May, 2019

• 15 May

  FTA celebrates 500 successful days of VAT in UAE

  Abu Dhabi / Emirates Business “The rates of compliance with tax laws and procedures have increased exponentially among all taxable businesses,” said His Excellency Khalid Ali Al Bustani, Director General of the Federal Tax Authority (FTA), in a press statement issued by the Authority to mark 500 days of Value Added Tax (VAT) in the UAE, which went into effect ...

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• 15 May

  ERC intensifies Ramadan programmes in 83 nations

  

  Abu Dhabi / WAM The Emirates Red Crescent (ERC), is intensifying its Ramadan programmes and projects this year in 83 countries worth AED21,810,000 that benefit 1,435,966 people. It also launched many Ramadan programmes related to Ramadan Iftar, Zakat Al Fitr, and Eid clothes in countries suffering from major humanitarian crises and wars. The ERC is supporting Syrian refugees in countries ...

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• 15 May

  DMCC, TradeAssets sign MoU to mitigate online transactions risk

  

  Dubai / WAM DMCC, a Free Zone for commodities trade and enterprise, on Wednesday announced its collaboration with TradeAssets, the first blockchain-powered trade finance e-marketplace of its kind for banks. Through its collaboration with DMCC Tradeflow, a dedicated flexible and customised online platform for registering possession and ownership of commodities in the UAE, TradeAssets will gain access to a larger ...

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• 15 May

  Wanda to plow billions into China

  

  Bloomberg Billionaire Wang Jianlin is setting his sights back on China after government scrutiny of his group’s overseas deals resulted in an end to a global expansion spree. Wang’s Dalian Wanda Group Co unveiled plans to spend $11.6 billion in the northeastern city of Shenyang, the biggest of the mainland investments it announced in the past six months. The money ...

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• 15 May

  Tencent’s profit tops estimates, reassuring skittish investors

  

  Bloomberg Tencent Holdings Ltd’s quarterly earnings beat estimates, boosted by gains on investments, giving shareholders much-needed assurance the Chinese gaming behemoth is bound for a revival. Net income rose 17 percent to 27.21 billion yuan ($4 billion) in the three months ended in March compared with the 19.4 billion-yuan average of analysts’ estimates. Revenue climbed 16 percent, about a third ...

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• 15 May

  Tata Sons to fold food businesses into single unit

  

  Bloomberg Tata Sons Ltd is set to transfer all its branded food businesses to Tata Global Beverages Ltd from Tata Chemicals Ltd, according to people with knowledge of the matter, as India’s biggest conglomerate streamlines its corporate structure. Tata Global Beverages will buy all food brands and give shares in return to Tata Chemicals, the people said asking not to ...

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• 15 May

  SoftBank leads funding of over $200m in Indian online grocer

  

  Bloomberg Masayoshi Son isn’t losing his appetite for backing money-losing startups. Son’s SoftBank Vision Fund is leading an investment round of more than $200 million in Grofers, the Indian online grocery startup said in a statement. Tiger Global and Sequoia Capital and new investor KTB joined SoftBank in the deal, which pushes the company’s valuation to almost $1 billion even ...

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• 15 May

  Indonesia worried about being added to Trump’s trade hit list

  

  Bloomberg Indonesia is worried about being targeted by Donald Trump in a wider protectionist push, as trade tensions between the US and China continue to escalate, a senior minister said. The Southeast Asian nation’s large trade surplus with the US may invite further scrutiny by the Trump administration even as the spat between the world’s two biggest economies offers potential ...

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• 15 May

  T-Mobile, Sprint mull concessions to salvage $26.5bn merger deal

  

  Bloomberg T-Mobile US Inc. and Sprint Corp., fighting to win regulatory clearance for their $26.5 billion merger, are considering possible concessions to salvage the deal, according to people familiar with the situation. Among the top options being discussed is the separation and potential sale of their so-called prepaid businesses, said the people, who asked not to be identified because the ...

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• 15 May

  German economy rebounds despite manufacturing slump

  

  Bloomberg Germany’s economy emerged from stagnation at the beginning of 2019, returning to growth despite a slump in manufacturing that could worsen because of escalating global trade tensions. The 0.4% expansion signals some strength across the euro area in the first quarter amid a better-than-expected performance in a number of countries. But industry is under pressure and the region is ...

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