News

  Bloomberg The Biden administration published its strategy for subsidising US output of semiconductors, with the first phase of funding potentially being rolled out next spring, Commerce Secretary Gina Raimondo said. Smaller, simpler projects involving expansion of existing facilities will be the first to receive funds, followed by more complex projects for so-called leading-edge chips, which the US currently doesn’t ...

  Bloomberg UK house prices rebounded in August, led by the strongest growth in London in six years, one of the nation’s biggest mortgage lenders said. Halifax said its measure of property prices rise 0.4% last month after a 0.1% dip the month before, bringing the average cost of a home to a new record of £294,260. The increase defied ...

  Bloomberg European sugar producers are processing crops earlier than normal this year in a bid to avoid the worst of a winter energy crunch, but at the risk of smaller output. Starting a few weeks earlier than usual should bring forward end of campaign, which typically wraps up during the coldest months — when energy supply is expected to ...

  Bloomberg General Motors Co.’s Cruise self-driving car unit has recalled an older version of software used by its robotaxis at the time of a crash in San Francisco in June, according to federal transportation regulators. Cruise has updated the automated driving system, or ADS, software and all affected vehicles were repaired in July, the National High Traffic Safety Administration ...

  ABU DHABI / WAM Al Seer Marine, a subsidiary of International Holding Company (IHC), has announced entering into a collaboration agreement with Netbulk Pte Ltd, a one-stop maritime solution company based in Singapore, as part of its growth strategy to expand its worldwide freight services. Founded in 2015, Netbulk provides a wide range of commercial activities, including trading, chartering, ...

  ABU DHABI / WAM President HH Sheikh Mohamed bin Zayed Al Nahyan issued a federal decree appointing Omran Sharaf as a member of the UAE Diplomatic and Consular Corps with the rank of ambassador, and as Assistant Minister of Foreign Affairs and International Cooperation to handle the Advanced Science and Technology portfolio. Omran Sharaf is the Project Director of ...

  Abu Dhabi / WAM Borouge, a leading petrochemical company providing innovative and differentiated solutions, continues to strengthen its existing value-chain partnerships through several new opportunities in Egypt – a strategic market where the company has long-standing ties. Borouge has contributed to shaping country’s most prominent projects, which are driving demand for energy, infrastructure, and agriculture solutions. In 2020, Borouge ...

Manama / WAM Investcorp, a Bahrain-based asset manager which counts Mubadala Investment Company as its biggest shareholder, on Wednesday announced that Investcorp Saudi Pre-IPO Growth Fund LP led the Pre-IPO round in privately-held TruKKer Holding Limited, Mena’s largest digital freight network with a leading position across Saudi Arabia, the UAE, Egypt and neighbouring countries. Investcorp led the initial close of ...

  ABU DHABI / WAM The central bank of the UAE (CBUAE) and the General Civil Aviation Authority (GCAA) signed a memorandum of understanding (MoU) on Wednesday on linking the electronic payment systems. The MoU comes as part of both entities’ efforts to implement the UAE’s strategy and achieve its digital transformation objectives for services provided to individuals. It aims ...

  Abu Dhabi / WAM The Abu Dhabi National Exhibitions Company (Adnec) has rebranded and unveiled a new corporate identity with the aim of increasing the visibility of the group’s six main business sectors: Venues, events, hotels, food and beverage, services and tourism. Strengthening its position as a leading events and leisure tourism player in Abu Dhabi, Adnec group maximises ...