able to provide examples of cases where overseas companies had to do so despite repeated requests by China for evidence, ...

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• 18 May

  Economy to slow in 2019: Hong Kong

  Bloomberg Hong Kong’s government maintained its forecast for gross domestic product growth this year at between 2 percent and 3 percent, as the city grapples with the fallout from the trade war between the US and China. In a release revising up first quarter GDP growth to 0.6 percent from a year ago, the government said the outlook is currently ...

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• 18 May

  Singapore’s BandLab to buy magazines from TI

  Bloomberg BandLab Technologies, a Singapore-based social music platform, has agreed to acquire British music magazines NME and Uncut from TI Media for an undisclosed amount to expand its global music media business. NME, which started as a British weekly in 1952, has evolved into a digital brand. The deal, which includes the brands’ social, digital and print assets, is expected ...

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• 18 May

  Trump lifts steel, aluminum tariffs on Canada, Mexico

  

  Bloomberg President Donald Trump said the US will lift steel and aluminum tariffs on Canada and Mexico, boosting efforts to encourage lawmakers to ratify a new North American trade deal. “I’m pleased to announce that we’ve just reached an agreement with Canada and Mexico and will be selling our product into those countries without the imposition of tariffs or major ...

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• 18 May

  Cisco bullish forecast signals continued corporate spending

  

  Bloomberg Cisco Systems Inc. gave a bullish sales and profit forecast for the current period, a sign that corporations continue to spend on their computer networks despite concern that a trade dispute between China and the US will slow global economic growth. Sales in the fiscal fourth quarter will increase 4.5% to 6.5% from the same period a year earlier, ...

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• 18 May

  Norway’s job vacancies at highest in a decade as economy recovers

  

  Bloomberg The number of vacant jobs in Norway rose to the highest in at least a decade, underscoring the strength of momentum in the oil-rich economy after the central bank flagged another interest rate increase will come again in June. The number of vacancies, seasonally adjusted, rose to 71,800 in the first quarter, Statistics Norway said. That beat a previous ...

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