March, 2018

• 18 March

  Walmart whistleblower claims cheating in race with Amazon

  

  Bloomberg In its race to catch Amazon.com Inc. in online retailing, Walmart Inc. issued misleading e-commerce results and fired an executive who complained the company was breaking the law, according to a whistle-blower lawsuit. Tri Huynh, a former director of business development at Walmart, claims he was terminated “under false pretenses” after repeatedly raising concerns about the company’s “overly aggressive ...

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• 17 March

  FNC, Estonia discuss mutual cooperation

  ABU DHABI / WAM Mohammed bin Kardous Al Ameri, Chairman of the Defence, Interior and Foreign Affairs Committee at the Federal National Council (FNC) met Marko Mihkelson, Chairman of the Foreign Affairs Committee of the Parliament of Estonia (Riigikogu), in Abu Dhabi. Al Ameri emphasised the importance of exchanging visits by the representatives of the parliamentary bodies of the two ...

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• 17 March

  DIFC completes ‘The Exchange’ building

  DUBAI / WAM Dubai International Financial Centre (DIFC) announced on Saturday the completion of ‘The Exchange’ building. Located in DIFC’s Gate Village, The Exchange is a Ground + 8 storey building with a total leasable area of 147,000 sqft, of which 114,000 sq. ft. is office space and 33,000 sqft is retail space. The AED180 million building comprises 5 basement ...

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• 17 March

  Adnoc Distribution signs landmark deal with Géant

  

  ABU DHABI / WAM Adnoc Distribution has unveiled a partnership with global retail brand Géant, in a clear signal that the UAE’s largest fuel and convenience store retailer is becoming more customer-centric in an effort to boost its financial performance. Under the agreement with Urban Foods, which operates Géant in the UAE, ten existing Adnoc Distribution convenience stores will be ...

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• 17 March

  Tech giants to face 3% tax on revenue under EU plan

  Bloomberg Large digital companies operating in the European Union, such as Alphabet Inc. or Twitter Inc., could face a 3% tax on their gross revenues based on where their users are located, according to a draft proposal by European Commission. The draft was circulated and outlines how a targeted levy on gross revenues would increase the tax bill digital giants ...

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• 17 March

  G-20 outlines threat to growth

  Bloomberg Global finance chiefs are set to warn that the broadest and stro-ngest economic expansion since the turn of the decade would be thrown into jeopardy if governments turn inward. In the draft of a statement that finance ministers and central bankers will discuss during talks in Buenos Aires beginning on Monday, the Group of 20 repeated a pledge to ...

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• 17 March

  Momin Group opens new production facility at Jafza

  DUBAI / Emirates Business DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem has inaugurated a new manufacturing unit for the Momin Group at Jebel Ali Free Zone (Jafza). The facility has a built-up area of over 10,000 sqm for production of vegetable ghee, soft oils such as corn, canola and sunflower and processing of soya bean oil for ...

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• 17 March

  Sharjah Ruler releases collection of his historical books in France

  

  Paris / WAM His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, inaugurated, in the presence of HH Sheikha Jawaher bint Mohammad Al Qasimi, wife of His Highness the Ruler of Sharjah and Chairperson of the Supreme Council for Family Affairs (SCFA) and Sheikha Bodour bint Sultan Al Qasimi, Founder and CEO of ...

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• 17 March

  UAE leads region in ‘project completion’

  

  Dubai / Emirates Business MEED has announced this year’s finalists of the only recognition scheme honouring completed projects in the Gulf region. A total of 94 projects from Bahrain, Kuwait, Oman, Saudi Arabia and the United Arab Emirates are competing for honours in 16 different categories of the annual MEED Projects Awards, in association with Mashreq. The UAE led the ...

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• 17 March

  Emirates to close $600mn sukuk

  

  Dubai / Emirates Business Emirates had announced a successful execution of a $600 million sukuk (Islamic finance issuance). The issuance received a good response from both local and international investors. The issuance of the Trust Certificates, in the principal amount of $600 million will be repaid in an amortizing format over 10 years with legal maturity in March 2028. The ...

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