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Bloomberg Consumer spending lost momentum in June and a drop in dividend payments caused incomes to stagnate, signaling the US economy may get less help from households this quarter, Commerce Department figures showed on Tuesday. June marked a third straight month of slowing nominal spending. A weaker handoff into this quarter signals household outlays, which accounts for about 70 percent ...

Bloomberg Ferrari NV is considering adding a roomy four-seat “utility vehicle” as part of a major expansion push beyond its traditional supercar niche in a bid to double profit by 2022, people familiar with the matter said. The final five-year plan under CEO Chief Executive Officer Sergio Marchionne, who’s set to retire in 2021, will target boosting annual deliveries beyond ...

Bloomberg Vice President Mike Pence said the US “strongly” supports Georgia’s ambition of joining NATO, even as Russia remains hostile to the military alliance expanding its influence in Moscow’s former Soviet backyard. “We see Georgia as a key strategic partner and stand by your territorial integrity and your aspirations to become a member of the North Atlantic Treaty Organization,” Pence ...

Abu Dhabi / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued the landmark Federal Law No. 7 of 2017 for Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA). “The Tax Procedures Law is a ...

Abu Dhabi / WAM Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has unveiled a compelling replica of the ‘Dubai Creek Tower’ — the icon that will frame a fascinating new skyline in the emirate. The new centerpiece of the Grand Atrium in The Dubai Mall, was revealed ...

DUBAI / WAM Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, announced continued financial growth throughout its business during the first six months of the year, with overall group revenue expanding by 4 percent to AED15.7 billion and EBITDA increasing by 4 percent to AED2.0 billion. At constant FX ...

DUBAI / Emirates Business The World Economic Forum (WEF) has released its Digital Evolution Index (DEI) for 2017, classifying the UAE as a “stand out” country with an overall score of 3.22, which makes it the most advanced market in the Arab world and 22nd on a global level. Stand Out countries are “highly advanced digitally, and exhibit high momentum.” ...

Bloomberg I Squared Capital agreed to pay HK$14.5 billion ($1.9 billion) in cash to buy the fixed-line assets of billionaire Li Ka-shing’s Hong Kong telecommunications business, giving the investor group control of a fiber-optic network serving corporate customers and residents. Hutchison Telecommunications Hong Kong Holdings Ltd. shares surged the most in more than six years on Monday. The company announced ...

Bloomberg In China, taxi rides aren’t just a form of transportation any more. They’ve also become useful for bond buyers doing due diligence. Dining out at restaurants is also helpful. It’s all part of a boom in field trips by market participants coming to grips with a new reality in China: the potential for bond defaults. After decades when authorities ...

Bloomberg India is poised to reject Shanghai Fosun Pharmaceutical Group Co.’s proposed $1.3 billion takeover of an Indian drugmaker, according to people familiar with the matter, scuppering the biggest-ever Chinese acquisition in the country. The Cabinet Committee on Economic Affairs, which is chaired by Prime Minister Narendra Modi, has decided to block the Chinese firm’s purchase of an 86 percent ...