Abu Dhabi / WAM The Emirates Mars Mission (EMM) the first interplanetary mission undertaken by an Arab nation, on Monday announced the successful completion of TCM1 – its first trajectory correction manoeuvre and a major milestone for the mission as the Mars Hope probe continues its seven-month journey to Mars. The manoeuvre marks the first firing of the Mars Hope ...

Abu Dhabi / WAM The Abu Dhabi Department of Economic Development (Added) has issued a new circular allowing owners of cinemas inside shopping malls across Abu Dhabi to resume operations and open their doors to the public provided they comply to the precautionary measures being implemented to curb the spread of coronavirus (Covid-19). In a statement by the Added on ...

Dubai / WAM Dubai Customs reported a 23% growth in the value of Dubai’s foreign trade of sterilizers and disinfectants, which reached AED 70 million during the first half of this year, compared to AED 56.8 million in the corresponding period last year. Last June saw the highest rise in sterilisers trade by 95% to record AED18 million from AED9.8 ...

Bloomberg Sasol Ltd reported an annual loss after $6.5 billion in asset writedowns and the scheduling of a rights issue as its struggles continued amid the coronavirus pandemic. The shares slumped as much as 9.6%. Lower demand and prices for its products due to the virus, compounded by problems at its US Lake Charles chemical project, is making a bad ...

Bloomberg Chaparral Energy’s filed for bankruptcy protection for the second time in four years, paving the way for bondholders to take control of the Oklahoma driller in the aftermath of sluggish oil prices. The company filed for Chapter 11 in US Bankruptcy Court in Delaware as it seeks to restructure its balance sheet and raise new money. Almost 80% of ...

Bloomberg Whiting Petroleum’s Chief Executive Officer Brad Holly will leave the company just five months after receiving a $6.4 million payout to see the company through bankruptcy proceedings. The Bakken oil producer expects to emerge from bankruptcy protection on September 1, when Holly will resign and be replaced by Lynn Peterson, who previously led SRC Energy. Holly and fellow executives ...

Last week’s US retail sales numbers provided comfort for both the V and the square-root economic recovery camps. But rather than mark the beginning of a consensus on what lies ahead, they highlight a durable debate raging not just on Wall Street, but also on Capitol Hill. By adding 1.2% growth after the 8.4% rebound of the previous month, the ...

TUI AG, the world’s biggest package-holiday company, has just secured enough government funding to see it through the lean Covid-affected winter season. A glance at its latest quarterly earnings shows this is probably just as well. The German company reported a 1.1 billion-euro ($1.3 billion) operating loss in the quarter ending on June 30, after revenue slumped 98%. It said ...

The Chinese used to be an adventurous bunch. Last year, 170 million of them travelled internationally, threatening to tip the nation into a current account deficit. Now, scarred by anti-Chinese sentiment abroad amid the pandemic, and suspicious of many things foreign, consumers are turning inward. Consider a CLSA Ltd survey of 1,600 shoppers, conducted between June 30 and July 7. ...

It looks as if the long-awaited Apple Inc subscription bundles are finally going to happen. But while it is a solid step in the right direction, the smartphone giant needs to do far more to change the game. Bloomberg News reported that Apple is preparing to launch several bundles, internally named “Apple One,” as soon as October. There will be ...