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Bloomberg Congress should extend the US government’s borrowing authority before lawmakers depart for their traditional August vacation, the White House said, as the Trump administration sought to ratchet up pressure on Capitol Hill to avoid an unprecedented default on the national debt. “We’re looking for before they adjourn for August recess,” White House legislative affairs director Marc Short told reporters ...

Bloomberg BHP Billiton Ltd.’s board is being targeted for a sweeping overhaul by Tribeca Global Natural Resources Fund, opening a potential new front in the burgeoning activist campaign against the world’s biggest mining company. The Sydney-based hedge fund, which last month joined billionaire Paul Singer’s Elliott Management Corp. in calling for changes aimed at shifting strategy at BHP, believes about ...

Dubai / Emirates Business The UAE’s free trade zones are using advanced information management tools to drive the doubling of the global free trade zone GDP, experts announced. Globally, the contribution of free trade zones to the Islamic Economy is set to double to USD 117 billion by 2021, according to a recent report by researchers Salaam Gateway. The UAE ...

Dubai / Emirates Business The 2017 Bayt.com Middle East and North Africa Salary Survey, conducted by Bayt.com, the Middle East’s number one job site, and YouGov, a leading market research agency, revealed that almost half (44%) of UAE respondents believe that salaries are increasing in the UAE, and 24% believe that they are staying the same. In terms of current ...

Abu Dhabi / Emirates Business New figures from Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi) show that Abu Dhabi welcomed 1.6 million guest arrivals year to end of April, a 7% growth compared to the same period in 2016, As a single month, April has continued to build on the strong performance of the opening quarter of the ...

Dubai / Emirates Business Tejar Dubai, an initiative of the Dubai Chamber of Commerce and Industry, recently launched SWOT Specialized Professional Institute (SSPI), a new training institute in Dubai’s Garhoud area which specialisies in aviation, logistics, and cargo safety. The institute is the 28th commercial project to be launched by Tejar Dubai to date, while it is also the third ...

Bloomberg South Korea’s finance ministry has drawn up an 11.2 trillion won ($10 billion) supplementary budget to help meet President Moon Jae-in’s effort to increase jobs and incomes. If passed by the parliament, the finance ministry plans to use 4.2 trillion won of the spending package to create 86,000 new jobs, 71,000 of them in the public sector, including positions ...

Bloomberg Shares of jewellers climbed in India after the government set the rate for gold under the uniform goods and services tax below expectations, signaling a potential recovery in demand in the world’s second-largest market. Titan Co. advanced as much as 15 percent to a record 542.50 rupees ($8.4) in Mumbai, while Tribhovandas Bhimji Zaveri Ltd. increased as much as ...

Bloomberg In his air-conditioned office protected from the scorching heat and dust outside, S.M. Imran points at a white lined map pinned on his wall showing Power Cement Ltd.’s planned expansion at its plant in Pakistan’s arid southern Sindh province. Power Cement is aiming to triple capacity, riding a wave of Chinese-financed infrastructure projects across Pakistan valued at more than ...

Bloomberg Canada’s trade deficit was wider than forecast in April, and there was further disappointment in revised figures showing larger gaps in the prior two months. Imports exceeded exports by C$370 million ($274 million) in April, Statistics Canada said in Ottawa. The median forecast in a Bloomberg survey of economists was for shortfall of C$20 million. In addition to the ...