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Significance of UAE corporate tax exemptions for entities that benefit the public

It is nearly 25 years since I first landed in the UAE and almost 20 years living here full-time. In a few years, I will have lived equally as long here as I have in both Ireland and the UK. Today, since I am alluding to a balanced existence, let us mix business, pleasure and corporate tax. It is only since Henry Ford, of the eponymous vehicle compa...

2024-09-17T03:06:53Z

UAE’s G42, Microsoft to build two data centres in Abu Dhabi

The first centre will develop and advance best practices and industry standards for the responsible use of AI in the Middle East and the Global South

2024-09-17T13:05:58Z

Starbucks' North America CEO is retiring after only 8 months on the job — and he won't be replaced

Starbucks' North American president Sara Trilling will lead regional retail operations after Michael Conway retires in November.

2024-09-17T04:58:40Z

Saudi Ma’aden plans to sell aluminium units to Bahrain’s Alba

The potential deal is set to reshape the aluminium market, positioning the merged entity as one of the largest aluminium producers worldwide

2024-09-17T07:20:54Z

Sam Altman is leaving a key OpenAI board. His departure should satisfy some big critics.

OpenAI just announced the members of its revamped Safety and Security Committee. CEO Sam Altman is no longer on the list.

2024-09-17T04:38:38Z

Biggest Question from Kroger-Albertsons Trials: What’s a Grocery Store?

At the heart of the federal government’s fight to block Kroger Co. from buying Albertsons Cos. for $24.6 billion is an existential debate about how Americans buy their groceries today.

2024-09-17T11:19:32Z

Exclusive-JPMorgan CEO Jamie Dimon to visit Africa in growth push

By David Lewis, Nupur Anand and Duncan Miriri NAIROBI/NEW YORK (Reuters) - JPMorgan Chase CEO Jamie Dimon plans to travel to Africa in mid-October in a push by the biggest U.S. lender to expand on the continent, four sources familiar with the matter told Reuters, his first trip there in seven years. Dimon is expected to visit Kenya, Nigeria, South Africa and Ivory Coast during the trip next

2024-09-17T16:44:16Z

Amazon says hot desks don't work for headquarters staff in the RTO era

Amazon is ramping up its efforts to return to a traditional office, and its latest move ensures everyone is sitting where they are supposed to.

2024-09-17T05:33:08Z

UAE, Australia reach economic partnership agreement to boost two-way investments

The UAE has already signed CEPA with major trading partners such as India, Israel, Chile, Colombia, Turkey, Indonesia, Georgia and Cambodia

2024-09-17T12:44:50Z

Intel to Make Custom AI Chip for Amazon, Delay German Plant

Intel Corp. Chief Executive Officer Pat Gelsinger has landed Amazon.com Inc.’s AWS as a customer for the company’s manufacturing business, potentially bringing work to new plants under construction in the US and boosting his efforts to turn around the embattled chipmaker.

2024-09-16T22:28:50Z

UAE: Microsoft, Abu Dhabi-based AI firm to set up two new centres

The first centre will bring together academic researchers and practitioners from the private sector to develop and share best practices in responsible AI

2024-09-17T13:29:41Z

UAE's new solar initiative for Northern Emirates could bring down home electricity bills

The UAE’s energy ministry has teamed up with Etihad Water and Electricity (EtihadWE) to set up residential solar panels in the Northern Emirates amid plans to boost the share of renewable energy in the country’s power supply. EtihadWE customers, including homes, businesses and farms, will be able to install rooftop solar panels to generate power, w...

2024-09-17T12:37:05Z

Gulf countries poised to enter era of interest rate cuts after Fed decision

Gulf states are expected to begin a new monetary easing cycle on Wednesday when the US central bank begins cutting interest rates. The decisions the Fed makes can ripple across economies and markets. In the Gulf, where most currencies are pegged to the US dollar, the Fed's monetary policy decisions are particularly significant. Gulf central banks h...

2024-09-17T11:37:01Z

AT&T to pay $13 million over 2023 customer data breach

By David Shepardson WASHINGTON (Reuters) -AT&T has agreed to pay $13 million to resolve an investigation over a data breach of a cloud vendor in January 2023 that impacted 8.9 million AT&T wireless customers, the Federal Communications Commission said Tuesday. The FCC said the fine will resolve its investigation over whether AT&T had failed to protect the information of its customers and added

2024-09-17T15:54:47Z

Intel, once a Silicon Valley star, has been floundering. Now it's mounting a turnaround.

The Silicon Valley chip giant has been in freefall this year, pushing CEO Pat Gelsinger to unveil a turnaround plan for the 56-year-old company.

2024-09-17T14:48:52Z

Saudi Arabia approves first ETFs tracking Hong Kong-listed equities

Saudi Arabia’s markets regulator approved AlBilad Investment Company’s request to offer “Albilad CSOP MSCI Hong Kong China Equity ETF

2024-09-17T11:47:40Z

US Offers $1.6 Billion in Financing for Ammonia Plant

The Biden administration is offering $1.6 billion in financing to an Indiana-based ammonia production facility in an effort to create a domestic supply of low-carbon fertilizer.

2024-09-16T14:34:38Z

Intel Gains After Landing Amazon Deal, Preparing Factory Split

Intel Corp. shares surged for the second straight day after the troubled chipmaker made a raft of announcements, spurring optimism that a turnaround plan is starting to bear fruit.

2024-09-17T14:54:11Z

Boeing execs barred from flying business class to save money during strike

In a memo to employees on Monday, Boeing CFO Brian West outlined the steps that the company is taking to cut costs during a worker strike.

2024-09-17T09:38:21Z

It took Larry Ellison just a single day to make enough money to buy Paramount

Wall Street loves AI. It's not really into media. Which is why it's no sweat for one of the world's richest men to buy a Hollywood studio.

2024-09-17T14:13:59Z

Trump SPAC Founder Orlando Wins More Shares in Media Company

The former head of the firm that took Donald Trump’s social media company public was awarded about 800,000 more shares of Trump Media & Technology Group Corp. by a Delaware court, two months after federal regulators accused him of misleading investors.

2024-09-17T16:34:11Z

BP shifts to solar with $2bn US onshore wind sale

The global energy company BP is planning to sell its onshore wind energy business in the US, saying the assets no longer fit into its broader growth strategy. London-headquartered BP said it will begin the sale process for the wind assets shortly. That business, called bp Wind Energy, which is thought to be valued at about $2 billion, operates nine...

2024-09-17T11:52:12Z

Intel delays Germany, Poland chip factories for two years

Chip-making giant Intel on Monday said it was delaying its plans to build two mega chip-making factories in Germany and Poland as the company faces lower demand than anticipated. "We will pause our projects in Poland and Germany by approximately two years based on anticipated market demand," he added.

2024-09-16T21:59:51Z

Issues to keep in mind while investing in a new fund option

Investors are advised to deal with only SEBI registered mutual funds

2024-09-17T14:44:41Z

Germany's Scholz disappointed by delay to Intel chip plant

Chancellor Olaf Scholz voiced disappointment Tuesday after US semiconductor giant Intel delayed plans to build a mega chip-making plant in Germany which had been championed by Berlin. The chip-making giant announced plans for the German plant in 2022, in what was seen as a major boost for EU efforts to ramp up semiconductor production in the bloc.

2024-09-17T11:28:57Z

Microsoft to open its first Middle East 'AI for Good Lab' in Abu Dhabi

Microsoft expands 'AI for Good Lab' to Abu Dhabi

2024-09-17T11:06:58Z

The Titan submersible's lead engineer says he told OceanGate CEO Stockton Rush, 'I'm not getting in it' when asked to do a test dive

OceanGate's former engineering director said he had refused to pilot the ill-fated submersible which imploded more than a year ago.

2024-09-17T08:38:37Z

Boeing freezes hiring and weighs furloughs as strike enters fourth day

Boeing said it is freezing hiring and weighing temporary furloughs in the coming weeks to manage costs as a strike by more than 30,000 Boeing workers who build planes in factories on the US West Coast stretched into its fourth day on Monday. The company added that the strike would also affect spending on its supply chain, as it would stop issuing t...

2024-09-16T18:21:38Z

JPMorgan in talks with Apple to take over its credit card program, WSJ reports

(Reuters) -JPMorgan Chase is talking with Apple about taking over the tech giant's credit-card program from Goldman Sachs, the Wall Street Journal reported on Tuesday. The discussions started earlier this year and have advanced in recent weeks, but a deal could still be months away, the report said, citing people familiar with the matter. Key details, including price, are still to be negotiated.

2024-09-17T16:54:48Z

US regulator proposes strengthened rules for banks working with fintechs

By Hannah Lang (Reuters) -A top U.S. banking regulator on Tuesday proposed that banks bolster recordkeeping requirements for accounts held by fintech companies on behalf of their customers, following the collapse of bank-fintech middleman Synapse Financial Technologies earlier this year that led to the freezing of thousands of accounts. Taken together, the new requirements would ensure that

2024-09-17T15:54:52Z

Chinese insurance broker Yuanbao files for US IPO amid reviving investor appetite

(Reuters) - Chinese insurance broker Yuanbao on Tuesday filed for an initial public offering in the United States, signaling a broader recovery in investor appetite for new listings. WHY IT'S IMPORTANT IPOs in the U.S. are experiencing a reasonably stronger year after a prolonged dry spell as more companies test the market, encouraged by the strong performance of high-profile listings like

2024-09-17T15:52:16Z

Etihad Rail, Trojan General Contracting seal haulage services deal

The rail operator will transport aggregates from Trojan’s quarries in Ras Al Khaimah and Fujairah to the Industrial City of Abu Dhabi and Dubai Industrial City

2024-09-17T09:02:33Z

Coal phase-out fuels far right in rural eastern Germany

White clouds still billow from the cooling towers of a coal plant near Spremberg in Germany's ex-communist east but the end is in sight as Berlin phases out the dirty fossil fuel. Most people in Spremberg, population 25,000, have grudgingly accepted the coal phase-out plan, under which the government has earmarked billions for structural transition plans, she said.

2024-09-17T06:30:05Z

Two Walmart Heirs Top $100 Billion Wealth for the First Time

Abundant wealth is nothing new for the Walton family, whose fortune is tied to the world’s largest retailer.

2024-09-16T15:43:35Z

Oracle's Larry Ellison is now the world's 4th-richest person after a $57 billion wealth surge this year

Larry Ellison has overtaken LVMH's Bernard Arnault, Microsoft's Bill Gates and Steve Ballmer, and Google's Larry Page in wealth gains this year.

2024-09-17T10:24:00Z

US Companies Nix Career Programs for Women Amid DEI Backslide

Amid a DEI backlash in corporate America, employers are cutting programs meant to boost the careers of women and grow the pipeline of female workers, with the pullback especially sharp for programs supporting women of color.

2024-09-17T10:54:14Z

Trumps announce new cryptocurrency platform ahead of US elections

Latest updates: Follow our full coverage on the US election Former US president Donald Trump and his family announced a new cryptocurrency platform on Monday September 16 as part of his efforts of making the US the “crypto capital of the planet”. The project, World Liberty Financial, is aimed at supporting financial security, Mr Trump’s son Donald ...

2024-09-17T05:21:52Z

Meraas awards Dhs850m construction contract for Bvlgari Lighthouse

Scheduled for completion in Q2 2027, the Bvlgari Lighthouse will offer uninterrupted views of the Arabian Gulf and Dubai's iconic skyline

2024-09-17T07:35:49Z

Millennium Hires Former Citigroup APAC Equity Trading Head

Millennium Management has hired former Citigroup Inc. equity trading executive Arnaud Leteissier as a senior portfolio manager, according to people with knowledge of the matter.

2024-09-17T01:28:34Z

AT&T to pay $13 million over 2023 customer data breach

WASHINGTON (Reuters) - AT&T has agreed to pay $13 million to resolve an investigation over a data breach of a cloud vendor in January 2023 that impacted 8.9 million AT&T customers, the Federal Communications Commission said Tuesday. The FCC said the fine will resolve its investigation over whether AT&T had failed to protect the information of its customers and added AT&T had agreed to boost its

2024-09-17T14:59:47Z

Kroger-Albertson's US anti-trust trial to end but other legal blocks loom

By Jody Godoy (Reuters) - The trial where U.S. anti-trust regulators made their case to block Kroger's $25 billion bid to buy rival grocer Albertsons will conclude on Tuesday, but the deal's legal challenges have just begun, with two more trials this month to hear complaints the merger could jack up grocery bills. For the past three weeks, the U.S. Federal Trade Commission and a coalition of

2024-09-17T14:59:50Z

Europe's new energy commissioner takes on housing as well as fuel

By Julia Payne BRUSSELS (Reuters) - The European Union's newly announced Energy Commissioner will for the first time have the task of leading an EU housing division as well as dealing with more typical duties, such as seeking to lower fuel prices and implement green policy. Dan Jorgensen, named on Tuesday by Commission President Ursula von der Leyen as part of her new team, is a former EU

2024-09-17T17:04:54Z

UAE banking sector's liquid assets rise to Dh800 billion by end of Q2 2024

A year-on-year (YoY) increase of 20.2 per cent, or Dh135 billion, was recorded

2024-09-17T04:14:33Z

Amazon's five-days-in-the-office mandate could be the start of a wider RTO shift

In the hyper-competitive world of Big Tech, other tech giants might follow suit rather than risk getting bad-mouthed by rivals to their clients.

2024-09-17T13:23:41Z

UAE workplaces undergo transformation

New developments hold key to the future of work, expert says

2024-09-17T10:14:37Z

Japan Finance Minister Plays Down Seven & I’s ‘Core’ Designation

Any company that seeks to take over a Japanese business will require prior notification to the government, making it hard to say that Seven & i Holdings Co.’s designation as “core” to national security would make any buyout deal difficult, Finance Minister Shunichi Suzuki said.

2024-09-17T06:19:18Z

Pentagon’s F-35 Cost Rises 10% to $485 Billion to Fix Overheating Engines

The Pentagon’s cost to develop and produce Lockheed Martin Corp.’s F-35 has risen almost 10% to about $485 billion now that money needed for engine improvements has been included in the official estimate for the costliest US weapons system.

2024-09-17T15:14:12Z

UAE, Australia reach trade deal to boost exports, investment

The trade pact will remove tariffs on about 99 per cent of Australian products, resulting in savings of $91m (AUD135m) in the first year

2024-09-17T10:17:43Z

Emirates NBD launches zero-fee UAE equity trading

The move is part of the bank’s broader strategy to support the growth of domestic stocks and drive economic expansion in the UAE

2024-09-17T06:47:34Z

UAE and Australia reach major trade deal to boost investment

The UAE and Australia have concluded talks for a comprehensive economic partnership agreement (Cepa) that is expected to boost trade and investment ties between the countries. The Cepa will "streamline trade processes, eliminate tariffs on a wide range of goods and services, create new opportunities for investment, and encourage private-sector coll...

2024-09-17T08:21:50Z