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Bloomberg China will fall well short of its target of cutting taxes and fees by a record 2 trillion yuan ($298 billion) this year, according to S&P Global Ratings. The government will likely only be able to cut taxes by 1.5 trillion yuan, about 25 percent short of its goal, S&P credit analysts led by Yutong Zou wrote in a ...

Bloomberg Apple Inc. should be probed by the European Union’s antitrust agency over how it allegedly squeezes rival music streaming services, Spotify Technology SA said, escalating a row over how Apple takes a cut of all sales on its app store. The iPhone maker has created an “untenable” situation by imposing ever-changing rules and a 30 percent tax for apps ...

Bloomberg The UK will avoid imposing tariffs on most imported goods in the event of a no-deal Brexit, though officials said prices of key Eu-ropean Union products including beef, cheese and cars will rise. The government said on Wednesday its “balanced approach” aims to offset a spike in prices that consumers would experience in a no-deal departure as a result ...

Bloomberg The European Union set new criteria for the use of palm oil in biofuels in a balancing act to avert a trade war with producers in Asia while appeasing climate protagonists at home. The measure approved by the European Commission on Wednesday spells out the type of biofuels from palm oil that may be counted towards the EU’s renewable-energy ...

Abu Dhabi / WAM His HHighness Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of the Abu Dhabi Executive Council, praised the wise policy of the Abu Dhabi Government and its keenness to provide the best services, which will make everyone happy and continue the process of sustainable development. Following his inauguration of a new municipal centre in Khalifa City, ...

DUBAI / WAM Dubai SME, the agency of the Department of Economic Development (DED), mandated to develop the small and medium enterprise (SME), sector, supported 4,227 Emirati entrepreneurs with incentives and facilities worth AED101 million ($27.5 million) in 2018. The number of entrepreneurs represents an increase of 32 percent over the previous year and the increase in the value of ...

ABU DHABI / WAM The Abu Dhabi Securities Exchange (ADX), announced the establishment of the ‘Zayed Centre of Excellence for Financial Research’, at the Higher Colleges of Technology – Abu Dhabi Women’s campus. The Centre’s main objectives includes collaborating with HCT on research related to finance including, but not limited to, finance-related data analytics, financial technology services, artificial intelligence, blockchain, ...

Abu Dhabi / WAM As part of the Abu Dhabi Government’s accelerator programme ‘Ghadan 21’, the Department of Culture and Tourism – Abu Dhabi, DCT Abu Dhabi, has announced strategic initiatives to further drive the development of the Emirate’s tourism sector. In line with the Ghadan 21 ambition, to make Abu Dhabi one of the best places in the world ...

Bloomberg Officials from China’s predominately Muslim region of Xinjiang defended mass detention camps as necessary to fight terrorism and vowed to maintain the crackdown for a “long time.” Local security policies had prevented a major terrorist attack in the region for more than two years, Xinjiang government chief Shohrat Zakir told a regional delegation meeting in Beijing on Tuesday. Even ...

Bloomberg China’s multi-year campaign to contain financial risk is re-focusing on the so-called “hidden debt” owed by local governments, as officials seek to reduce repayment pressures amid falling tax revenues. Provinces and cities from Jiangsu in the east to Qinghai in the west are looking for means to pay-off or restructure their implicit borrowings, a term which includes off-book funding ...