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Bloomberg General Electric’s gaping pension deficit certainly stands out for its size. But the company is hardly the only one at risk of potentially shortchanging some of its employees come retirement. All across corporate America, underfunded pensions have become the norm. Even now, a decade after the financial crisis, the largest plans face a shortfall of $269 billion, right about ...

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, has received the representatives from the UAE’s top five best performing government service centres. During the reception, held at the Sea Palace in Abu Dhabi, His Highness congratulated the representatives noting their dedication and ...

TAIZ / WAM The UAE continues to support the education sector in Yemen, including opening a new school which is helping more than 1,000 students continue their studies. The Qutaibah ibn Muslim School in Al Wazi’iyah, Taiz, is the fifth school to be inaugurated since September as part of the UAE’s “Back to School Campaign” in the area, which so ...

Dubai / WAM The UAE’s Centre for the Fourth Industrial Revolution hosted local and international experts from government and private entities, and blockchain technology providers, to identify the main governance challenges in adopting blockchain technology in government and private sectors. The meeting was held as part of the centre’s Blockchain Governance Accelerator programme, organised in collaboration with the World Economic ...

Dubai / Emirates Business The UAE’s IT spending is expected to grow by a compound annual growth rate (CAGR) of 8 percent to reach AED 23.1 billion by the end of 2019, new analysis from Dubai Chamber of Commerce and Industry has revealed. The analysis, based on recent data from Fitch Solutions, was released on the sidelines of Gitex Technology ...

Bloomberg Masayoshi Son’s startups have had a rough few months, from a botched initial public offering by WeWork to a sharp decline in shares of Uber Technologies Inc. Now analysts are beginning to calculate that the damage for Son’s SoftBank Group will likely reach into the billions of dollars. Mitsubishi UFJ Morgan Stanley Securities Co cut its profit estimate for ...

Bloomberg Nissan Motor Co named the head of its China joint venture as chief executive officer, as the struggling Japanese carmaker seeks to heal deep divisions caused by the arrest of its former chairman and repair fraught relations with partner Renault SA. Makoto Uchida, 53, will work alongside Ashwani Gupta from affiliate Mitsubishi Motors Corp, who was named chief operating ...

Bloomberg Road hauliers said the UK government’s decision to reduce the tariffs it plans to impose on imported trucks following a no-deal Brexit doesn’t go far enough. On Tuesday, the Department for International Trade said it will impose a 10% levy on imported heavy goods vehicles instead of the 22% it had initially planned. The announcement came as part of ...

Bloomberg A jump in manufacturing fuelled a surprise improvement in German industrial production following two months of decline. While good news, the development will do little to alleviate concerns about intensifying trade tensions and waning business confidence. Output rose 0.3% from July, despite a big drop in energy, compared with economist estimates for no change. Investment and basic goods production ...

Bloomberg The coffee market is looking increasingly bleak. While robusta futures rose on Tuesday, the gain followed the biggest daily slump in four months that sent prices to the lowest since 2010. The beans, favoured for instant drinks, have been pressured by a glut of coffee and money managers have never been so bearish. As well as a global surplus, ...