1MDB’s Jho Low, rapper Pras Michel indicted over Obama donation

Washington: US prosecutors brought additional charges against Jho Low, the Malaysian national accused of looting the 1MDB wealth fund, for campaign-finance violations related to President Barack Obama’s 2012 re-election effort. According to an indictment unsealed Friday in Washington, Low transferred $21.6 million (Dh79.3 million) to Pras Michel, a musician and film producer, who spread approximately […]

Nissan pushes back on Renault’s renewed efforts to merge

Tokyo: Nissan Motor Co. is opposing renewed efforts by alliance partner Renault SA to merge under a holding company because such a structure won’t help turn the Japanese carmaker around, a person with knowledge of the discussions said. Talks have been ongoing since Renault Chairman Jean-Dominique Senard first made an informal proposal to Nissan Chief […]

Construction market still extremely challenging, Arkan says

Dubai: Arkan Building Materials, an Abu Dhabi-listed firm, reported on Monday a 4 per cent rise in its profits for the first quarter of 2019, reaching Dh12.2 million on the back of lower costs. The company said it was able to continue reducing its costs across the business and that it recognised income during the […]

Legal aid to all SMEs: Dubai SME join forces with law firm

Dubai: Dubai SME, the government agency tasked with developing the small and medium enterprise (SME) sector, has signed a memorandum of understanding (MoU) with Mohammad Ali Al Hamadi Advocates, a leading local legal firm, to facilitate SME access to knowledge and support on business laws. Dubai SME is a division of the Department of Economic […]

IMF agrees to $6 billion bailout to help Pakistan ease crisis

Pakistan and the International Monetary Fund (IMF) reached an agreement on a loan of about $6 billion designed to help the South Asian nation avert an economic crisis. The lender’s executive board will meet to approve the agreement for the 39-month loan, “subject to the timely implementation of prior actions and confirmation of international partners’ […]