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Puerto Rico’s $74 billion burden left it helpless when Maria hit

Bloomberg Year after year, as Puerto Rico’s government drew ever closer to ruin, it cut hundreds of millions of dollars from roads, schools and other public works. It neglected the electricity system, leaving it dilapidated and prone to prolonged outages. The water utility, which was leaking untreated sewage, put a $1.4 billion construction plan on hold. At least 5,800 police ...

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Fresh-food IPOs highlight healthy eating demand

Bloomberg Two European companies in the burgeoning business of fresh food are planning initial public offerings, underlining consumers’ quest for healthier diets as demand for packaged and processed foods wanes. HelloFresh SE, an unprofitable meal-kit startup controlled by Rocket Internet SE, plans to sell as much as $353 million of stock in Frankfurt even after US rival Blue Apron Holdings ...

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Online registrations for VAT open

Abu Dhabi / WAM The UAE Federal Tax Authority (FTA), announced that online registration for Value Added Tax (VAT), is now open, through its website, as part of the Authority’s preparations for the 5 percent VAT, set to be introduced from January 1, 2018. This is part of the Authority’s commitment to facilitate the registration procedures for all businesses in ...

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Dubai Culture’s new book to boost Islamic culture, art economy

Dubai / Emirates Business Dubai Culture & Arts Authority (Dubai Culture), the Emirate’s dedicated entity for culture, arts and heritage, has on Monday launched its ‘Global Perspectives on the Islamic Creative Economy’ book, featuring interviews that present the opinions of experts from local and international experts about how to consolidate Dubai’s position as an international centre for the Islamic Culture ...

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MoF unveils ‘eCloud’ for financial, HR systems of federal entities

DUBAI / WAM The Ministry of Finance (MoF), launched its new eCloud service technology for the financial and human resources (HR), systems of federal entities, in collaboration with the Federal Authority of Human Resources (FAHR), and Oracle International, during its participation in GITEX Technology Week 2017. The new technology will provide a secure IT infrastructure with minimal intervention from operators ...

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DLD displays Mideast’s largest flip-dot screen

DUBAI / Emirates Business Dubai Land Department (DLD) in cooperation with Pixonal, a leading innovation design firm, is showcasing the largest flip-dot screen to ever be constructed in the Middle East at GITEX Technology Week. The six by two meter screen is set to showcase DLD’s latest news which includes live real-estate transactions and project progress updates. DLD recently announced ...

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Trump demands wall funds for DACA, draws democrats’ rebuke

Bloomberg President Donald Trump demanded that Congress deliver funding for his border wall and make dramatic changes to immigration policy in exchange for letting young people brought illegally to the US as children stay in the country. The administration’s proposal, outlined in a briefing by US officials and sent to lawmakers night, was swiftly rejected by top Democrats in Congress, ...

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Mystery over weak Indonesia spending stumps policy makers

Bloomberg Almost 4 million new jobs, rising wages and eight interest-rate cuts in Indonesia should have been enough to spur consumers into action in the world’s fourth most populous nation. Instead, an increasing number of people are keeping a tight grip on their purse strings and putting their money in the bank, leaving policy makers and economists perplexed. “All the ...

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Farms to factories, India faces a drop in demand

Bloomberg Consumption was India’s big story. Its 1.3 billion population was expected to guzzle everything from iron to iPhones, driving global growth and cheering investors such as Apple Inc. and Goldman Sachs Group Inc. For a while everything seemed smooth. Indians were the world’s most confident consumers and the $2 trillion economy was the fastest-growing big market. Then, last November, ...

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‘Brexit mustn’t shut door on unskilled EU workers’

Bloomberg ­­­­­­­­­­­­­­­ Christmas shopping may get more hectic and crops might go unharvested unless the UK government ensures access to unskilled migrant labour after the UK leaves the European Union, the British Retail Consortium (BRC) warned. The government must make it easy for workers from the EU currently living in the UK to secure settled status and establish an immigration ...

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