BLOOMBERG Reaction Engines Ltd, a UK company behind a rocket engine designed for hypersonic flight that is backed by industry heavyweights such as Boeing Co, is examining ways to cut costs to delay asking shareholders for more funds. The company, which has raised more than £150 million ($191 million) from investors, will run out of cash by the end of ...

BLOOMBERG Boeing Co Chief Executive Officer Dave Calhoun fought back tears as he said the planemaker must own up to its shortcomings, underscoring the stakes of a safety incident that’s renewing questions over the quality of its manufacturing. “We’re going to approach this — No. 1 — acknowledging our mistake,” Calhoun told Boeing employees during a companywide meeting at its ...

BEIJING / WAM As China’s 2023 Central Economic Work Conference emphasised boosting foreign trade, the country plans to promote new growth engines in 2024 amid global headwinds. “The unstable momentum and insufficient driving force of the global economic recovery have led to sustained weakness in external demand, which is the main factor affecting the trend of foreign trade,” People’s Daily ...

ABU DHABI / WAM The Abu Dhabi Judicial Department (ADJD) has implemented a groundbreaking system for the automatic cancellation of enforcement decisions pertaining to financial payments in all judicial rulings. This initiative establishes the ADJD as the first judicial authority in the region to deploy such a mechanism. The primary objective is to streamline the enforcement decision procedures by leveraging ...

SHARJAH / WAM Sharjah Investment and Development Authority (Shurooq) is taking part in the upcoming Sharjah Real Estate Exhibition (ACRES) 2024 from 17th to 20th January at the Expo Centre Sharjah. During its participation in ACRES, Shurooq will reveal prices for their anticipated ‘Ajwan’ — a residential project in Khorfakkan. Shurooq will also be revealing their ‘Aysha Residence’ development on ...

ABU DHABI / WAM The Federal Tax Authority (FTA) appointed 134 UAE citizens to its team in 2023, filling various specialised, technical, and administrative positions. The figure exceeds the FTA’s strategic targets in that regard, where the authority had aimed to recruit 123 Emiratis in a campaign announced at the beginning of 2023 to raise Emiratisation rates across all sectors ...

SHARJAH / WAM HH Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, visited the wheat farm in the Mleiha region to inspect the agricultural activities. Dr Sheikh Sultan observed the farming processes and the irrigation of wheat crops using state-of-the-art equipment designed for water conservation. These advanced technologies not only assist in monitoring performance ...

ABU DHABI/ GULF TIME Line Investments & Property LLC has successfully concluded the exciting ‘Mall Millionaire’ campaign, announcing the lucky winners of the AED One Million grand prize and five T5 EVO cars. The campaign held, across thirteen malls in Abu Dhabi, Al Ain, and Al Dhafra, redefined the shopping experience, offering customers an array of rewards, entertainment, and shopping ...

DUBAI/ GULF TIME Danube Properties, the fastest-growing private real estate developer in the UAE, today announced the development of its largest, highest, and most iconic project, Bayz101, a 101-level megatall tower—its tallest development project to date—that will reinforce Dubai’s position as the City of Skyscrapers, which currently hosts three towers with more than 100 levels, including Burj Khalifa, the world’s ...

BLOOMBERG Retail was Europe’s top-performing sector last year, but already there are signs that gains this year will be much harder fought. Marks & Spencer (M&S) Group Plc, whose shares more than doubled in 2023, slid about 6% as strong growth in holiday sales proved an insufficient catalyst for those banking on further upgrades to guidance. The retailer noted economic ...