Bloomberg Daimler AG Chief Executive Officer Ola Kallenius said the maker of Mercedes-Benz cars and the industry as a whole face painful cutbacks to overcome the economic fallout of the Covid-19 pandemic. The virus outbreak will force manufacturers to do more significant restructuring than they had planned before the crisis erupted, Kallenius said during a webcast hosted by Germany’s largest ...

Bloomberg European stocks rose with US futures on Thursday as hopes for reassuring jobs data later in Washington added to momentum from positive vaccine developments. The dollar slipped. The Stoxx Europe 600 Index extended its initial gains on advances in banks and travel companies. Contracts on the S&P 500 Index also picked up, hours before the June employment report that’s ...

Bloomberg SK Biopharmaceuticals Co., a biotechnology arm of SK Group in South Korea, surged to more than double the company’s initially offered price during its trading debut in the nation’s largest first share sale in three years. The stock soared 159% from the IPO price in Seoul, boosting its market cap to 9.9 trillion won ($8.2 billion). SK Biopharmaceuticals now ...

ABU DHABI / WAM The UAE announced that it is currently considering the return of the Boeing 737 Max aircraft to the UAE’s airspace. The Director General of the General Civil Aviation Authority (GCAA) Saif Mohammad Al Suwaidi said: “The GCAA is closely working with the Federal Aviation Administration (FAA) Boeing and UAE Operators on B737Max return to service since ...

Tokyo / WAM Japan’s imports of crude oil from the UAE amounted to almost a third of its oil imports at 32 percent, or 22.6 million barrels, data from Agency for Natural Resources and Energy in Tokyo showed. The agency, part of Japanese Ministry of Economy, Trade and Industry, reported that Japan imported 70.7 million barrels during May, of which ...

ABU DHABI / WAM Abu Dhabi National Energy Company (Taqa), on Wednesday announced the successful completion of its transaction with Abu Dhabi Power Corporation (ADPower) creating one of the largest utility companies in the Europe, the Middle East and Africa (EMEA) region. The transaction – which was first proposed by ADPower to the Taqa Board of Directors in February 2020 ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, reviewed final preparations of the Hope Probe, scheduled to launch to Mars on July 15. The meeting was chaired by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and President of the ...

Dubai / WAM Nasdaq Dubai has welcomed the listing of three sukuk issued by the government of Indonesia with a total value of $2.5 billion. The sukuk achieved nearly 6.7 times subscription by investors, including international investors in Asian and Middle East countries. The listings comprise a 10-year issuance of $1 billion and two issuances of $750 million each, one ...

Abu Dhabi / WAM The UAE Ministry of Economy (MoE) has taken part in a video conference organised by the delegation of the European Union to the UAE, with the participation of Trade Counsellors from European Union (EU) Member States represented in the country. During the virtual session, Juma Mohammed Al Kait, Assistant Under-Secretary of the UAE Ministry of Economy for ...

DUBAI / WAM DMCC, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, and Innoway, a Chinese platform established by the Beijing and Haidian Government, have signed a Memorandum of Understanding (MoU) to increase collaboration in the tech sector between the UAE and China, and usher in a new wave of innovation to Dubai. ...