July, 2018

• 28 July

  Britons spend more than they earn for first time since 1988

  

  Bloomberg Are Britons living beyond their means? That’s the question being asked by the Office for National Statistics after households saw their outgoings exceed their incomes last year for the first time in three decades. Each household spent or invested about 900 pounds ($1,187) more than they received on average — 25 billion pounds in total, according to an ONS ...

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• 25 July

  First UAE-made satellite set for launch before 2018-end

  ABU DHABI / WAM Preparations are in full swing to launch KhalifaSat, the first satellite fully built in the UAE by a team of highly qualified Emirati engineers, into orbit before end of the year from the ground station in Japan aboard the rocket, H-IIA, revealed Director-General of the UAE Space Agency. ‘‘The UAE Space Agency is planning to launch ...

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• 25 July

  2800 Yemenis benefit from ERC aid in Hodeidah

  HODEIDAH / WAM Up to 2800 Yemenis in Ad Durayhimi District of the Hodeidah Governorate have benefitted from an extensive humanitarian airdrop operation carried out by Saudi-led Arab Coalition Forces, for second time in a week. Utilising state-of-the-art technology, including parachutes and GPS techniques, the airdrop, which included 400 food parcels, as well as mineral water provided by the Emirates ...

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• 25 July

  DP World to build new logistics hub in Mali

  

  DUBAI / WAM DP World has signed a 20-year concession with an automatic 20-year extension with the Republic of Mali to build and operate a 1000-hectare modern logistics hub outside of Bamako, the capital and largest city of Mali. The multimodal logistics platform, Mali Logistics Hub (MLH) will have inland container depots (ICD) and Container Freight Stations (CFS) that will ...

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• 25 July

  UAE, Mideast economic confidence at 3-year high

  

  DUBAI / Emirates Business Economic confidence in the UAE and the Middle East rebounded further in the second quarter of the year and is now at its highest level since Q2 2015, despite a slowdown in the global economic recovery that started in late 2016, finds the latest edition of ACCA (the Association of Chartered Certified Accountants) and IMA Global ...

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• 25 July

  FTA classifies ‘eligible goods’ for calculating VAT

  ABU DHABI / WAM The Federal Tax Authority (FTA) has determined three main categories of “eligible goods” for calculating Value Added Tax (VAT) on the basis of the profit margin scheme. These are second-hand goods, meaning tangible movable property that is suitable for further use as it is or after repair; antiques, i.e. goods that are over 50 years old; ...

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• 25 July

  ADGM issues public consult on framework for PFPs

  

  ABU DHABI / WAM Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, on Wednesday published a consultation paper setting out its proposed regulatory framework for operators of Private Financing Platforms (PFPs) in ADGM. The consultation paper follows positive feedback received from the industry in response to the March discussion paper issued by the Financial Services Regulatory ...

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• 25 July

  Ireland to back UK request to delay Brexit

  

  Bloomberg Ireland would back any request by the UK to stay in the European Union after March 2019, Irish Foreign Minister Simon Coveney said, the first senior EU official to publicly raise the prospect of Brexit being delayed. The Irish government would “absolutely” support the British government if it sought more time for negotiations with the bloc, Coveney told BBC ...

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• 25 July

  Bodyguard row: Macron aims to contain damage

  

  Bloomberg A week after the scandal of the French president’s bodyguard broke, Emmanuel Macron is finally trying to steady the ship. With surveys showing voters were demanding an explanation from their head of state after Le Monde newspaper released videos of his private bodyguard beating demonstrators at a May Day protest, Macron addressed a private meeting of his lawmakers and ...

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• 25 July

  McConnell warns Russia, pushes for new sanctions

  

  Bloomberg The fallout in Congress over President Donald Trump’s summit with Russian President Vladimir Putin stretched into a second week, with Senate Majority Leader Mitch McConnell issuing a stern warning to Moscow that more sanctions may be in store. “The Russians better quit messing around in our elections,” McConnell said. “They did it the last time. They better not do ...

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