News

Bloomberg German inflation hit another all-time high, adding urgency to the European Central Bank’s exit from crisis-era stimulus after numbers from Spain also topped economists’ estimates. Driven by soaring energy and food costs, data showed consumer prices in the continent’s biggest economy jumped as much as 8.7% from a year ago in May. Analysts surveyed by Bloomberg predicted an 8.1% ...

  Bloomberg The US merchandise-trade deficit shrank in April by the most since 2009 as imports fell amid lockdowns in China while exports increased to a record. The shortfall narrowed by 15.9% to $105.9 billion last month, following a record level in March, Commerce Department data showed. The figures, which aren’t adjusted for inflation, compared with a median estimate for ...

  Bloomberg Sweden’s economy shrank more than initially reported in the first quarter, partly as a result of sluggish levels of exports and upward revisions to statistics in previous years. Gross domestic product contracted 0.8% in the three months through March from the prior quarter, the first decline since the fourth quarter of 2020, Statistics Sweden said. That compares with ...

  Bloomberg Denmark’s unemployment rate fell to the lowest level in almost 14 years in a signal the Nordic nation’s labor market remains resilient to surging inflation and the fallout from the war in Ukraine. The gross unemployment rate dropped to 2.4% in April, the lowest since June 2008, according to Statistics Denmark. The latest drop means only 70,000 people ...

  Abu Dhabi / WAM Abdulla Bin Touq, Minister of Economy of the United Arab Emirates, and Major General (Retd) Orna Barbivay, Minister of Economy and Industry for the State of Israel, signed the UAE-Israel Comprehensive Economic Partnership Agreement (UAE-Israel CEPA) in Dubai, beginning a new era of cooperation between the two nations that established diplomatic ties in September 2020. ...

  Abu Dhabi / WAM Abu Dhabi National Exhibitions Company (Adnec) group participated in Imex Frankfurt ‘The heartbeat of the global business events community’, which will be held until June 2, to showcase the group’s outstanding facilities, and highlight Abu Dhabi’s position as the capital of the business and leisure tourism sector in the region. Imex in Frankfurt is the ...

  Abu Dhabi / WAM Abu Dhabi National Oil Company (Adnoc) together with its long-standing partner Borealis AG on Tuesday announced the successful completion of the bookbuild and public subscription process for the initial public offering (IPO) of Borouge plc, their petrochemicals joint venture, on the Abu Dhabi Securities Exchange (ADX). The offering of 3,005,769,158 ordinary shares (offer shares), equivalent ...

  Dubai / WAM Dubai Electricity and Water Authority (Dewa) signed an MoU with Eutelsat, the French global satellite operator, to provide technical support for Dewa’s Space-D programme and Dewa’s 3U nanosatellite Dewa-SAT1. The cooperation aims to explore the potential integration of Eutelsat Earth Low Orbit (ELO) satellites with the Space-D programme and expand the fleet of nanosatellites for both ...

  DUBAI / WAM Investment Corporation of Dubai (ICD) announced on Tuesday its consolidated financial results for the year ended December 31, 2021, having generated revenues of AED169.4 billion and reported a net profit of AED10.1 billion, a significant turnaround from last year as business recovery accelerated. Revenues were AED169.4 billion, up 24.5 percent compared to the prior year, driven ...

  DUBAI / WAM The Dubai Building Permit Development Committee has completed the unified electronic platform for building permits, which includes building permit services of all licensing authorities in Dubai. The platform is set to provide distinguished services to consultancy offices and contracting companies. The committee, which was formed by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and ...