August, 2017

• 26 August

  Driverless tech confronts rules written for drivers

  

  Bloomberg When the US government finally got around to regulating auto safety in 1967, it insisted that every car have seatbelts and that the steering column be engineered to absorb impact so it wouldn’t spear the driver. The safety rulebook has since swelled to nearly 900 pages and encompasses everything from electronic stability control to rear-view backup cameras. Through all ...

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• 26 August

  I-Life launches new ‘all-in-one touch’ PC

  DUBAI / Emirates Business A developer for innovative technologies; I-Life Digital Technology announced launch of its advanced All-in-One (PAIO) PC under its Zed product series. The ultra-slim ZedPC is designed to offer business and home users the best PC experience at a valuable price. Powered by latest Intel Celeron Processor, Intel HD Graphics & Windows 10 operating system, the ZedPC ...

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• 26 August

  ‘LG Signature’ seeks to re-define future of luxury home appliances

  

  DUBAI / Emirates Business The new LG SIGNATURE brand from LG Electronics (LG), which combines finest of LG’s cutting-edge technology and world-class design with an exquisite attention to detail for today’s most discerning consumers, has been launched across the GCC. The ultra-premium brand was unveiled at a gala ceremony at the Dubai Opera. The rich and exquisite design of the ...

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• 26 August

  China’s HNA raises billions from shadow banks that worry Beijing

  

  Bloomberg Few companies have come to symbolise China’s global ambitions quite like HNA Group Co. In just three years, the private conglomerate has invested at least $45 billion around the world. How did HNA pay for it all? That question is gaining new urgency as Beijing moves to curb debt-fueled overseas investments that could ultimately pose risks to the nation’s ...

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• 26 August

  Nigeria offers liquidity to boost Islamic banking

  

  Reuters Nigeria’s central bank said it is setting up two financial instruments to provide liquidity support to its non-interest paying lenders. It is a push by Nigeria, home to the largest Muslim population in sub-Saharan Africa, to establish itself as the African hub for Islamic finance, which follows religious principles such as bans on interest and gambling. The central bank ...

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• 26 August

  Guptas dismantle South African empire as bank accounts close

  

  Bloomberg The Gupta family are selling their assets in South Africa to little-known companies as their access to banking facilities dries up and allegations intensify that they used their friendship with President Jacob Zuma to wield undue influence over his administration. On Wednesday they announced the sale of a coal business to a Swiss company that has no history in ...

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• 26 August

  Bitcoin winner riding crypto wave aims to raise $100mn

  

  Bloomberg Jehan Chu says he’s got an early-mover advantage that will help his cryptocurrency fund stand out from the crowd. The Hong Kong-based former art adviser started investing in bitcoin in 2013, when the digital asset saw its first major rally. Since then, prices have quadrupled, enabling Chu to quit his job, start a venture capital firm investing in blockchain ...

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• 26 August

  Owners watch Otkritie flail as Russia reboots banks

  

  Bloomberg As Russia’s second-biggest private bank implodes, its billionaire owners have been conspicuous by their absence. By leaving Bank Otkritie FC to fend for itself, the four shareholders controlling more than a third of the company—their combined fortune valued at over $20 billion —may be giving the authorities little choice but to swoop in with a rescue. Now the central ...

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• 23 August

  VP unveils blueprint for $1.5bn Dubai Food Park

  

  Dubai / WAM Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, unveiled the blueprint for Dubai Food Park (DFP), the latest addition to Dubai Wholesale City (DWSC). To be developed at a cost of $1.5 billion, it will be the first destination in the Middle East dedicated to serving ...

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• 23 August

  AED886.7bn cheques cleared in 7 months

  Abu Dhabi / WAM A total of 17.815 million cheques worth AED886.7 billion have been handled by the Cheque Clearing System during the first seven months of 2017, UAE Central Bank announced on Wednesday. The number of cheques cleared during July reached 2.66 million worth AED131.7 billion, a growth of 4.7% over June during which cheques worth AED111.3bn were cleared. ...

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