Blog List Layout

Bloomberg The UK government is borrowing billions of pounds more than forecast as soaring inflation drives up the cost of servicing the national debt. Official figures showed the budget deficit totalled £22.9 billion ($27.5 billion) in June, up more than 20% compared with the same month last year. It left the gap in the first three months of the fiscal ...

Bloomberg Applications for US state unemployment insurance rose for a third week to the highest since November as more companies announce job cuts, suggesting some softening in the labour market. Initial unemployment claims increased by 7,000 to 251,000 in the week ended July 16, Labour Department data showed. The figures coincide with the reference period for the July jobs report ...

  Bloomberg Tesla Inc has been going through “supply chain hell,” but Elon Musk believes the electric-car maker stands a chance of emerging from it in the second half of the year. The chief executive officer tempered his optimism while discussing Tesla’s better-than-expected earnings, emphasising how challenging it’s been to secure parts and materials. Tesla sold roughly 75% of its ...

  Bloomberg AutoNation Inc shrugged off a sales decline to post record profit in the second quarter as US prices for new vehicles soar. The nation’s largest auto dealer chain said earnings were $6.48 a share during the period, up 34% from a year earlier and beating analyst estimates. Revenue fell 2% to $6.9 billion and just missed the consensus ...

  Abu Dhabi / WAM The Emirates News Agency (WAM) has signed a strategic partnership agreement with the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), with the aim of enhancing joint cooperation between the two sides in the media and artificial intelligence sectors through the exchange of knowledge, experiences and training. The agreement was signed by Mohammed Jalal Al ...

  Dubai / WAM Dubai Electricity and Water Authority (Dewa) has announced it won three Global Good Governance (3G) Awards. These awards are presented annually by Cambridge IFA in the UK and major international companies compete to win them. Dewa won the awards in “Leadership in Good Governance,” “Excellence in Compliance and Conformance Activities,” and “Commitment and Promotion of Good ...

  Abu Dhabi / WAM Abdullah bin Touq Al Marri, Minister of Economy, has said the speech of President His Highness Sheikh Mohamed bin Zayed Al Nahyan has outlined the strategic direction for the economic development in the UAE by promoting openness to the world and consolidating the principles of cooperation based on respecting common interests, achieving mutual benefit, and ...

  Bloomberg Russia began sending natural gas to Europe through the Nord Stream pipeline system after a pause, bringing relief to a continent whose economy is starting to wobble under the strain of reduced supplies. Shipments returned to 40% of capacity, their level before flows were halted for 10 days of planned maintenance, data from the pipeline operator showed. While ...

Bloomberg Mario Draghi resigned as Italy’s prime minister, throwing the country into turmoil and putting it on course for snap elections as soon as early October. The former European Central Bank chief delivered his decision to President Sergio Mattarella Thursday morning. The government will continue in a caretaker role to handle ongoing business but its influence will be minimal. Mattarella, ...

  Dubai / WAM Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (Dewa), announced that Dewa has plans to invest AED40 billion on capital expenditure in the next five years including the expansion of renewable and clean energy projects. He noted that Dewa plans to invest about AED16 billion to strengthen and expand electricity and ...