News

  Bloomberg The writing was on the wall when Britain finalized its break from the European Union: The UK sorely lacked the battery manufacturing capability that would be absolutely critical to the auto industry’s future, leaving the country’s already declining car sector in a make-or-break bind. The failure of Britishvolt Ltd. to get past the stage of developing prototypes for ...

  Bloomberg Public borrowings in the US and elsewhere have swelled because of overspending partly fueled by fractured politics, said former International Monetary Fund Chief Economist Raghuram Rajan. “The size of the debt has gone up tremendously,” he told a panel at the World Economic Forum in Davos. “Part of the problem that’s going on is clearly there is a ...

  Bloomberg EY Chief Executive Officer Carmine Di Sibio said “it’s business as usual” when it comes to hiring, with a tight jobs market even as several big firms begin to cut staff. “We’re not struggling to source talent, but it’s not like we’re seeing a rash of talent that’s all of a sudden available,” Di Sibio said in an ...

  Bloomberg The European Union will need to ask member states to make fresh contributions to the bloc’s budget to fund a growing list of priorities, including support for its industries and addressing fallout from the war in Ukraine, the EU executive arm’s top economy official said. “We need in a sense to replenish the EU budget, because many of ...

Bloomberg Ericsson AB Chief Executive Officer Borje Ekholm welcomed one of his company’s staunchest critics, activist investor Cevian Capital AB, which is seeking a seat on the 10-person board. Cevian, which first invested in the Swedish telecommunications networks maker in 2017 and now has a stake of about 5%, is looking to name a director to the board at an ...

  Bloomberg The cost-of-living crisis is driving demand for Britain’s student halls, as undergraduates hunt for tenancy agreements that lock in the price of their bills. Some £6.9 billion was invested in purpose-built student accommodation in 2022, a 62% year-on-year rise, according to broker Knight Frank. What’s more, £3.8 billion was spent in the final quarter, boosted by the £3.3 ...

Abu Dhabi / WAM Abu Dhabi National Oil Company (Adnoc), a responsible provider of reliable, lower-carbon intensity energy, announced on Tuesday that it has signed a memorandum of understanding (MoU) with Thyssenkrupp Uhde, a Germany-based subsidiary of thyssenkrupp group that specialises in chemical engineering, to explore a long-term partnership to create new markets for hydrogen and promote global clean energy ...

  Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of condolences to President Bidhya Devi Bhandari of Nepal over the victims of the plane crash. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, also sent a similar message to ...

Abu Dhabi / WAM The UAE and Japan signed several agreements and memoranda of understanding (MoU) to help accelerate the energy transition and the adoption of technology in industry. Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and UAE Special Envoy to Japan, met with Yasutoshi Nishimura, Japan’s Minister of Economy, Trade and Industry, on the ...

Abu Dhabi / WAM The Ministry of Industry and Advanced Technology (MoIAT) in collaboration with the Ministry of Energy and Infrastructure (MoEI) and Schneider Electric on Tuesday announced the findings of a nationwide assessment of industrial companies that is designed to help enhance energy efficiency in the industrial sector ahead of the 28th UN Climate Change Conference (COP28) later this ...