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Bloomberg Amazon.com Inc., which scrapped a deal this month to open offices in New York after clashing with local politicians, is pulling out of a lease in Seattle that was at the center of a battle with the city council. Last year, as the Seattle City Council was weighing a tax on large employers to fund affordable housing and homeless ...

Bloomberg Novartis AG’s new gene therapy targeting a disease that kills infants would be cost-effective at as much as $1.5 million, according to a US nonprofit that assesses the value of drugs, well short of the potential price range the company has suggested. Zolgensma, a one-time treatment for a severe genetic disorder called spinal muscular atrophy, would provide substantial benefits ...

Bloomberg Volkswagen AG’s delicate balancing act between the old and new automotive eras will be on full display this week at the Geneva car show, where a fun-loving electric beach buggy will share the limelight with the trusty Passat sedan. VW’s I.D. Buggy concept combines battery power with styling reminiscent of carefree days tearing around California sand dunes, tapping a ...

ABU DHABI / WAM Sultan bin Saeed Al Mansouri, Minister of Economy, and Pat Breen, Minister of Trade, Employment, Business, as well as European Union (EU), Digital Market and Data Protection of Ireland, discussed ways of reinforcing economic and commercial cooperation between the UAE and Ireland. The meeting, which took place in Dubai on the sidelines of the 9th Emirati ...

SHARJAH / WAM United Arab Bank (UAB), reported its financial results for the 12 months ended on December 31, 2018. UAB reported a net profit of AED77 million in 2018 which represents an increase of 345 percent compared to 2017 as the successful execution of its Transformation Strategy paved the way for a return to sustainable profitability. UAB embarked on ...

Dubai / Emirates Business The Dubai Airport Freezone Authority (Dafza) announced that its 2019 budget has increased significantly to AED 1 billion. This increase is a reflection of Dafza unwavering commitment to continuously increase its contribution to Dubai trade. Dafza’s investment in new expansion projects is estimated to be around AED 780 million representing 78% which comes in support to ...

Abu Dhabi / WAM The Abu Dhabi Islamic Bank (ADIB), a leading financial institution, was named “Best Islamic Bank in the Middle East” and “Best Islamic Bank in the UAE” at the EMEA Finance Middle East Banking Awards 2019. The recognition highlights ADIB’s record of delivering innovative Sharia’a compliant products to its customers, while consistently providing high-quality personalised services, both ...

Bloomberg The US and South Korea agreed to end their biggest annual joint military drills in a bid to ease tensions with North Korea, a move that comes just days after Donald Trump and Kim Jong-un failed to reach an agreement on denuclearization at a summit in Vietnam. US Acting Secretary of Defense Patrick Shanahan and South Korea’s Defense Minister ...

Bloomberg Muhammad Ridick would rather endure a back-breaking five hours of commuting on his motorbike each day than ride Jakarta’s public transport. “It’s very difficult to get a seat on a bus or train during rush hour,” said Ridick, 25, an employee at PT Telekomunikasi Indonesia, whose 80 kilometer round-trip journey to work and back means he often doesn’t reach ...

Bloomberg Sentiment at Asia’s factories charted another weak month in February amid softening global demand and trade-war jitters. But there were signs of bottoming too: The Caixin China purchasing managers index rose to 49.9, recovering from its biggest drop since July 2015, even as it stayed below the 50 line that separates contraction and expansion. “There is a silver lining ...