Business & Economy

Abu Dhabi’s Mubadala reports Dh4.2 billion profit first half of 2017

DUBAI: Abu Dhabi’s state-owned Mubadala Investment Company on Thursday reported a profit for the first half, in its first financial report after merging with International Petroleum Investment Company earlier this year.The company’s first-half profit was at Dh4.2 billion, compared with a Dh4.7 billion loss in the same period of 2016, Mubadala said in a statement.First-half revenues also rose to Dh83.4 ...

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Japan’s social security burden frustrates BOJ inflation efforts

Japanese companies are paying more for employees these days. Problem is, the money is going toward social security payroll taxes instead of wages, adding to the frustrations of Bank of Japan policymakers seeking higher wages and stronger inflation. While businesses haven’t raised salaries much, their mandatory contributions to employees’ social insurance programs have been rising for years, both in nominal ...

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India is fastest growing economy: BJP on Sinha’s criticism

The BJP today rejected its leader Yashwant Sinha’s criticism of the state of economy, insisting the Indian economy is the fastest growing in the world and some “uncertainty” is bound to occur when “transformative” measures like demonetisation and the GST are taken. Top party leaders defended the economic situation after former finance minister Sinha slammed the government over decisions like ...

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Minorities, Americans without college degrees showed greatest gains in wealth

Photo: Mark Lennihan, STF FILE – This Oct. 24, 2016, file photo shows dollar bills in New York. The Federal Reserve released a comprehensive report on U.S. households’ financial health, Wednesday, Sept. 27, 2017, including income and net worth of typical households. (AP Photo/Mark Lennihan, File) less FILE – This Oct. 24, 2016, file photo shows dollar bills in New ...

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Feel That Post-Recession Bounce? The Rich Feel It the Most

Wednesday’s data, from the Federal Reserve’s triennial Survey of Consumer Finances, shows the strength of the economic rebound in recent years, but also just how large a hole the recession left in many households’ finances. The survey is notable for providing information not just on Americans’ yearly income but also on their assets, debts and overall net worth — measures ...

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Uber defends business model at UK tribunal on worker rights

LONDON: Uber told a British employment appeal tribunal on Wednesday its drivers were self-employed, not workers entitled to a range of benefits, less than a week after it heard it would lose its London license. The US ride-hailing service has faced regulatory and legal setbacks around the world amid opposition from traditional taxi services and concern among some regulators. It ...

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Daesh threat cools outsourcing boom in Philippines, industry leaders say

MANILA: Prolonged fighting by Filipino militants supporting the Daesh group has put the brakes on the Philippines’ $10 billion outsourcing industry, one of its key growth drivers, industry leaders said Wednesday.More than 900 people have been killed in the city of Marawi, where pro-Daesh militants have defied a months-long US-backed military campaign to flush them out, while the southern third ...

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