News

  Abu Dhabi / WAM Masdar City, a world-class technology and innovation hub and a pioneering sustainable community in Abu Dhabi, along with its consulting partners Woods Bagot and Faithful+Gould, has advanced its contribution to the UAE Net-Zero by 2050 Strategy with the groundbreaking ceremony of its latest development – the Masdar City Square (MC2). The MC2 development covers an ...

ABU DHABI / WAM The UAE’s state media organisations have won 18 awards at the 15th Gulf Radio and Television Festival hosted by the Kingdom of Bahrain. The festival took place from June 21-23, with the participation of various government and private radio and television entities from the Gulf Cooperation Council (GCC). Abu Dhabi Media received the Gold award in ...

  Abu Dhabi / WAM The United Arab Emirates hosted the second UAE-Romania Joint Committee at the Ministry of Foreign Affairs and International Cooperation in Abu Dhabi. The meeting was co-chaired by Ahmed Al Sayegh, Minister of State, and Bogdan Aurescu, Minister of Foreign Affairs of Romania. A number of senior officials representing various governmental organisations and private companies from ...

  Bloomberg The coronavirus pandemic, marked by an ambitious vaccine rollout, has cost the UK government an estimated £376 billion ($459 billion). The figure released by the National Audit Office has increased by £6 billion over the last ten months, with much of the expense going to support train traffic even as the passenger numbers dwindled. The amount — more ...

  Bloomberg Consumer price inflation accelerated to a four-decade high, adding pressure on the Bank of Canada to deliver more aggressive interest rate hikes in the coming weeks. Annual inflation rose to 7.7% last month, up from 6.8% in April, Statistics Canada reported in Ottawa. That’s the highest since January 1983 and well above economist expectations for a 7.3% increase. ...

  Bloomberg New York’s biggest mall has reached a deal with lenders to avoid a default after the pandemic and years of retail turmoil left it deeply underwater on its mortgages. Destiny USA, a 2.4 million-square-foot (223,000-square-meter) shopping center in Syracuse, owed $430 million on two mortgage-backed securities that missed a June 6 repayment deadline. The mall’s owner, Pyramid Management ...

  Bloomberg Euro area economic expansion slowed sharply as surging prices curbed the rebound from pandemic restrictions and factories continued to suffer from supply snarls. An indicator for economic activity by S&P Global falls to a 16-month low in June, driven by rampant inflation, concerns over energy and rising borrowing costs. While the overall gauge still signals modest expansion, manufacturing ...

Bloomberg German business confidence unexpectedly deteriorated on mounting fears over energy supplies from Russia that are raising the prospect of a recession in Europe’s biggest economy. A gauge of expectations by the Munich-based Ifo Institute fell to 85.8 in June from 86.9 in May, defying analyst predictions that two months of gains would continue. An index of current conditions edged ...

  Abu Dhabi / WAM The Abu Dhabi Securities Exchange (ADX) on Thursday announced that Abu Dhabi National Energy (Taqa) PJSC has made a secondary listing on the ADX of nine bonds with a total value of $8.25 billion, maturing between 2023 and 2051. The bonds were largely issued as part of Taqa’s Global Medium Term Note Programme and are ...

  ABU DHABI / WAM The Federal Government of the UAE, represented by the Ministry of Finance, has announced the plan to issue a Dual-tranche USD Benchmark Size Bonds with a ten-year tranche and a 30-year Formosa tranche. The ten-year tranche will be listed on London Stock Exchange (LSE) and Nasdaq Dubai, and the 30-year tranche will be listed on ...