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DUBAI / WAM Dubai Customs cleared 14 million customs transactions during the first six months of this year, a 10 percent surge from the 12.7 million transactions registered in the same period last year. The UAE economy is poised to experience further growth and recovery over the second half of 2023, according to forecasts by international banks and organisations, like ...

BLOOMBERG Long haul budget carrier AirAsia X Bhd has applied to Bursa Malaysia to be removed from the exchange’s financially distressed category after reporting three straight quarters of profit and positive shareholders’ equity. The airline in a statement also asked the bourse to exempt it from the need to submit a regularisation plan, which was due by July 28, and ...

BLOOMBERG Fast-fashion giant Shein spent $600,000 on US lobbying efforts in the second quarter as it continues to face questions from lawmakers about forced labor and its opaque supply chain. Lawmakers from both parties have sent letters to Shein expressing concerns about the company’s potential use of forced labour in the Xinjiang region of China. Further, there are bills pending ...

BLOOMBERG American Airlines Group Inc said changes it offered in a pending contract agreement with pilots would increase the value to more than $9 billion over four years, matching terms of a competitor’s more-lucrative offer. The proposal adds more than $1 billion to the tentative agreement between the carrier and the Allied Pilots Association, including a “significant” increase in compensation, ...

BLOOMBERG Onex Corp is seeking $750 million for a new fund dedicated to transportation investments, people familiar with the matter said, a test of its ability to raise money in a tough climate for private equity. The Toronto-based firm has hired eight people for the fund, led by Wes Dick, a former senior executive at aircraft leasing firm BBAM LLC. ...

BLOOMBERG Canadian consumers may be ready to wind down their spending, with retail sales data showing waning momentum at the end of the second quarter. Receipts for retailers were flat in June, according to an advance estimate from Statistics Canada released. That followed a 0.2% increase a month earlier, missing the 0.5% gain expected by economists in a Bloomberg survey. ...

DUBAI / WAM In Dubai’s awe-inspiring economic growth story, family businesses stand tall as architects of growth, innovation and value creation. Generating over 40 percent of the emirate’s GDP, the sector represents Dubai’s indomitable spirit of enterprise. Now, as the emirate seeks to unlock a new phase of high-powered growth for its economy, the government is introducing a spate of ...

DHAKA / WAM Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and COP28 President-Designate, met with the Sheikh Hasina, Prime Minister of Bangladesh, as he continued his discussions with global leaders to focus on delivering for COP28. Following his speech in Brussels, he continued to share his core action agenda to fast-track a just energy transition; ...

ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a written letter to President Gustavo Petro of Colombia, which included an official invitation to the Conference of the Parties to the UN Framework Convention on Climate Change (COP28), which will be held at Expo City Dubai this November. The letter was delivered by ...

ABU DHABI / WAM The UAE-Türkiye Business Forum, held in Abu Dhabi, witnessed the unveiling of two major agreements aimed at catalysing investment across key sectors of both nations’ economies. The two announcements, designed to enhance cooperation between the business communities in the two countries, were announced during the Business Forum, which aims to increase economic partnership and drive investments ...