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DUBAI / WAM Five major regional insurance companies have signed on to Addenda’s integrated blockchin platform. Based at Dubai International Financial Centre (DIFC) Addenda is an InsurTech firm that uses distributed ledger technology to streamline processes between insurance companies. With the global InsurTech market revenue valued at $533 million in 2018 and expected to reach over $1 billion by 2023, ...

Dubai / WAM A total of 9,062 companies joined Dubai Chamber of Commerce and Industry as new members in the first half of 2019, marking a year-over-year increase of over 22 percent, and bringing the organisation’s total membership to over 240,000. The number of international delegations visiting Dubai Chamber rose 51.7 percent y-o-y to 1,094 over the same period, while ...

SHARJAH / WAM The Sharjah Research, Technology and Innovation (SRTI) Park discussed, with a Chinese delegation, the launch of strategic partnerships that aim to promote technology transfer between the park and Chinese research and development organisations. The delegation’s visit aims to explore available investment opportunities for Chinese investors operating in innovative technological sectors and research and development, as well as ...

Bloomberg The Trump administration formally labeled China a currency manipulator, further escalating its trade war with Beijing after the country’s central bank allowed the yuan to fall in retaliation for new US tariffs. While the Treasury Department’s determination is largely symbolic — the potential penalties are less punitive than the steps Trump has already taken against China — it underscores ...

Bloomberg Reliance Industries Ltd. agreed to buy an Indian technology startup funded by Google, scooping up an inventory-management platform and adding to the list of smaller deals the conglomerate has assembled to take on Amazon.com Inc. Billionaire Mukesh Ambani’s group agreed to buy a controlling stake in Shopsense Retail Technologies Pvt, which operates the Fynd platform, according to a statement ...

Bloomberg A British-American trade deal won’t be easily agreed after Brexit because the UK wouldn’t accept the punitive terms on offer, according to former US Treasury Secretary Lawrence Summers. “Britain has no leverage. Britain is desperate. Britain has nothing else. It needs an agreement very soon. When you have a desperate partner that’s when you strike the hardest bargain.” President ...

Bloomberg The richest people in the UK are overwhelmingly middle-aged men living in London and the southeast, according to new analysis published on Tuesday. The Institute for Fiscal Studies said the top 1% of taxpayers receive over 150,000 pounds ($182,000) a year and more than a third of them now live in the British capital. The findings, based on Her ...

Bloomberg Barneys New York Inc. is in talks with potential buyers of the rights to its name and trademarks as its advisers search for ways to salvage the luxury retailer, according to people with knowledge of the matter. Potential buyers include Authentic Brands Group LLC, a brand management firm that has snapped up intellectual property from several retailers in recent ...

Bloomberg Pakistan’s foreign minister wrote to the United Nations, while its army pledged to go to “any extent’’ against India’s move to revoke the autonomous status of Kashmir, that’s claimed in full by the two South Asian nations. Foreign Minister Shah Mahmood Qureshi wrote a letter to the secretary general of the United Nations informing him about the “critical situation” ...

Dubai / Emirates Business Enoc Group announced the launch of NEXT, an accelerator programme, designed to unlock growth opportunities and tackle challenges in the energy sector through building new digital ventures for business-to-business and consumer categories. NEXT underpins the group’s commitment to contributing to the UAE’s future agenda and Dubai’s vision to be a global platform for knowledge-based, sustainable and ...