Bloomberg European Union officials appeared to lose hope of dodging additional punitive US tariffs, as the bloc’s calls for a negotiated settlement over aircraft subsidies have gone unanswered by President Donald Trump’s administration. EU’s trade chief Cecilia Malmstrom told reporters in Brussels that she expects the World Trade Organization to unveil a specific figure, authorising the US to hit the ...

Bloomberg John Lewis Partnership Plc plans to cut one-third of the top jobs at its headquarters as it integrates grocer Waitrose with its department-store operations in response to tough UK retail competition. The reduction of 75 senior managers will save about 100 million pounds ($123 million) over time, the company said. Waitrose managing director Rob Collins plans to step down ...

Bloomberg After Tesco Plc said Chief Executive Officer Dave Lewis will hand the baton to drugstore executive Ken Murphy, one analyst summed up his surprise by quipping, “Ken who?” While Murphy is known inside Walgreens Boots Alliance Inc for spearheading its push into China, he’s a relative unknown in London financial circles. Next summer he’ll take over the top job ...

NEW YORK / WAM The UAE Government, in partnership with the Organisation for Economic Cooperation and Development (OECD), and the United Nations Development Programme (UNDP), launched the Global Hub on Governance for Sustainable Development Goals (SDGs). The announcement was made on the sidelines of the United Nations General Assembly (UNGA 74). The high-level side event was hosted by the governments of ...

Bloomberg The World Trade Organisation (WTO) cut its global trade growth forecast for this year to the weakest level in a decade, warning that further rounds of tariffs in an environment of heightened uncertainty could spark a “destructive cycle of recrimination.” The volume of merchandise trade will increase by 1.2% this year and 2.7% next year, after a 3% advance ...

Bloomberg The Dubai Gold and Commodities Exchange (DGCX), continued its record-breaking performance this year, registering its best quarter since inception with over 7.98 million contracts traded in third quarter of 2019, with over 2.37mn contracts traded in September, valued at $41 billion. The Exchange also recorded a monthly Average Open Interest (AOI), of 410,847 contracts in September, its highest AOI since ...

DUBAI / WAM Expo 2020 Dubai named Al Ain Farms as Official Dairy Provider of the upcoming World Expo. Founded in 1981, Al Ain Farms is the UAE’s largest integrated dairy company with highly automated feeding and cooling systems for its cows, camels and chickens, as well as cutting-edge technology for feeding, milking and processing. It was established under the ...

Bloomberg Oil rose after its biggest quarterly slump of the year, yet ongoing concerns that a faltering global economy will erode demand continued to weigh on the market. Futures increased 1.1% in New York, having tumbled 7.5% in the past three months as Saudi Arabia fully restored its output following devastating attacks that had temporarily halved its production. Attention is ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the new vision of Dubai Culture, which outlines a comprehensive roadmap to consolidate Dubai’s stature as a global destination for culture, innovation and talent. His Highness Sheikh Mohammed approved the new vision during a visit to ...

Abu Dhabi / WAM Early voting for the Federal National Council (FNC), elections kicked off in nine polling stations across the UAE on Tuesday morning, and will run until October 3. Official voting will begin on election day on October 5, at 39 polling stations nationwide. Voters can cast their ballots at polling stations, equipped with electronic voting systems, in ...