News

Bloomberg About 40% of US small businesses intend to raise selling prices by 10% or more amid decades-high inflation, according to a survey from the National Federation of Independent Business (NFIB). Overall, more than two-thirds of the respondents plan to increase prices in the next three months, according to the survey, conducted between April 14 and April 17 among 540 ...

Bloomberg Germany’s economy ministry wants to end subsidies for plug-in hybrid cars earlier than planned at the end of this year and cut a cash bonus for electric vehicles by a third from 2023, according to a person familiar with the plans. The move is part of attempts to gear subsidies more towards climate protection and the legislation is currently ...

  Bloomberg Blackstone Inc agreed to buy PS Business Parks Inc for about $7.6 billion, expanding its bets on real estate across the US. Affiliates of Blackstone Real Estate will buy Glendale, California-based PSB for $187.50 a share in cash, according to a statement. The price is roughly a 12% premium to PSB’s closing price. Under the deal, Blackstone agreed ...

  Abu Dhabi / WAM Masdar, one of the world’s leading renewable energy companies, and Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding Group, announced that they have signed two memorandums of understanding with leading Egyptian state-backed organizations to cooperate on the development of green hydrogen production plants in the Suez Canal Economic Zone and on ...

Abu Dhabi / WAM The United Arab Emirates has expressed its sincere condolences and solidarity with the Federal Republic of Nigeria over the victims of the oil refinery explosion in the southeast of the country, which resulted in dozens killed. In a statement on Monday, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) expressed its sincere condolences and sympathy ...

  Abu Dhabi / WAM Emirates Global Aluminium on Monday announced the company has agreed a revolving credit facility tied to the Term Secured Overnight Funding Rate (SOFR). SOFR is the emerging replacement to the US dollar London Interbank Offering Rate (LIBOR), which has been the global lending benchmark for decades but has been the subject of market manipulation accusations. ...

Dubai / WAM Emirates Development Bank (EDB) has announced the signing of a memorandum of understanding (MoU) with Food Tech Valley, which is being developed by wasl Asset Management Group, to provide financing solutions to small and medium enterprises (SMEs) and start-ups operating within the project. The MoU will help support entrepreneurship and innovation as well as contribute to Food ...

  Dubai / WAM Dubai Electricity and Water Authority (Dewa) power capacity has increased from 43 megawatts (MW) in 1970 to 13,417 MW in 2021, a 300-fold increase. Its water production capacity increased from zero to 490 million imperial gallons per day (MIGD). Originally, there were no desalination stations as Dubai only had groundwater wells. Saeed Mohammed Al Tayer, MD ...

  Abu Dhabi / WAM Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has welcomed Kraken to its fast-growing virtual asset community and financial ecosystem. Kraken is the first global cryptocurrency exchange to receive a Financial Services Permission (FSP) licence to operate a regulated virtual asset exchange platform in the ADGM to service the needs of ...

Sharjah / WAM Sharjah’s gross domestic product (GDP) expanded by an annual 4.8 percent in 2021, as per official data released by the emirate’s Department of Statistics and Community Development (DSCD). With nearly AED130.5 billion in GDP earnings last year compared to AED124.6 billion in 2020, the emirate’s economy, particularly the non-oil sectors, accelerated reinforcing its growing status as a ...