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Chancellor Philip Hammond's visit to China not going ahead - Dotemirates
16/02/2019

Chancellor Philip Hammond's visit to China not going ahead

A visit to China by Chancellor Phillip Hammond has been called off amid reports a speech by the UK's defence secretary angered Beijing. There were plans for trade talks between Mr Hammond and senior Chinese government figures during the brief visit next week.But a Treasury spokesperson said: "No trip was ever announced or confirmed."Earlier this week, Gavin Williamson had indicated the UK's intention to send an aircraft carrier to the Pacific.Unconfirmed newspaper reports claimed the Chinese government was unhappy about Mr Williamson's speech on Monday. In it he announced the HMS Queen Elizabeth would be deployed to the region, as...


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Buffett's Berkshire unveils USD 861 million Amazon stake

Warren Buffett’s Berkshire Hathaway Inc said it owned USD 860.6 million of Amazon.com Inc shares at the end of March, after the billionaire admitted to underestimating the online retailer and its Chief Executive Jeff Bezos. The size of the investment was disclosed in a regulatory filing detailing Berkshire’s US-listed stocks as of March 31. Wednesday’s filing includes investments by Buffett and his portfolio managers Todd Combs and Ted Weschler, but does not say who bought and sold what. Buffett told CNBC this month that the 483,300 share Amazon investment, which would now be worth USD 904 million, was made by...
16/05/2019

Central Bank pumps AED7.3 bn during March

ABU DHABI, 15th May, 2019 (WAM) -- The Central bank of the United Arab Emirates has injected AED7.3 bn in cash to the financial system in March to boost liquidity and compensate banks for the considerable amount of funds withdrawn out of excess liquidity in the market over the recent period. The move fits within the CBUAE's mandate to direct the country's credit policy, and to regulate and oversee the monetary and banking policy, ensuring their alignment with the government's general plan in a way that ultimately strengthens the domestic economy, assures financial stability, regulate cash flows and withdraw cash...
16/05/2019

Darwin International Airport advised to install more runway lights after plane veered during landing

By Emily Smith A national safety regulator has renewed calls made 16 years ago for more runways lights at the Darwin International Airport after a passenger plane veered from the runway — but operators have declined to say whether they would take the advice on board.On December 6, 2016, a Virgin Australia Boeing 737 deviated more than 20 metres from the centre line of the runway in Darwin — the nation's widest without centreline lighting — as it landed.This was despite the Australian Transport Safety Bureau (ATSB) advising the lighting should be installed after an after an aircraft veered from...

16/05/2019

Dubai developer Damac sees 94% drop in profit

DUBAI: The Dubai-listed property developer Damac Properties reported a 94 percent drop in first-quarter net profit on Wednesday, its smallest since going public in 2015.Damac, owner and operator of the only Trump-branded golf club in the Middle East, said its net profit in the first three months of the year fell to 31.1 million dirhams ($8.47 million) from 483.9 million dirhams in the same period a year earlier.That compared with a forecast of 270 million dirhams by EFG Hermes.Revenue fell 53 percent to 896.4 million dirhams.Damac shares fell 2.2 percent in afternoon trade, reversing early gains. The stock is down...
16/05/2019

Thomas Cook says Brexit hitting holiday plans

Travel firm Thomas Cook has warned of "further headwinds" for the rest of the year after reporting a £1.5bn loss for the first half of the year.It said there was "now little doubt" that Brexit had caused customers to delay their summer holiday plans. Some £1.1bn of the loss was caused by the decision to write-down the value of My Travel, the business it merged with in 2007.The firm also said it had received "multiple" bids for its airline.
16/05/2019

Tesla to update battery software after recent car fires

Tesla has said it is updating the battery software in some of its models following two recent incidents where cars caught fire.The electric carmaker said it would soon begin rolling out the software update on Model S and Model X vehicles.It follows reports that a parked car caught fire in Hong Kong, following a similar incident in Shanghai.While Tesla is still investigating the incidents, the firm is taking action "out of an abundance of caution".In a statement, the carmaker said: "As we continue our investigation of the root cause... we are revising charge and thermal management settings on Model S...