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Bloomberg The US tightened its financial restrictions on North Korea, slapping sanctions on Chinese and Russian entities it accused of assisting Pyongyang’s development of nuclear weapons and ballistic missiles. It’s also seeking millions of dollars it said moved through the US as part of the alleged scheme. Prosecutors in Washington DC, are seeking to recover $11 million from companies based ...

Bloomberg Overseas fund managers and companies are tracking India’s efforts to force its biggest defaulters into insolvency proceedings as interest in buying distressed assets grows, according to investment bank Moelis & Co. A dozen companies in sectors including steel, power and construction may become buyout targets after the Reserve Bank of India ordered lenders to take them to insolvency court ...

Bloomberg China Unicom (Hong Kong) Ltd. will raise as much as HK$88.1 billion ($11.3 billion) by selling new shares to its parent as part of a government-led ownership overhaul of the nation’s second-largest wireless carrier. Unicom plans to sell as many as 6.65 billion new shares to unlisted China Unicom (BVI) Ltd. at HK$13.24 apiece, or 10 percent higher than ...

Bloomberg VIPKid, an online education company that matches Chinese students with North American teachers, was valued at more than $1.5 billion in a round of funding from investors including Sequoia Capital China and Tencent Holdings Ltd., according to people familiar with the matter. The Beijing-based company said on Wednesday it had raised $200 million to expand into new markets and ...

GENEVA / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has committed $5 million to Gavi, the Vaccine Alliance, to support its Innovation for Uptake, Scale and Equity in Immunisation (INFUSE) initiative. His Highness Sheikh Mohamed bin Zayed has provided $33 million for the work ...

DUBAI / WAM The Excise Tax Law shall come into play effective October 1 in the UAE, Ministry of Finance told Emirates News Agency (WAM). “The Tax shall impact all excise goods consumed inside the country, including all the country’s free zones and ports,” said Younis Haji Al Khouri, the Undersecretary of the Ministry of Finance, in exclusive statements to ...

Abu Dhabi / Emirates Business Non-oil trade between the UAE and the USA hit more than AED111.1 billion – US$30.3 billion- by the end of 2016, including free zone trade, against $27.8 billion in 2015, said Sultan bin Saeed Al Mansouri, Minister of Economy His Excellency Eng. Sultan bin Saeed Al Mansoori, Minister of Economy, recently met with HE Barbara ...

DUBAI / WAM Dubai Healthcare City Authority, the governing body of the Dubai Healthcare City free zone, announced a partnership with Dubai Silicon Oasis Authority (DSOA), the regulatory body of Dubai Silicon Oasis to enable healthcare providers operating in DHCC to swiftly open branches in DSO, the integrated free zone technology park. Signed by Dr Ramadan AlBlooshi, CEO of Dubai ...

Bloomberg Manufacturers of “Made in the UK” cars are facing a worrying dilemma: Their vehicles might not be British enough to escape expensive tariffs after Brexit. Current trade pacts generally require exporters to prove that 50 to 60 percent of a product’s components are from the originating country to avoid tariffs. But UK cars are now just 44 percent British-made ...

Bloomberg Verizon Communications Inc. is introducing a lower-priced, lower-quality unlimited mobile data plan to compete more aggressively with smaller rivals like T-Mobile US Inc., while raising the cost for those who want the clearest videos. Starting Wednesday, Verizon is eliminating its popular $80-a-month unlimited plan and replacing it with an $85 premium plan with high-definition video and a $75 unlimited ...