Dubai, one the leading cities of the United Arab Emirates (UAE), has once again set a historic feat with the launch of a new system that will allow international investors to start their businesses in the city without the need of being physically located there. The new system was created through a partnership agreement between the Dubai Investment Development Agency and the Alliance Business Centers Network.
The trade talks in Bali which aim to curb the effects of the trade war between China and the United States have recently closed. Many global financial experts used the closing sessions of the summit to get their message through. Based on their sentiments, the message is very clear: trade tensions between two of the world’s largest economies have affected global growth and that measures should be imposed in order to resolve the growing trade tensions.
The Israeli branch of the Chinese tech firm Tangshan Parking Equipment Company recently announced that it is opening its first ever robotic parking lot in the country. It is the first of its kind to be built in Israel and was inaugurated on Sunday. The robotic parking lot was built in cooperation with the Kfar Saba municipality in Israel, wherein the robotic parking lot is also located.
Micromedic, a cancer diagnostic company based in Tel Aviv, recently confirmed that it had struck a deal with the Shanghai Gensource Medical Appliances with the latter expected to market the former’s products to at least 25 cities across China. On top of that, Shanghai Medical Appliances will also bring Micromedic’s products to more than 8,000 hospitals and medical centers.
Economic Affairs Minister Mohamed Azmin Ali said that the Pakatan Harapan (PH) government is committed to increase its economic ties with China. He said that China and its local businesses requests for business collaboration with the PH government.
Chinese investments in its neighbouring Southeast Asian countries show that China is securing its influence in the region. China has been economically collaborating with its neighbours while Western economic giants are turning elsewhere.
Yan Jiehe, founder of China’s Pacific Construction Group Ltd (CPCG) planned a 10-year investment amounting to MR10 billion over ten years to develop infrastructures and hi-tech machinery. CPCG is listed in the 96th place in Fortune Global 500 in 2018.
German luxury carmaker BMW recently confirmed that it is paying $4.2 billion in order to gain majority control of its main joint business venture in China. BMW is making history in China as it is one of the first few companies to gain majority control of their venture business in the country. Many observers saw this as a business strategy by China as the country slowly starts to open up its ownership regulations, especially the one concerned with the auto market.
India recently confirmed that the country will raise tariffs on several products including communication and electronic devices. Market analysts saw this decision as the country’s strategy to curb imported products and to boost the rupee which has been in a downturn for quite some time already.
Sears Holdings Corp is expected to file for bankruptcy protection in the coming days after the companies recorded sales drop for years. Sears was known to be the world’s largest retailer in its most successful years.
BMW Brilliance Automotive Ltd, the carmaker’s key Chinese venture, recently announced that it will build a third plant in Shenyang city located in the province of Liaoning. The announcement was confirmed on China’s cabinet website on Wednesday. The deal was previously discussed during a meeting between Chinese Premier Li Keqiang and BMW Chief Executive Harald Kruger a couple of months ago.
The remote New Britain Island located in Papua New Guinea was recently struck by a powerful earthquake. According to data released by the United State Geological Survey, the earthquake reached a magnitude 7.0 based on the Richter Scale. The report also added that there were no immediate signs of damage.
President João Lourenço secured a loan amounting to $2 billion from the China Development Bank for infrastructure projects. Angola, just like Nigeria, wants to diversify its economy moving away from oil since the drop of global crude oil price since 2014.
Nanhua Futures launched a United Kingdom subsidiary to connect Chinese metal companies with the London Market. Nanhua was reported to submit applications as a member of the world’s oldest metals trading market.