ABU DHABI / WAM Etihad Airways is set to strengthen air connectivity between the UAE and the Philippines this winter with an additional daily service to Manila. A second daily flight will be established on October 30, providing guests with a total 14 flights per week between Abu Dhabi and the Filipino capital. Both daily frequencies will be operated ...
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Gazelle, Ferrofab team up to build hybrid offshore wind platform
Dubai / Gulf Time Floating offshore wind platform developer Gazelle Wind Power (Gazelle) has signed a memorandum of understanding (MoU) with Ferrofab FZE (Ferrofab), a UAE-based engineering and manufacturing firm, to establish a Center for Manufacturing Excellence at the Ferrofab Jebel Ali facility in the UAE. This center is being established to manufacture a Gazelle hybrid modular offshore wind ...
Read More »US productivity falls for second quarter, labour costs increase
Bloomberg US productivity slumped for a second-straight quarter as the economy shrank, driving another surge in labour costs that risks keeping inflation elevated and further complicates the Federal Reserve’s efforts to tame price increases. Productivity, or nonfarm business employee output per hour, decreased at a 4.6% annual rate in the second quarter after falling at a 7.4% pace in ...
Read More »Norway inflation at 34-year high boosts rate-hike pressure
Bloomberg Norway’s inflation exceeded forecasts for a fourth straight month, hitting a new 34-year high and adding pressure on Norges Bank to deliver a bigger interest rate hike this month than it has flagged earlier. Consumer prices rise 6.8% in July from a year earlier, the fastest pace since July 1988, according to data from Statistics Norway on Wednesday. Underlying ...
Read More »Brazil prices tumble most since 1980 on Bolsonaro’s tax cuts
Bloomberg Brazil consumer prices tumbled by the most on record in July after President Jair Bolsonaro slashed utility taxes to tame the soaring cost of living and lift his re-election chances. Official data showed consumer prices fall 0.68% compared to June, more than the -0.65% median estimate from analysts in Bloomberg survey. It was biggest monthly drop since the ...
Read More »Stockholm apartment prices drop most since pre-Covid era
Bloomberg A drop in Swedish apartment prices picked up speed last month, adding to evidence that the property market in the largest Nordic nation is floundering. The average cost was 4% lower in July than the previous month, marking the fastest decline since before the pandemic, according to data by Svensk Maklarstatistik. House prices decline 1 percent from June. ...
Read More »UAE issues rule on bank guarantees, insurance policy for private sector staff
Dubai / WAM Dr Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, has issued the Ministerial Resolution No. 318 of 2022 regarding bank guarantees and employees’ protection insurance scheme in the private sector. This decision is in line with the legislative framework that aims to preserve workers’ rights, support the business community, enhance the competitiveness and stability of ...
Read More »UAE president, Pakistan PM discuss ways to bolster ties
Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan received on Tuesday a telephone call from Shehbaz Sharif, Prime Minister of Pakistan, during which they discussed ways of strengthening bilateral ties for serving development in the two friendly countries and expanding the base of their mutual interests. During the call, Prime Minister of Pakistan expressed ...
Read More »UAE, Germany to exchange expertise on biosphere reserves, ecotourism
Abu Dhabi / WAM The Ministry of Climate Change and Environment (MOCCAE) received a delegation from the German Development Cooperation Agency (GIZ) and German conservation NGO Succow Foundation for discussions to enhance bilateral cooperation and share experiences on biosphere reserves, ecotourism, and environmental conservation. MOCCAE, represented by its Biodiversity Department, shared its insights on ecotourism prospects in Unesco Man ...
Read More »Mubadala Capital to buy Canada’s logistics firm
Abu Dhabi / WAM Mubadala Capital, the asset management subsidiary of Mubadala Investment Company, announced the entry into a definitive agreement to acquire Canada Cartage, a leading logistics platform that provides dedicated national fleet solutions, general freight services, managed transportation, fulfilment and distribution, and home delivery services to some of Canada’s largest blue-chip companies in the grocery, food, retail, ...
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