News

  DUBAI / WAM Dubai’s Roads and Transport Authority (RTA) announced that Tesla Model 3 had been added to Dubai Taxi Corporation’s taxi fleet on a trial basis, following the huge success of operating 172 Tesla vehicles in the limousine service since 2017. The trial operation aims to verify the efficiency of the vehicle when deployed on the taxi fleet ...

Dubai / Gulf Time South Indian Bank Limited (SIB), a major private sector bank headquartered in Kerala, India, will be launching special wealth management service, deposit scheme, life insurance scheme, trade-related payments and remittance service and mutual fund products for the non-resident Indians (NRIs). Announcing this, Murali Ramakrishnan, CEO, South Indian Bank Ltd, who is in Dubai on an official ...

  Bloomberg Employers in the US probably added workers at a more moderate yet still healthy pace last month as the jobless rate held near its lowest level in decades, suggesting resilient labour demand even as the economy cools. The government’s latest payrolls tally is projected to show a 273,000 increase for June, based on the Bloomberg survey median. The ...

  Bloomberg Italy’s government plans further measures to cushion the impact of high energy prices, including extending a fuel tax holiday to the beginning of October, Il Messaggero newspaper reported. The package, likely to be approved in the second half of July according to the newspaper, would be worth around 8 billion euros ($8.3 billion). The cost would be covered ...

  Bloomberg Top German industries could face collapse because of cuts in the supplies of Russian natural gas, the country’s top union official warned before crisis talks with Chancellor Olaf Scholz starting Monday. “Because of the gas bottlenecks, entire industries are in danger of permanently collapsing: aluminum, glass, the chemical industry,” said Yasmin Fahimi, the head of the German Federation ...

  Bloomberg The number of UK house sales fell in May, the latest sign that the red-hot property market is starting to cool. Sales agreed in May were down 13% year-on-year, according to Zoopla’s UK House Price Index report. The average time to agree a sale is also rising — taking 22 days in May, from 20 days in March. ...

  Bloomberg Volvo Car AB plans to build a $1.3 billion electric-vehicle factory in Slovakia, the company said. The new plant will be able to produce 250,000 electric cars per year, part of the company’s goal of reaching annual sales of 1.2 million cars by 2025 and switching its entire lineup to battery-powered vehicles by the end of the decade. ...

  Bloomberg Euro area inflation surged to a fresh record, surpassing expectations and bolstering calls for the kind of aggressive interest-rate increases being deployed central banks across the world. Driven once more by soaring food and energy costs, consumer prices jumped 8.6% from a year earlier in June — up from 8.1% in May. Economists surveyed by Bloomberg saw a ...

  Abu Dhabi / WAM AD Ports group on Friday announced that it has reached an agreement to acquire a 70 percent equity stake in International Associated Cargo Carrier BV, which wholly owns two Egypt-based maritime companies, Transmar International Shipping Company and Transcargo International SAE (TCI). The total purchase consideration (enterprise value) of this transaction amounts to AED514 million. The ...

  Abu Dhabi / WAM The Emirates Mars Mission ‘Hope Probe’ has identified new observations, in addition to its nominal set of observations, about Mars’ atmosphere in its fourth batch of scientific data. Collected by the Hope Probe’s instruments during its mission in Mars’ orbit from December 2021 to February 2022, the latest data demonstrate the capabilities of the instruments, ...