January, 2018

• 24 January

  Tesco, Sainsbury cut roles as retail costs rise

  

  BLoomberg Tesco Plc and J Sainsbury Plc, the United Kingdom’s biggest grocers, are cutting thousands of management positions as intense competition and wage increases heap more pressure on Britain’s beleaguered retailers. Sainsbury is cutting management roles across its convenience stores and supermarkets, the London-based retailer said. That followed an announcement from larger rival Tesco, which is scrapping 1,700 management jobs ...

  Read More »
• 24 January

  After hefty gains, Chinese airline shares may rise more

  

  Bloomberg China’s top three airlines saw their Hong Kong-listed shares surge last year, but there is still potential for more gains. China Southern Airlines Co., Air China Ltd. and China Eastern Airlines Corp. are trading at a discount to peers in the region and their valuations, by some metrics, are still off their peaks in the past five years. Analysts ...

  Read More »
• 24 January

  India ending curbs to benefit 10 global retailers

  Bloomberg India will witness about 10 foreign single-brand retailers starting operations after PM Narendra Modi removed the need for a federal approval, a senior minister said. The companies which have sought government permission to set up single-brand establishments include Fast Retailing Co., operator of Japanese casual-wear brand Uniqlo. It had submitted an application in November in 2017. Tesla Inc. is ...

  Read More »
• 24 January

  US stocks fall on trade bluster, dollar drops to three-year low

  

  Bloomberg US stocks declined as Trump administration officials stepped up protectionist rhetoric. The dollar sank to a three-year low after American officials endorsed a weaker currency to boost exports. Comments from Commerce Secretary Wilbur Ross and Treasury Secretary Steven Mnuchin set the tone on global financial markets on Wednesday, with the officials blaring the Trump team’s America First message before ...

  Read More »
• 24 January

  Gold heads towards highest close since ’16

  

  Bloomberg Gold advanced for a fifth day, heading for the highest close since August 2016, as investors got behind a rally brought on by a falling dollar. Volume soared in the futures market, with trading more than double the daily average. Metal for immediate delivery climbed above $1,350 an ounce after holdings in exchange-traded metal climbed to the highest level ...

  Read More »
• 24 January

  Davos elite defends globalisation

  Bloomberg The world’s political and corporate elite gathered in the Swiss ski resort of Davos delivered a robust defense of globalisation as US President Donald Trump slapped tariffs on imported solar panels and washing machines in his first major trade action. The push-back also came as a group of 11 countries, including Japan and Canada, agreed to move forward on ...

  Read More »
• 24 January

  UAE to establish Fourth Industrial Revolution hub

  

  Dubai / WAM Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future, Vice Chairman of the Board of Trustees and Managing Director of the Dubai Future Foundation (DFF) and Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF) signed a Memorandum of Understanding (MoU) to establish a Fourth Industrial Revolution Centre in the ...

  Read More »
• 24 January

  ‘Business sector highly cooperative on VAT’

  

  Dubai / WAM The Federal Tax Authority (FTA) reported a high level of responsiveness and cooperation from the shipping, customs clearance, logistics sectors with regulations surrounding the implementation of the Value Added Tax (VAT), which came into effect on January 1, 2018. The FTA made the announcement during an introductory workshop that tackled the anticipated effects of VAT on internal ...

  Read More »
• 24 January

  Dubai’s PCFC, IBM to launch cloud disaster recovery service

  

  Dubai / WAM Dubai’s Port, Customs and Free Zone Corporation (PCFC) and its technical arm (DUTECH), along with IBM signed an agreement to launch a cloud-based disaster recovery service in Dubai. The new service will provide organisations in Dubai with cloud-based business continuity capabilities and faster disaster recovery of critical IT systems and the ability to store its data in-country. ...

  Read More »
• 24 January

  Mohamed, Aga Khan exchange talks on humanitarian projects

  Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Wednesday received Aga Khan IV, Imam of the Shia Ismaili Muslims, who is currently visiting the country. During the meeting, Sheikh Mohamed welcomed Aga Khan and exchanged talks with him on issues of mutual ...

  Read More »