Middle East business information

The head of Abu Dhabi-controlled microchip maker Globalfoundries has resigned following media reports linking him to an insider-trading scandal, the National has reported. Hector Ruiz previously led the chip maker AMD, which spun off its manufacturing assets to create Globalfoundries this year. Ruiz's resignation is effective from January 4 but he will take leave of absence immediately, the company said in a statement.