Bloomberg Spanish inflation unexpectedly surged to a record, defying government efforts to rein it in and signalling intensifying price pressure as the European Central Bank (ECB) gears up to raise interest rates for the first time in more than a decade. The surprise 10% reading for June dashes hopes that inflation in the euro zone’s fourth-biggest economy had peaked ...

  Bloomberg Novartis AG will cut as many as 8,000 jobs under a plan to save at least $1 billion by 2024 and boost the pharmaceutical giant’s performance. The Swiss company detailed the cuts, equal to more than 7% of its global workforce after outlining the restructuring in April. Among other things, Novartis plans to generate savings by combining its ...

  Bloomberg BYD Co, the Chinese electric vehicle maker backed by Warren Buffett, is on the cusp of entering the trillion-yuan-market-cap club as its production resilience and the government’s consumption incentives helped spur a rally. Shares of the Shenzhen-based company have surged 66% since a March low through, which pushed its market valuation to around $142 billion. Further gains will ...

  Bloomberg Stocks dropped on Wednesday on renewed worries about economic growth as monetary policy tightens in much of the world to fight inflation. European equities fall for the first time in four days with sentiment hurt by China remaining committed to its zero-Covid-19 approach. US contracts steadied after a tech-led slide hurt the S&P 500. The yield on German ...

  Abu Dhabi / WAM A new partnership was announced on Tuesday between Strata Manufacturing, a UAE-based Digital Factory pioneer, Hyperganic, an AI-based engineering platform company with offices in Germany and Singapore, and German industrial 3D printing company EOS to build the world’s most energy-efficient residential air conditioner (A/C) system. The partnership is a result of the Ministry of Industry ...

  ABU DHABI / WAM The UAE has expressed its solidarity with the Hashemite Kingdom of Jordan over the victims of the tragic accident caused by a gas leak in the port of Aqaba, which caused numerous deaths and injuries. The Ministry of Foreign Affairs and International Cooperation expressed its sincere condolences and sympathy to the Jordanian government and people ...

  Abu Dhabi / WAM Alpha Dhabi Holding has increased its stake in Aldar Properties, reaffirming its position as the largest shareholder and consequently becoming Aldar’s parent company. Through this latest additional stake, Alpha Dhabi has raised its shareholding of Aldar to complement its existing majority representation on Aldar’s Board of Directors. Accordingly, Aldar will be treated as a subsidiary ...

  Abu Dhabi / WAM Abu Dhabi Exports Office (Adex), the export-financing arm of the Abu Dhabi Fund for Development (ADFD), has signed a financing agreement with the ECOWAS Bank for Investment and Development (Ebid). Following this, a line of credit of $20 million will be opened between the two entities enhancing strategic cooperation and increasing the volume of trade ...

  Abu Dhabi / WAM The UAE Ministry of Climate Change and Environment (MoCCAE) and the Department of Agriculture of the Philippines on Tuesday signed a memorandum of understanding (MoU) to step up collaboration in developing the agricultural sector in both countries. The scope covers multiple areas, including soil science and management, biotechnology, post-harvest transactions, agricultural research and development (R&D), ...

  Sharjah / WAM The Department of Government Relations (DGR) in Sharjah hosted a high-level delegation from Finland to strengthen collaboration between Sharjah and Finnish cities in socioeconomic sectors and the knowledge economy, and expand bilateral investment prospects. Sheikh Fahim Al Qasimi, Chairman of DGR, welcomed the Finnish delegation headed by Marianne Nissilä, Ambassador of Finland to the UAE, and ...