August, 2017

• 16 August

  18 social entrepreneurs, start-ups vie for $100mn Expo Live funds

  DUBAI / WAM At least 18 social entrepreneurs and start-ups from 16 countries have pitched their projects on innovative solutions to a panel of experts in Dubai this week. They have sought expert support and a share of the $100 million funding from Expo Live. Expo Live is an innovation and partnership programme launched by Expo 2020 Dubai to fund, ...

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• 16 August

  Private data exchange between businesses outpaces public internet

  

  DUBAI / Emirates Business The capacity for private data exchange between businesses is outpacing the public Internet, growing at nearly twice the rate and comprising nearly six times the volume of global IP traffic by 2020, according to the Global Interconnection Index, a new market study published by Equinix that analyzed the adoption profile of thousands of carrier-neutral colocation data ...

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• 16 August

  Sage meet discusses VAT implementation

  

  DUBAI / Emirates Business Sage, the market and technology leader for integrated accounting, payroll and payment systems, is to host an exclusive customer event to help business professionals navigate the UAE’s implementation of Value Added Tax (VAT) in January 2018. The Sage 300 User Conference took place on August 15, 2017 at the Armani Hotel, Burj Khalifa, Dubai and is ...

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• 16 August

  Galadari bolsters corporate, finance offering

  DUBAI / Emirates Business Galadari Advocates & Legal Consultants announced the appointment of Franco Grilli Cicilioni as a partner based in the firm’s Dubai Inter national Financial Centre (DIFC) office. With over 25 years of exp- erience, Franco bolsters the firm’s Finance and Corporate departments, having advised on a number of financial deals including capital mark- ets, structured finance, asset ...

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• 16 August

  Ireland says it won’t be pawn in Brexit talks, puts EU on spot

  

  ­­­­­­­­­­­Bloomberg Ireland warned it won’t be used as a pawn in wider negotiations on the terms of the UK’s departure from the European Union, as it called Britain’s plans to avoid border checks after Brexit a “step forward.” Envoys need to show “flexibility and imagination” to devise post-Brexit arrangements on the island of Ireland that preserve free movement of people ...

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• 16 August

  June cyberattack will cost Maersk up to $300 million

  

  Bloomberg AP Moller-Maersk A/S said a cyberattack that hit the owner of the world’s biggest container shipping company at the end of June will wipe as much as $300 million off profits in the third quarter. The announcement was made in connection with second-quarter earnings, which showed Maersk missed analyst estimates after taking a writedown at the tankers unit that’s ...

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• 16 August

  SAP lifts sales outlook, buys back stock

  

  Bloomberg Software giant SAP SE raised its annual revenue outlook and said it would buy back up to a half billion dollars in stock after reporting a better-than-expected jump in sales, lifted by a revamped version of its flagship software. The German maker of applications that run businesses’ finances, manufacturing and personnel is projecting sales of 23.3 billion euros to ...

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• 16 August

  PwC fined $6.6mn in largest ever penalty from watchdog

  

  Bloomberg PricewaterhouseCoopers LLP was fined $6.6 million for misconduct over its audit of RSM Tenon Group Plc in the largest-ever sanction issued by the UK accounting regulator. The Financial Reporting Council announced the fine Wednesday, along with penalties against Nicholas Boden, a senior PwC audit partner. The misconduct related to an audit of RSM Tenon’s accounts for the year ended ...

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• 16 August

  Italian economy extends gain, boosting optimism on recovery

  

  Bloomberg Italy’s economic recovery extended for a tenth straight quarter, boosting optimism that growth can become sustainable this year amid a rise in industrial production. Gross domestic product expanded 0.4 percent in the three months through June, the same as in the first quarter, Rome-based statistics agency Istat said in a preliminary report on Wednesday. That matched the median of ...

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• 16 August

  Volvo Q2 profit rise 39 percent

  Bloomberg Volvo AB’s second-quarter operating profit rise 39 percent, buoyed by resilient European demand for trucks and a production cut in the US to adjust for an expected slowdown, while construction-equipment earnings rebounded from a year-earlier provision. Earnings adjusted for one-time items rose to $1.03 billion from 6.13 billion kronor a year earlier, the Gothenburg-based manufacturer said on Wednesday in ...

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