Dr. Ajith Kumar V.V
A new interim board has been appointed for Dubai-based Noor Bank as its acquisition by Dubai Islamic Bank (DIB) gathers pace. Following approvals received from the regulators and the shareholders of Dubai Islamic Bank and Noor Bank, DIB said it is now progressing with the acquisition of Noor Bank. To ensure smooth acquisition of the transaction and achieve seamless integration of Noor Bank into DIB, it has been decided to reconstitute Noor Bank's board.
Source:https://www.arabianbusiness.com/banking-finance/437067-dubai-islamic-bank-reveals-new-noor-bank-board-as-acquisition-nears
Dr. Ajith Kumar V.V
Masdar is set to reveal further expansion plans at the 2020 edition of Abu Dhabi Sustainability Week (ADSW) next month, according to the renewable energy giant’s CEO Mohamed Jameel Al Ramahi. The Abu Dhabi-based company currently has a footprint across 25 countries and operates over 5GW in capacity. Al Ramahi told Arabian Business Central Asia will be an area of interest for the company along with South East Asia and there will also be a particular focus on growing the company’s presence in the USA.
Source: https://www.arabianbusiness.com/energy/436257-masdar-to-reveal-expansion-plans-at-abu-dhabi-sustainability-week
Dr. Ajith Kumar V.V
The popular UAE-developed mobile application ToTok has returned to the Google Play Store after it was removed on claims it was being used for government spying, the company said Saturday. Google and Apple removed the app from their online marketplaces last month after The New York Times reported ToTok allowed the UAE government to track the conversations, movements and other details of people who installed it on their phone. "We are happy to inform you #ToTok is now available for download on the Google Play Store," a statement on ToTok's Twitter account said.
Source: https://www.arabianbusiness.com/technology/436677-totok-returns-to-google-play-store-after-spyware-denial
Dr. Ajith Kumar V.V
Dubai Taxi Corporation, part of the Roads and Transport Authority (RTA), has lifted more than one billion passengers since starting operations 25 years ago, it has been announced. Mattar Al Tayer, director-general and chairman of the RTA, also revealed that the number of journeys made by Dubai Taxis has reached 682 million since 1995. He said in a statement that that the taxi fleet has grown from 81 to 5,201 vehicles in the same period while the number of drivers has increased from 886 to 11,500.
Source: https://www.arabianbusiness.com/transport/436674-dubai-taxi-corp-passes-1-billion-passenger-milestone
Dr. Ajith Kumar V.V
The Jeep Wrangler is famous for its ability to tackle brutal off-road conditions. It's also known for the fact that, generally, it doesn't change too much. Today's flat-sided Wrangler is clearly a descendant of the boxy Jeep that slogged through the battlefields of World War II. But Jeep will soon undergo one of the biggest transformations of its 79-year history. At the CES technology show in Las Vegas next week, Fiat Chrysler Automobiles will unveil plug-in hybrid versions of the Jeep Wrangler, Cherokee and Compass. The plug-in models will bear a new 4xe badge, which is a play on the term 4x4 used to denote four-wheel-drive vehicles. Fiat Chrysler CEO Mike Manley has said previously that a plug-in hybrid Wrangler will go on sale later in 2020.
Source: https://edition.cnn.com/2020/01/02/cars/jeep-plug-in-hybrids/index.html
Dr. Ajith Kumar V.V
Google has revoked a Chinese tech giant's access rights after a user was able to view the feed from a stranger's security cameras on his device. A user in the Netherlands alleged that his Google Home Hub began displaying photos from unidentified locations on its smart screen when he accessed his camera, made by Xiaomi. Among the stills to appear was a sleeping baby. Xiaomi said it had identified the cause and was working on a permanent fix. Reddit user Dio-V said when he attempted to view images from his own security camera on his Google Home Hub, which lets owners control all their smart devices on one display, it showed photos from unidentified camera feeds. The images included a man sleeping on a porch, what appeared to be a shop security camera, a stranger's kitchen, and a child resting in a cot.
Source: https://www.bbc.com/news/technology-50981993
Dr. Ajith Kumar V.V
HP Inc. was awarded $439 million in damages against Quanta Storage Inc. and its U.S. subsidiary after a federal judge tripled a jury’s 2019 award for damages caused by a widespread scheme to inflate the price of optical disk drives. In October, a Houston jury ordered Quanta to pay HP $176 million in damages. U.S. District Judge David Hittner said Friday that Quanta hadn’t shown any reason why the jury’s findings should be set aside. He tripled the damages award, as authorized under antitrust law, to $528 million before deducting the $89 million in settlements paid by the other companies HP accused of participating in the price-fixing scheme.
Source: https://www.bloomberg.com/news/articles/2020-01-03/hp-wins-438-million-after-judge-triples-jury-price-fixing-award?srnd=premium-middle-east
Dr. Ajith Kumar V.V
Volkswagen (VW) has been slapped with a record fine by Australia's consumer watchdog to settle lawsuits over the carmaker's global emissions scandal. The A$125m ($86m; £66m) penalty is the highest ordered by a court for breaches of Australian consumer law. VW has been hit with a flurry of legal action since 2015, when it emerged the firm had been cheating emissions tests. Australian regulators have also launched proceedings over VW's consumer loans. The Australian Securities and Investments Commission (ASIC) has alleged in a federal court that VW failed to make proper checks into borrowers' living expenses, or to determine if the loans were unsuitable for them. The allegations relate to 49,380 consumer loans made between 2013 and 2016.
Source: https://www.bbc.com/news/business-50862356
Dr. Ajith Kumar V.V
Eight West African countries Saturday agreed to change the name of their common currency to Eco and severed the CFA franc’s links to former colonial ruler France. The CFA franc was initially pegged to the French franc and has been linked to the euro for about two decades. Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo currently use the currency. All the countries are former French colonies with the exception of Guinea-Bissau. The announcement was made Saturday during a visit by French President Emmanuel Macron to Ivory Coast, the world’s top cocoa producer and France’s former main colony in West Africa.
Source: https://www.arabnews.com/node/1602501/business-economy
Dr. Ajith Kumar V.V
India has stepped up scrutiny of engines on Airbus SE’s A320neo jets, forcing the country’s biggest airline, IndiGo, to have to replace more than previously estimated, a move that could further delay the budget carrier’s expansion plans. A “more intense boroscopic examination” of engines manufactured by Pratt & Whitney has identified more engines at risk of shutting down in midair, Arun Kumar, the head of India’s Directorate General of Civil Aviation, told Bloomberg News on Sunday. Out of roughly 200 engines in use, IndiGo will now have to replace at least 130.
Source: https://www.bloomberg.com/news/articles/2019-12-22/indigo-woes-rise-as-india-steps-up-scrutiny-of-airbus-engines?srnd=premium-asia