Tesla escalates battle over alleged theft of Robocar secrets

New York: More than a year after the billionaire chairman of Xpeng Motors labeled as “questionable” Tesla Inc.’s allegations that an engineer stole Autopilot secrets before bolting to the Chinese startup, the questions from Elon Musk’s company keep coming. As Tesla tries to amass proof in its lawsuit portraying the engineer as a traitor, it’s asking a […]

Saudi Binladin hires Houlihan Lokey for $15b debt revamp

Dubai: Saudi Binladin Group hired Houlihan Lokey Inc. as an adviser as the kingdom’s biggest construction firm pushes ahead with a proposed $15 billion debt restructuring. “We have now officially hired Houlihan Lokey to advise the group on debt and balance sheet restructuring,” Chief Executive Officer Khalid Al Gwaiz said in an internal memo seen […]

UAE currency exchanges confront remittance drops

Abu Dhabi: Remittances from the UAE this quarter could drop by 20-25 per cent from a year ago as job losses and salary cuts take their toll. “Remittance transactions in the first-half of April witnessed a 30 per cent decrease; however, this drop reduced to around 15 per cent by the third week and improve […]