News

  Dubai / WAM Dubai Customs Consultative Council held its meeting in an atmosphere of optimism regarding growth indicators for various economic sectors in the UAE. The meeting focused on several topics, including the prospects of trade recovery and the multiple economic benefits that will be provided by the historic UAE-India Comprehensive Economic Partnership Agreement (CEPA), which is expected to ...

Bloomberg Italy is in the depths of one of its worst droughts, with the country’s largest river, the Po, hitting its lowest level in 70 years, threatening crops and raising the specter of power outages. While much of Europe has had drier-than-average conditions this year, northern Italy’s Po valley is worst hit, according to the JRC Global Drought Observatory. Several ...

Bloomberg US factory production unexpectedly declined in May for the first time in four months, restrained by ongoing supply challenges and hints of cooler demand for some big-ticket consumer goods. The 0.1% decrease followed 0.8% increases in the prior two months, Federal Reserve data showed. Total industrial production, which also includes mining and utility output, rises 0.2% last month. Median ...

  Bloomberg General Motors Co. plans to return to Europe with battery-powered models starting with the Cadillac brand and is considering selling the hulking Hummer electric vehicle. The carmaker may start importing the electric Cadillac Lyriq model, which is already on sale in the US, the people said, asking not to be identified discussing confidential deliberations. Broadening GM’s offering would ...

  Bloomberg A UnitedHealth group Inc unit has agreed to acquire Emis group Plc in an all-cash deal that values the UK health-technology company at about £1.24 billion ($1.51 billion). The companies said in a statement that Bordeaux UK Holdings II Limited, an affiliate of UnitedHealth’s Optum business in the UK, has agreed to buy Emis for 1,925 pence in ...

  Bloomberg SpaceX has fired “a number of employees” responsible for an open letter critical of the behavior of CEO Elon Musk, according to an internal memo, an unusual clash hinting at growing discord over the billionaire’s controversial comments. The open letter called Musk’s behavior and tweets “a frequent source of distraction and embarrassment for us, particularly in recent weeks.” The ...

Bloomberg Oil falls the most in 5 weeks as Federal Reserve Chair Jerome Powell reiterated his will to curb the hottest inflation in decades with more aggressive rate hikes. West Texas Intermediate dropped to near $110, shedding as much as 6.3%. Federal Reserve Chair Jerome Powell this week openly endorsed for the first time raising interest rates well into restrictive ...

  ABU DHABI / WAM The Ministry of Defence on Friday announced the launch of ‘Iron Defender 22’, an annual bilateral training event between the UAE naval forces and the US Naval Forces Central Command. Set to run until June 23, the joint exercise is aimed at exchanging military experiences to boost efficiency and combat readiness in carrying out operations, ...

  Abu Dhabi / WAM The UAE’s continued efforts to improve gender diversity in the boardroom have led to more women holding board positions this year (8.9 percent), up from 3.5 percent in 2020, according to research undertaken by Aurora50, a social enterprise working towards gender parity in GCC boardrooms, and Mohammed Bin Rashid School of Government. In a first-of-its-kind ...

  BOSTON / WAM The Department of Health – Abu Dhabi (DoH) has signed a Declaration of Collaboration with Sanofi, an innovative global healthcare company. Signed in Boston as part of the Abu Dhabi Life Science Mission to US, both parties seek to collaborate in four strategic healthcare priorities, including hematology and oncology, rare metabolic diseases, diabetes management and vaccines. ...