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Bloomberg The world is leaning less on its biggest economy to sustain the global recovery, according to the International Monetary Fund. The fund left its forecast for global growth unchanged in the latest quarterly update to its World Economic Outlook, released on Monday in Kuala Lumpur. The world economy will expand 3.5 percent this year, up from 3.2 percent in ...

Bloomberg BMW AG sought to defuse concerns about possible collusion with other German automakers by rejecting allegations of cheating on diesel emissions and downplaying talks with rivals as being focused on promoting exhaust-treatment technology in Europe. With uncertainty clouding the German auto industry, BMW said it has gone farther than competitors to ensure its diesel cars meet regulatory guidelines while ...

Bloomberg Growth in the euro-region economy started the third quarter at the weakest pace in six months as manufacturing cooled. A composite Purchasing Managers’ Index fell to 55.8 in July from 56.3 in June, IHS Markit said on Monday. The figures indicate that gross domestic product is expanding at a 0.6 percent quarterly pace, compared with 0.7 percent in the ...

Abu Dhabi / Emirates Business Abu Dhabi-based Baron Point Petroleum Services Company L.L.C. (“Baron Point Petroleum”) has joined hands and engaged a joint-venture (“JV”) with PetroVietnam Oil Corporation (“PV Oil”), the national oil and gas company of Vietnam, to finance, build and operate petroleum product pipelines and storage space in Vietnam, and to source and trade petroleum products in the ...

SHARJAH / WAM Residents and tourists in the UAE are set to enjoy the ultimate desert experience with an AED15 million extension to Al Badayer Oasis project. A premium leisure development form Sharjah Investment and Development Authority, Shurooq, Al Badayer Oasis has announced expansion to its under-construction facility, with the resort expected to pull in hordes of city-dwellers keen to ...

Dubai / Emirates Business The market for drones in the GCC is expected to reach $1.5 billion by 2022, presenting a massive opportunity for regional telecom operators, according to Strategy&, formerly Booz & Company, and part of PwC network. By leveraging their capabilities and resources, these companies can play a central role in the development of regional drone industry. Originally ...

DUBAI / WAM Dubai’s economy is expected to expand further over the next two years after having outperformed global economic growth and defied downward trends that prevailed worldwide in 2016, said HH Sheikh Ahmed bin Saeed Al Maktoum, Second Deputy Chairman of the Executive Council and Chairman of Economic Development Committee. The results of Dubai Plan 2021 Annual Report ‘Dubai ...

Bloomberg The Trump administration “supports” the current version of a bill to sanction Russia for its actions during the 2016 elections that could soon land on President Donald Trump’s desk for a signature, the White House press secretary said. Sarah Huckabee Sanders’ comments came after Republican and Democratic leaders in the House reached a tentative deal to move ahead this ...

Bloomberg Malaysian Prime Minister Najib Razak raised the stakes in his efforts to secure the votes of palm oil farmers, announcing hundreds of millions of dollars in aid ahead of an election that could come within months. Farmers who come under the auspices of the Federal Land Development Authority, or Felda, will get cash handouts from the end of August, ...

Bloomberg China’s most popular savings products have become a battleground for the nation’s smaller banks, which are competing for funds in a market that’s drawing increasing scrutiny from national policy makers. Whatever the result, one of the main casualties is set to be the domestic bond market. The accounts known as wealth management products, offering lesser-regulated returns that beat the ...