Microsoft and Sony strike games streaming deal

Microsoft and Sony have formed a partnership on video games streaming, despite being fierce competitors. It is expected Sony will use Microsoft’s Azure cloud service to host its upcoming PlayStation streaming service. Microsoft has been trialling a streaming offer of its own, under its Xbox brand. The firms said they would also work together o...

Uber's IPO Joins Ranks of Wall Street Flops

It was to usher in nothing less than a new era for Wall Street. UFAANG. That ungainly acronym, envisioned by some at Morgan Stanley as the hype grew over Uber Technologies Inc., put the ride-hailing company in the same league as the titans of tech: Facebook, Amazon, Apple, Netflix and Google. But by Friday’s closing bell, the most talked-about...

Dubai Free Zone to Refund $354 Million in Fees to Spur Economy

Dubai’s main port and biggest free zone authority plans to return 1.3 billion dirhams ($354 million) in cash and bank guarantees to its clients in an effort to stimulate the broader economy.Jebel Ali Free Zone will start refunding companies operating in its jurisdiction in September. Jafza, as the economic zone is known, said in a statem...

China’s BAIC seeks to buy 5 percent Daimler stake

China’s BAIC Group is seeking to buy a stake of up to 5 percent in Daimler as a way to secure its investment in Chinese Mercedes-Benz manufacturing company Beijing Benz Automotive, three sources familiar with the matter told Reuters. BAIC informed Daimler of its intention to buy a 4-5 percent stake in the German maker of Mercedes-Benz cars ear...

Goldman Sachs makes biggest acquisition in nearly 20 years

Goldman Sachs just made its first M&A splash of the David Solomon era, scooping up United Capital in a bid to beef up its wealth-management business. The Wall Street heavyweight is pushing deeper into the slow-but-steady wealth management industry in hopes of offsetting the turbulence experienced in its once-vaunted trading arm. Goldman's $7...

Bitcoin's First $1,000 Weekend since 2017 Marks Nine-Month High

Bitcoin surged more than $1,000 this weekend to the highest level since August, as cryptocurrencies extended their rebound from a slump last month amid the New York attorney general’s investigation of a key part of the market. Bitcoin rose as much as 6.9% to $7,445, before trading at $7,323.86 as of 2:15 p.m. Hong Kong time on Sunday May 12.20...

No bonuses will be distributed to Emirates Airline employees this year

There will be no bonuses for Emirates Airline’s employees this year. A spokesperson for the Dubai-based carrier on Sunday confirmed that unlike in the previous years, its thousands of staff will not be getting an extra compensation. The incentive, commonly known as “profit share,” is usually distributed at the end of the financial year to ...

Richard Branson's Virgin Galactic is finally moving to its space tourism headquarters

Richard Branson's space tourism startup, Virgin Galactic, is moving to New Mexico ahead of its first commercial flight. After two successful test missions of its rocket-powered space plane over the past few months, the company announced on Friday 10, May, 2019, that it will move its spacecraft and 100 of its workers to a building called Spacepor...

Turkish Airlines’ quarterly loss more than doubles on higher costs

Turkish Airlines’ first-quarter losses more than doubled, hit by higher fuel prices and other costs. The Turkish flag carrier, which operates flights to 306 destinations in 124 countries, reported a loss of 1.25 billion lira or $229 million in the first quarter, compared with a loss of 314 million lira or $86 million in the same period a year ...

Jeff Bezos unveils Moon lander concept

Amazon entrepreneur Jeff Bezos has unveiled a mock-up of a new lunar lander spacecraft that aims to take equipment and humans to the Moon by 2024.The reusable Blue Moon vehicle will carry scientific instruments, satellites and rovers. It will feature a new rocket engine called BE-7 that can blast 10,000lb (4,535kg) of thrust. Mr. Bezos presented...

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