News

  Dubai / WAM Dubai’s Roads and Transport Authority (RTA) has announced that the Sheikh Rashid bin Saeed Corridor Improvement Project is now 75 percent complete. The project extends 8 kilometres (km) along Ras Al Khor Road from the intersection of Dubai – Al Ain Road to the intersection of Sheikh Mohammed bin Zayed Road. Works include constructing bridges extending ...

Bloomberg Almost 2,000 dock workers at Britain’s biggest container ship port plan to strike for eight days this month after failing to reach a pay deal, threatening to sever one of the UK’s most important trade routes. Workers at Felixstowe will strike from August 21 to August 29, the Unite union said in a statement. Talks failed after the port, ...

  Bloomberg US consumer borrowing surged in June, reflecting a jump in credit-card balances and a record increase in non-revolving lending that includes auto and school loans. Total credit increased $40.2 billion from the prior month, second only to March’s $47.1 billion spike, Federal Reserve figures showed. The median forecast in a Bloomberg survey of economists called for a $27 ...

  Bloomberg Pfizer Inc is in advanced talks to buy Global Blood Therapeutics Inc., the maker of a therapy for sickle-cell disease, for about $5 billion, the Wall Street Journal (WSJ) reported. The New York-based drug giant is looking to finalise a deal in the coming days, the Journal reported. Bloomberg News had reported earlier this week that biotech was ...

  Bloomberg As volcanic activity in Iceland starts, the country’s tourism industry kicked into high gear, grasping an opportunity to revive the business after the pandemic had banished most visitors from the Atlantic island for more than two years. With reports emerging of sightings of lava, the shares of Icelandic airlines Icelandair hf and Fly Play hf, which flies under ...

  Bloomberg Italy’s sovereign rating outlook was lowered to negative by Moody’s Investors Service, which cited accumulated risks from Russia’s war in Ukraine to departure of PM Mario Draghi. Italy’s finance ministry called action “questionable.” The credit quality of the European nation, which is rated Baa3 by Moody’s, is under pressure from heightened government risk that could impede structural reforms, ...

Bloomberg Canadian employment unexpectedly falls for a second straight month in July as workers dropped out of the labour force, adding to evidence the economy is losing momentum. The country shed 30,600 jobs last month, Statistics Canada reported in Ottawa, a surprise negative reading compared to the 15,000 gain anticipated by economists. Still, the unemployment rate held at a record ...

  ABU DHABI / WAM Foreign direct investments (FDI) in the UAE witnessed significant growth in recent years, despite the challenges posed by the Covid-19 pandemic. According to a report by the Ministry of Economy, during the past decade from 2012 to 2021, FDIs in the country increased by 116 percent, amounting to $20.667 billion in 2021 compared to $9.566 ...

  DAR ES SALAAM / TANZANIA /WAM Masdar announced that it has signed an agreement with Tanzania Electric Supply Company Ltd. (Tanesco) related to the development of renewable energy projects with a total capacity of up to 2 gigawatts (GW). In the presence of Hon. January Makamba, Minister for Energy for Tanzania, the Joint Development Agreement (JDA) was signed by ...

  Abu Dhabi / WAM The National Emergency Crisis and Disasters Management Authority (NCEMA), represented by Department of Safety and Prevention, held a brainstorming session to discuss the national framework for preparedness and public safety. The session saw participation of a number of federal and local agencies concerned with managing institutional and community risks. The session discussed a number of ...