EU, China Give Political Nod to Investment Deal
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31 DECEMBER 2020 - 02 jANUARY 2021 | 16-18 jUMADA Al-AWWAl 1442 HIjRI | VOlUME NO. 08 | ISSUE 114 /emiratesbusiness.ae @emi_business emirates-business.ae oP-ED PAGE 04 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0359 B r e n t Crude $51.23/bbl buLLION The three big mistakes China made in 2020 Abu Dhabi - ADX 5,088.09 EuRo 4.5325 CHF 4.2071 WTI Crude $48.14 /bbl Beijing got three big things wrong — underestimating the K-shaped rebound, muzzling billionaire critics and mishandling GBP 4.9953 CAD 2.9015 N a t u r a l G as $2.45 /MMBtu Dubai - DFM 2,517.97 defaults, writes Shuli Ren PRECIOUS METALS EuroPE PAGE 07 New york - NYA 14,487.84 EXCHANGE RATE Sri Lankan Rs 50.67 Gold $1,895.10/t oz Brexit border chaos forces truckers to shun uK deliveries Indian Rs 19.82 Philippine Peso 12.84 Gold-Dubai AED227.50/gm Buy for London - UKX 6,555.82 Bangladesh Taka 22.32 (AED) 26,535.60 A ‘dramatic number’ of freight forwarders declined to take cargo Pakistani Rs 42.86 Silver $26.64/t oz into UK in past fortnight, despite having agreed contracts Thursday— Saturday Price UAE: AED 2 UAE strongly condemns terrorist Coronavirus Crisis in England attack on Yemen’s Aden airport The continuation of such attacks highlights the nature of dangers facing the region as a result of Houthi coup ABU DHABI / WAM The Ministry of Foreign Affairs and International The United Arab Emirates Cooperation stressed that attempts to target the Riyadh strongly condemned the Agreement, through attacking the newly formed Yemeni cowardly terrorist attack that targeted the airport of the in - Government, is a diabolic scheme aimed at undermining terim Yemeni capital Aden prospects of security and stability in Yemen and the region during the arrival of members and ministers of the newly formed Yemeni Government bility in Yemen and the region. and humanitarian principles to commence its duties in im - The ministry reiterated im - and values. plementation of the Riyadh portance of confronting these The ministry stressed that Agreement. subversive attempts with all the continuation of such at - In a statement, the Ministry vigilance and determination. tacks highlights the nature of of Foreign Affairs and Interna - The ministry reaffirmed the the dangers facing the region tional Cooperation stressed UAE's strong condemnation of as a result of the Houthi coup, that attempts to target Riyadh these terror attacks and its and the efforts of these mili - Agreement, through attacking categorical rejection of all tias' to undermine security the newly formed Yemeni forms of violence and terror - and stability in the region. government, is a diabolic ism aimed at destabilising se - A woman wearing a face mask walks past a sign in a shop window in Northampton on Wednesday. A further change to England’s tier scheme aimed at undermining curity and stability in nFor full story, read system are expected to be announced, just days after millions of people came under harsher coronavirus restrictions —DPA prospects of security and sta - contravention of all religious emirates-business.ae China ranked as the European union’s second-largest trade partner in 2019 (behind the us) Abu Dhabi wraps up 2020 with dazzling fireworks ABU DHABI / WAM the UAE capital on New Year’s EU, China give political Eve, including fireworks The Department of Culture shows in some of Abu Dhabi’s and Tourism – Abu Dhabi most renown neighborhouds (DCT Abu Dhabi) has an - - the Corniche, Yas Island, Al nounced a dazzling array of Maryah Island and Al Wathba nod to investment deal celebrations taking place in on December 31. pagE 2 The breakthrough in negotiations on the market-opening investment accord signals the bloc’s determination to focus on economic opportunities in Asia Emirates sees peak travel blooMberg n For the EU, the The European Union (EU) and EU-China investment period at start of 2021 China announced the political DUBAI / WAM approval of an agreement to deal risks irking incoming open the Chinese market further US administration, Travel is expected to reach to EU investors, marking a major which has urged the another peak at the end of step in talks that began in 2013. this week for Emirates, as the The breakthrough in negotia - Europeans to consult airline expects yet another tions on an EU-China invest - with them over China’s busy period. A high volume ment deal signals the bloc’s economic practices of travellers will be making determination to focus on eco - their way to Emirates' dedi - nomic opportunities in Asia cated Terminal 3 facilities on even amid criticism of Beijing’s n Failure by the US and EU January 2-3, 2021, to depart Customers are reminded record on human rights. The ac - to forge a common Dubai, in addition to a rush of to check latest travel cord could enter into force in inbound traffic into the city. EU Commission President Ursula von der leyen attends the EU-China leaders meeting via position would give requirements to their early 2022. video conference in Brussels on Wednesday —DPA Across both days, over booked destination, and For the EU, the deal risks irk - Beijing an advantage as 70,000 passengers will be ing the incoming US administra - ment on Wednesday after a video deemed by Europe and the US western leaders departing and arriving on to arrive at airport at tion, which has urged the conference with Chinese Presi - to be market-distorting: indus - reassess geopolitical Emirates flights. least three hours before Europeans to consult with them dent Xi Jinping. “China has com - trial subsidies, state control of Customers are reminded their flight departure over China’s economic practices. mitted to an unprecedented level enterprises and forced technol - ties in wake of Donald to check the latest travel re - Failure by the US and EU to forge of market access for EU investors, ogy transfers. Trump’s presidency quirements to their booked a common position would give giving European businesses cer - For China, the accord bolsters destination, and to arrive at the specific entry testing re - Beijing an advantage as western tainty and predictability for their the country’s claim to be a the airport at least three quirements from the country leaders reassess geopolitical re - operations.” mainstream geopolitical force sisted on an investment deal hours before their flight de - they are coming from. lations in the wake of Donald For the 27-nation EU, the pact and may limit risks resulting first. parture. Passengers are en - Passengers physically Trump’s presidency. expands access to the Chinese from a tougher EU stance on China ranked as the EU’s sec - couraged to build in extra checking in at the airport are “This agreement is of major market for foreign investors in Chinese investments in Europe. ond-largest trade partner in time in their journey to avoid requested to check in no later economic significance,” the lead - industries ranging from cars to It also strengthens Beijing’s 2019 (behind the US), with two- delays with expected traffic than 3 hours prior to depar - ers of the bloc’s two main institu - telecommunications. Further - longstanding call for the start of way goods commerce valued at congestion coming into Ter - ture, regardless of class of tions, Charles Michel and Ursula more, the agreement tackles un - negotiations on a free-trade more than 1 billion euros ($1.2 minal 3. Passengers arriving travel. von der Leyen, said in a state - derlying Chinese policies pact with the EU, which has in - billion) a day. back to Dubai should check pagE 2 Dubai firms exempted TRA organises 8th edition of Dubai Startup Hub launches eight from paying double fines ‘Sada Al Barq’ guides to support entrepreneurs DUBAI / WAM DUBAI / WAM The guides provide resources including relevant data, statistics, Dubai Municipality is prepar - The eighth edition of ‘Sada ing to launch an initiative to Al Barq’ exercise for the Na - opportunities and offer advice on how to apply for the licences exempt companies from pay - tional Emergency Telecom - DUBAI / WAM ing double fines for their munication Plan, organised The guides provide a violations. virtually by the Telecommu - The Dubai Chamber of Com - comprehensive list of business The exemption shall be nications Regulatory Au - merce and Industry’s Dubai given to those who pay the thority (TRA) concluded. Startup Hub initiative has incubators and accelerators basic fines determined for vi - The exemption shall be It was attended by tele - launched eight guides to help that can help entrepreneurs olations before doubling, given to those companies com service providers in startups in the UAE do business. grow their startups, as well as before mid-February 2021, who pay the basic fines the UAE including Emirates The decision was made at events that focus on their the municipality said on determined for violations Telecommunication Group Dubai Chamber's fifth and final Wednesday. Company (Etisalat), Emi - ‘Networking Series’ which was specific sectors The companies that vio - before doubling, before rates Integrated Telecom - organised in cooperation with lated the provisions of the leg - mid-February 2021 munications Company (du) Virtuzone, and targeted start - islation covered by decrees and Al Yah Satellite Commu - ups and entrepreneurs and ran startups in each of the eight sec - drew more than 360 partici - related to occupational health nication Company (Yahsat). from mid-October to mid-De - tors, additionally offering ad - pants, 22 percent of them Emi - and safety violations, sewage said, "This is one of the most im - This exercise comes under cember 2020.