Container trucks seen at a port in Tokyo. Associated Press
Japan pushed back on Tuesday against calls from South Korea to scrap restrictions on high-tech exports to its Asian neighbour, as a diplomatic row over forced wartime labour escalates between the two key US allies.
South Korea’s president said on Wednesday Japan’s export curbs on key materials used by South Korean technology firms could be prolonged and Seoul will help companies reduce their reliance on Japanese suppliers.
Japan’s economy contracted slightly in the first quarter as corporate and consumer spending weakened, a Reuters poll showed on Friday. Exports also deteriorated amid trade disputes and weaker global demand, hurting the trade-reliant economy. Gross domestic product (GDP) is expected to have fallen 0.2% in January-March on an annualised basis,
The Sharjah Finance Department, SFD, recently established a framework worth Dhs4 billion to enhance liquidity for the banking system in the emirate. The move aims to provide additional financial assistance to all businesses impacted by the outbreak of COVID-19.
Dubai-based Emerging Markets Property Group (EMPG) and OLX Group, owners of homegrown technology firms Bayut and dubizzle, have announced the merger of their Mena and South Asia operations to form an Dhs3.6 billion ($1 billion) Dubai-based unicorn company.
Jubail Island Investment Company (JIIC), has awarded continuing infrastructure works contract worth more than Dhs200 million for Jubail Island to Gulf Contractors Company (GCC).