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Bloomberg Samsung, South Korea’s biggest conglomerate, plans to invest $161 billion to ramp up its ability to produce memory chips and other products vital to future growth, lending its support to President Moon Jae-in’s efforts to shore up a slowing economy. The spending will boost research and expenditure in artificial intelligence, fifth-generation wireless networks, bio-pharmaceuticals, displays, semiconductors and other key ...

Bloomberg As Nafta negotiators from the US and Mexico meet for a third straight week in a push to complete a deal on cars, they’re also preparing for a showdown over a clause sought by the Trump administration that could end the agreement altogether. The nations are nearing an accord on content and salaries for auto manufacturing, and the issue ...

Bloomberg The US said it will begin imposing 25 percent duties on an additional $16 billion in Chinese imports in two weeks, escalating a trade war between the world’s two biggest economies. Customs will begin collecting the duties on 279 product lines, down from 284 items on the initial list, as of August 23, the US Trade Representative’s Office said ...

Bloomberg Dry, hot and windy conditions are threatening to expand California’s largest wildfires, which so far are burning in largely rural areas, muting their economic impact. The fires, which have killed 12 people and burned an area almost as big as Rhode Island, have hit the tourism industry around Yosemite National Park but left agricultural areas mostly unscathed. “While the ...

CAIRO / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Abdel Fattah el-Sisi, President of Egypt, have discussed the relations between the UAE and Egypt and means of strengthening them, as well as regional and international issues of mutual interest. The discussion, which took ...

DUBAI / Emirates Business In recent years, since the oil price slump, plans have emerged across the Gulf to curb fiscal deficits and diversify economies, most notably through the development of national infrastructure, highlights a new report by Oliver Wyman. Titled “How Public-Private Partnerships can support the Gulf’s Economic development,” the report highlights the significance of the private sector’s contribution ...

ABU DHABI / WAM Aldar announced its financial results for the first half of 2018, delivering a resilient underlying performance across the business. According to a press statement, gross profit in the second quarter of 2018 increased by 20 percent to AED649 million compared to AED542 million in 2017. Commenting on the results, Talal Al Dhiyebi, Chief Executive Officer of ...

ABU DHABI / WAM A group of Emirati employees from the Abu Dhabi National Oil Company (Adnoc) has become the first group of trainees to start a two year professional development programme with Schlumberger, an oil and gas industry technology and service provider. The programme is part of Adnoc’s continued efforts to build a world-class workforce with enhanced advanced technology ...

Bloomberg The first round of renewed US sanctions on Iran took effect as President Hassan Rouhani—under increasing economic and political pressure—spurned President Donald Trump’s suggestion for talks with “no preconditions.” Following an executive order signed by Trump, the US imposed new restrictions intended to stop the purchase of dollar banknotes by Iran, prevent the government from trading gold and other ...

Bloomberg SoftBank Group Corp.’s monster Vision Fund plans to lead an investment of $3 billion to $5 billion into Ele.me, the food delivery giant owned by Alibaba Group Holding Ltd., people familiar with the matter said. The near-$100 billion fund led by Masayoshi Son is heading up discussions with potential investors including venture capital firms, said the people, who asked ...