Lee Iacocca, auto executive who saved Chrysler from bankruptcy, dies at 94

Lee Iacocca, a charismatic US auto industry executive and visionary, who gave America the Ford Mustang and Chrysler minivan, and was celebrated for saving Chrysler from going out of business, died at the age of 94, the Washington Post reported. He died Tuesday at his home in Bel-Air, California of complications from Parkinson’s disease, his […]

China to scrap ownership limits in financial sector in 2020

DALIAN: China will end ownership limits for foreign investors in its financial sector in 2020, a year earlier than scheduled, Premier Li Keqiang said on Tuesday. China will also further open its manufacturing sector, including the auto industry, while reducing its negative investment list that restricts foreign investment in some areas, Li told the World […]

Question remain, but increased foreign ownership is a game changer

The Federal government’s announcement yesterday that 122 business activities in 13 sectors will be opened for up to 100 per cent ownership is the news that many companies, foreign and domestic, have been waiting for. The easy takeaway here is that investment into the country will raise significantly. There is no doubt the UAE is […]

FlexxPay to roll out employee benefit platform in UAE

Dubai-based startup FlexxPay.com is all set to rollout its financial wellness platform that enables companies to offer salary advances to employees for their already earned income. FlexxPay is the first entity of its type in the GCC to empower employers with an instant and dynamic salary payment platform. The launch of the service in the […]

US proposes $4 billion in tariffs on a range of EU products — including parmesan cheese — over subsidies for commercial aircraft

The United States proposes $4 billion in tariffs on a range of European Union products — including parmesan cheese and Scotch and Irish whiskey — over subsidies for commercial aircraft. The list also includes sausages, hams, pasta, olives and many other cheeses including reggiano, provolone, edam and gouda. “Today, the Office of the US Trade […]

German car sales fall back in June

FRANKFURT: New car registrations in Germany, Europe’s top economy, retreated in June, industry data showed on Tuesday, partially wiping out a rebound seen the previous month. Some 325,200 new cars hit the road last month, the VDA car industry federation said, a decline of five per cent year-on-year. The industry body pointed out that there […]