July, 2018

• 28 July

  US growth hits 4.1%, fastest since 2014

  

  Bloomberg The US economy accelerated to a 4.1 percent pace of growth in the second quarter, the fastest since 2014, letting President Donald Trump claim a win for his policies even though expansion is projected to cool. The annualized rate of gains in gross domestic product was just shy of the 4.2 percent median forecast in a Bloomberg survey. It ...

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• 28 July

  IBM wins $83mn from Groupon in ‘patent’ fight

  

  Bloomberg A US jury awarded International Business Machines Corp. $82.5 million after finding that Groupon Inc. infringed four of its e-commerce patents. The verdict is a boon to IBM’s intellectual-property licensing business, which last year brought in $1.19 billion for the company, holder of more than 45,000 patents. Groupon fell 7.8 percent to $4.84 in New York trading. IBM sued ...

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• 28 July

  Steinhoff’s ex-Europe CFO quits

  

  Bloomberg Steinhoff International Holdings NV said the former head of finance in Europe has left the boards of two key units as an investigation into the scandal-hit retailer’s inaccurate accounts deepens. The owner of Conforama in France and Mattress Firm in the US, which last week won support from a majority of creditors to restructure its 9.4 billion euros ($11 ...

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• 28 July

  Canada cuts US and China out of talks on reforming global trade

  

  Bloomberg Canada’s new Minister of International Trade Jim Carr has invited a dozen trade ministers to meet in October to discuss how to fix the World Trade Organization (WTO). But two countries have been left off the list: the US and China. The goal is to “identify concrete and tangible ways the operation and function of the WTO can be ...

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• 28 July

  Zuckerberg loses $16.8bn in a snap

  Bloomberg Mark Zuckerberg is counting the cost of user disenchantment with Facebook Inc. His fortune tumbled by $16.8 billion in late trading, as shares of the social media giant slid 20 percent in New York on disappointing results. If that holds through, he will slide to sixth place from third on the Bloomberg Billionaires Index. It would also wipe his ...

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• 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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