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Dubai / Emirates Business Adding retail units to its portfolio, Azizi Developments, one of the leading private developers in the UAE, launched the sale of 329 retail units across all of its Dubai developments. Through Azizi Retail, Azizi Developments’ division for outlets, the retail spaces are embedded into its master-planned communities and residential towers, adding leisure, shopping and eatery amenities ...

Dubai / WAM The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding with the Central Bank of Egypt to enhance the relationship and cooperation between both institutions and facilitate the performance of their respective supervisory tasks. Under the new agreement, the two sides will also work to promote the safety and soundness of banks in their respective ...

Bloomberg Masayoshi Son can’t wait to wash his hands of Sprint Corp. SoftBank Group Corp. will stop consolidating the US carrier in its results starting next earnings report, anticipating a successful merger with T-Mobile USA Inc. despite questions over the deal’s eventual closing. That accounting change will slash SoftBank’s debt load and help it shed its image as a staid ...

Bloomberg A key measure of Japan’s economy fell to a level not seen since the wake of the financial crisis, adding to concerns about the economy ahead of an October sales-tax hike. The leading coincident index dropped to 93.3 in June, the lowest since February 2010, the Cabinet Office said. The index is one of Japan’s broadest indicators of current ...

Bloomberg The escalating trade war between the US and China is nudging the world economy towards its first recession in a decade with investors demanding politicians and central bankers act fast to change course. In the US alone, the recession risk is “much higher than it needs to be and much higher than it was two months ago,” Lawrence Summers, ...

Bloomberg Add $4.4 billion in imported cabinets to the long list of Chinese goods slapped with US levies in the escalating trade dispute between Washington and Beijing. The Commerce Department said it will ask the US Customs and Border Protection to collect cash deposits from importers of the wooden cabinets and vanities from China based on subsidy rates of as ...

Bloomberg German industrial production registered its biggest annual decline in almost a decade, highlighting the severity of the trade-inflicted manufacturing slump in Europe’s largest economy. Output was down 5.2% in June from the previous year, the most since late 2009, when the country was recovering from the Great Recession that followed the global financial crisis. The numbers are the latest ...

Bloomberg Kim Jong-un said North Korea’s latest missile tests were intended as a warning against ongoing US-South Korea military exercises, while President Donald Trump’s new defense chief defended the training as necessary to maintain readiness. North Korean state media said that Kim personally oversaw what allied military officials said was a pair of short-range ballistic missile launches a day earlier ...

ABU DHABI / WAM The Year of Tolerance in the UAE has gained both local and international significance, due to the launch of initiatives that aim to support the country’s long-term efforts to promote tolerance around the world, in coordination with relevant international bodies. In this report, the Emirates News Agency (WAM) highlights the UAE’s key local and global achievements ...

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, ...