HP Wins $439 Million as Judge Triples Jury Price-Fix Award

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 s...

West African nations rename common currency, sever its links to France

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 an...

Making supercars for women 'a mistake': Ferrari

Italian automotive champion fears a feminine model would drive away male customers which make up a significant portion if its consumer base. The world’s most popular supercar maker does not want to make cars for women. Italian automotive champion Ferrari says it would be a “mistake” to design a car for women because its female clients do n...

Volkswagen (VW) hit with record fine in Australia over emissions scandal

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 be...

UAE's Mubadala invests in Spanish food delivery firm Glovo

Abu Dhabi’s sovereign wealth fund Mubadala is placing a bet on the growing demand for food delivery platforms with an investment in Spanish start-up Glovo. Mubadala was the lead investor in Glovo’s 150 million euro ($167 million) funding round closed Wednesday, according to a statement, bringing its valuation to over $1 billion. Other backer...

New Dubai hotel to become world's tallest when it opens in 2023

Ciel, The First Group’s project currently under development in Dubai Marina, will become the world's tallest hotel when it opens by early 2023. The 82-level Ciel in Dubai Marina, which will be four meters taller than the emirate's current title holder, the Gevora on Sheikh Zayed Road, has outshone rivals to claim the top prize in three major c...

Lemon Tree International invests $27m in first UAE hotel

Lemon Tree International, a subsidiary of Al Waleed Investment Group, has opened its first hotel in the UAE. The Lemon Tree Dubai Hotel on Al Wasl Road in Jumeirah, features 114 rooms, restaurant, an outdoor lounge, conference hall, swimming pool and a wellness centre....

Softbank's Vision Fund invests additional $200m in digital payments firm Paytm

Softbank Vision Fund has invested an additional $200 million in Indian digital payments company Paytm, the company has said. Softbank Vision Fund’s investment is part of a $1 billion raised by Paytm in its latest round of fund raising, valuing the Indian start-up at $16 billion. US asset manager T Rowe Price, and other existing investors such ...

IndiGo Woes Rise as India Steps Up Scrutiny of Airbus Engines

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 identifi...

More than 1.2m MENA businesses added to Google Maps this year

More than 20 million commercial and residential buildings are featured on Google Maps in the Middle East and North Africa. According to Amanda Bishop, product manager Google Maps, more than 1.2 million businesses from the MENA region have been added to the platform this year alone. She said: “The rapid pace of urbanization and development in M...

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