February, 2019

• 6 February

  Boeing sued for negligence in Malibu wildfire

  

  Bloomberg Boeing Co. was accused of negligence tied to a wildfire that tore through Malibu, California, in November and that purportedly started on the grounds of the nearby, disused Rocketdyne testing site. A group of homeowners sued Boeing along with Edison International, the parent of the utility they say was at fault in igniting the fire, in Los Angeles. They ...

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• 6 February

  US retail sales slowing this year as economy cools off

  

  Bloomberg Retail sales growth in the US is expected to slow down in 2019 amid cooling economic conditions, according to the National Retail Federation, an industry trade group. Americans will boost retail spending by 3.8 percent to 4.4 percent this year, the NRF said. For comparison, preliminary estimates show that sales rose 4.6 percent in 2018, according to the group. ...

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• 6 February

  Fullbeauty breaks record for fastest US bankruptcy

  

  Bloomberg Fullbeauty Brands Inc., the women’s plus-size retailer, set a record for the fastest US corporate bankruptcy after taking less than 24 hours to win court approval for its plan to restructure the company. The company had support from all its stakeholders when it filed for Chapter 11 status in the US Bankruptcy Court in White Plains, New York. Fullbeauty, ...

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• 5 February

  UAE is capital of tolerance, peace, says Sheikha Fatima

  ABU DHABI / WAM HH Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union (GWU), Supreme Chairwoman of the Family Development Foundation (FDF) and President of the Supreme Council for Motherhood and Childhood, stressed that the UAE is a nation of tolerance and peace whose foundations were laid by the late Sheikh Zayed bin Sultan Al Nahyan, and the ...

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• 5 February

  Aramex net profit jumps 13% in 2018

  

  DUBAI / WAM Aramex, the leading global provider of comprehensive logistics and transportation solutions, on Tuesday announced its financial results for the fourth quarter and full year ending on December 31, 2018. The 2018 full year revenue increased by 8% to AED5,086 million, compared to AED 4,721 million in FY 2017. Aramex’s net profit in 2018 increased by 13% to ...

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• 5 February

  Empower gets syndicated loan of AED1.5bn

  DUBAI / WAM Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, has announced that it has secured a syndicated loan of AED1.5 billion through a group of local, regional and international banks to finance its new projects. The loan will be used to expand the capacity and district cooling infrastructure in various projects.

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• 5 February

  WGS to put spotlight on volatility of labour market

  DUBAI / Emirates Business Preparing future generations to adapt to the changes in the workplace brought about by the Fourth Industrial Revolution has never been more critical. Developments in AI, genetics, nanotechnology and biotechnology, to name just a few domains, have transformed the job market irreversibly. It is with this forward-looking premise that the UAE will launch the inaugural Advanced ...

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• 5 February

  ‘No VAT on donations, grants, sponsorships in some cases’

  DUBAI / WAM The Federal Tax Authority (FTA), clarified that donations, grants and sponsorships are outside the scope of Value Added Tax (VAT), only when no benefit is received in return. Any benefit in return for such payments will be subject to VAT, the authority said. The authority had issued a new clarification on VAT treatment for donations, grants and ...

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• 5 February

  Ajman Free Zone to take part in innovation forum on Feb 10

  Ajman / Emirates Business Ajman Free Zone (AFZ) will participate in the UAE’s Innovation Month of February with an Innovation Forum called Digitalised Workplace, which is open to the public. The event, to be held on February 10 at Marsa Ajman will host a wealth of speakers representing globally recognized businesses Microsoft and Salesforce, for whom innovation has been key ...

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• 5 February

  MoE, Masdar to collaborate on sustainability education

  Abu Dhabi / WAM Masdar – the Abu Dhabi Future Energy Company – is collaborating with the Ministry of Education (MoE) on its Innovation Ambassador Programme 2019, to support the UAE Vision 2021 through a mutual exchange of knowledge and expertise, empower youth, and build sustainability awareness. A Memorandum of Understanding (MoU), was signed on Tuesday at a special ceremony on ...

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