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Bloomberg When Elon Musk’s Tesla Inc delivered positive earnings few saw coming last quarter, China’s top electric carmakers were weathering a historical contraction in demand. Warren Buffett-backed BYD Co, the country’s biggest maker of new energy vehicles — all-electric, fuel-cell and plugin hybrid cars — just reported an 89% slump in third-quarter earnings and warned profit could fall as much ...

Dubai / WAM The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved a zero-deficit federal budget of AED61.354 billion for 2020 fiscal year. This is the largest budget since the establishment of the UAE. About 31 percent of the budget is allocated to ...

Dubai / WAM Within one year of its launch, KhalifaSat captured 7,250 high-quality images and was able to complete 5,431 low Earth orbits, and communicated with the ground station at the Mohammed bin Rashid Space Centre (MBRSC), 906 times to send information and images, and receive updates. KhalifaSat sent 355 terabytes of data to the MBRSC’s ground station from across planet ...

DUBAI / WAM Businesses in Dubai are confident of closing the year on improved revenues and a stronger footing with economic growth expected to gain momentum during the months ahead. The quarterly business survey of Dubai Economy showed that the Composite Business Confidence Index (BCI), of local businesses increased 14.9 points and reached 129.8 points in the third quarter of ...

ABU DHABI / WAM During his official visit to the UAE, Ueli Maurer, President of Switzerland, has participated in the groundbreaking for the Swiss pavilion at the site of Expo 2020 Dubai, accompanied by a Swiss delegation. As part of his visit to Expo, the Swiss President was received by Najeeb Mohammed Al Ali, Executive Director of the Dubai Expo ...

Bloomberg House Speaker Nancy Pelosi moved the Democrats’ impeachment inquiry of Donald Trump into a new phase that signals the public soon will get a look at the witnesses and evidence being assembled to build a case against the president. Amid Republican complaints that the investigation is illegitimate, Pelosi announced that the full House would vote on the next steps ...

Bloomberg General Motors (GM) Co, Toyota Motor Corp and Fiat Chrysler Automobiles NV plan to back President Donald Trump in a contentious battle with California officials over automobile emissions rules, splitting with major rivals including Ford Motor Co. GM, Toyota and several other automakers plan to intervene on the administration’s behalf in a lawsuit filed by environmental groups challenging the ...

Bloomberg The payday-loan business was in decline. Regulators were circling, storefronts were vanishing and investors were abandoning the industry’s biggest companies en masse. And yet today, just a few years later, many of the same subprime lenders that specialised in the debt are promoting an almost equally onerous type of credit. It’s called the online installment loan, a form of ...

Bloomberg Google, Facebook Inc and Twitter Inc need to continue to boost efforts to combat disinformation on their platforms, the European Union said, as it repeated warnings it could introduce legislation. The companies’ actions helped limit interference in the European Parliament elections in May and provided greater transparency around political ads, the European Commission, the bloc’s executive body said. But ...

Bloomberg The co-founder of China’s SenseTime Group Ltd was visiting New York to encourage more collaboration with the US on artificial intelligence when he heard the news: The Trump administration had blacklisted his company. So much for more cooperation. Xu Bing, the 29-year-old co-founder, knew SenseTime was at risk given rising tensions between China and the US, but the timing ...