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  Bloomberg Asia is embracing bullet trains like never before. Singapore and Malaysia signed an agreement on Tuesday that will bring a high-speed rail link to Kuala Lumpur by 2026. The long-envisioned plan, six years behind an earlier target completion date, follows a $5.5 billion project already underway in Indonesia. India last year chose Japan to build a $15 billion ...

  Bloomberg Turkey’s central bank slowed the pace of interest rate cuts at its meeting on Tuesday after the failed coup attempt triggered a sell-off in the currency and sovereign debt. The bank lowered its overnight lending rate by 25 basis points, which fell short of the 50-basis-point cuts it delivered during the past three meetings but matched the median ...

  Bloomberg Truckmakers, including Daimler AG and Paccar Inc.’s DAF Trucks, agreed to pay European Union regulators a record €2.93bn ($3.24 bn) in fines for fixing truck prices over 14 years. Daimler got the largest penalty of €1.01 billion and DAF will pay €752.7 million as part of a settlement with the European Commission that cut potential fines by at ...

  Bloomberg The International Monetary Fund scrapped its forecast for a pickup in global growth this year, citing Britain’s vote to leave the European Union, and warned the damage could worsen if confidence falters among investors and companies. The IMF sees global gross domestic product rising 3.1 percent this year, down from April’s 3.2 percent projection and equal to growth ...

  Kiev / AFP Ukraine said on Tuesday seven of its soldiers had been killed and 14 wounded in “very heated” fighting that marked the bloodiest clashes with pro-Russian separatists in two months. The announcement — the highest daily death toll since Ukraine reported seven of its soldiers dying on May 24 — follows a flurry of talks between world ...

  Dubai / Emirates Business Careem — the region’s leading app-based booking service — has announced a strategic partnership with NEXT Future Transportation, Inc. to bring battery-powered, self-driving electric pods to the MENA region. The partnership comes in line with the announcement of the launch of the Dubai Autonomous Transportation Strategy, a new initiative aimed at making 25 percent of ...

  ABU DHABI / Emirates Business Using innovative technology to recycle palm tree waste into high quality wooden board products made locally, Talah Board’s sustainable business model can contribute to the reduction of wooden board imports to the UAE. In 2015, the UAE imported around 1.25 million cubic metres of wooden board products at a total cost of AED 1.6 ...

  Dubai / Emirates Business The pressure on the UAE and the rest of the GCC countries to focus on new low-energy architecture will increase over the next eight years as billions of dollars are ploughed into infrastructure development across the region, new research shows. According to a regional market study issued on Monday, spending on building exteriors will increase ...

  Dubai / Emirates Business Emirates NBD, the UAE’s largest lender, delivered a solid set of financial results with net profit up 12% to AED 3.7 billion. The healthy operating performance was helped by an increase in total income, driven by asset growth and higher core fee income, coupled with higher recoveries. Emirates NBD’s solid financial and operating performance, along ...

  RITIKA SHARMA / Emirates Business As ‘digital’ becomes a global trend and experts point towards the Fourth Industrial Revolution, UAE has emerged as a leader representing this transition. The latest Global Information Technology Report 2016 by World Economic Forum ranks UAE among top 30 countries in terms of Networked Readiness Index (NRI), making the visionary efforts of the nation ...