GENEVA / WAM World trade will continue to face strong headwinds in 2019 and 2020 after growing more slowly than expected in 2018 due to rising trade tensions and increased economic uncertainty. World Trade Organisation (WTO) economists expect merchandise trade volume growth to fall to 2.6% in 2019 down from 3.0% in 2018. Trade growth could then rebound to 3.0% …
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Bloomberg Crude advanced for a third day after a further reduction in supply from Opec signaled that global markets are tightening. Futures added as much as 1.3% to the highest level since November in New York on Tuesday. Declines in Opec production are stoking optimism among investors as Saudi Arabia pressed on with output curbs and as power blackouts in …
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Bloomberg Global socially responsible investments grew by 34 percent to $30.7 trillion over the past two years, lifted by Japanese pension funds, retail investors everywhere and broad, growing concern about climate change. Europe remains the biggest region for sustainable investors with about $14 trillion devoted to these strategies, up 11 percent from 2016, according to the biennial report from the …
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Dubai / Emirates Business As the company commemorates four decades as a leader in the UAE’s manufacturing sector, Ducab announced that its 2018 consolidated group sales rose to AED 4.8 billion, an increase of approximately 7% year on year. Ducab now operates six manufacturing facilities across four sites in the UAE, employing a workforce of over 1,600. Ducab Group now …
Read More »NEW YORK / WAM During his participation in the High-Level Meeting on Climate and Sustainable Development for All, convened by Maria Fernanda Espinosa, President of the United Nations General Assembly in New York, Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Climate Change and Environment, reiterated the country’s green commitment and support for ambitious and innovative global climate action. …
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Bloomberg India has extended its deadline to impose retaliatory customs duties on a number of US imports, including almonds and pulses, by a month. In a notification issued by the country’s finance ministry, the government said that the implementation of increased customs duties has been postponed to May 2 from April 1. India has put off imposing retaliatory tariffs a …
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Bloomberg Saudi Aramco, the world’s biggest oil producer, will buy a majority stake in local chemical giant Sabic from the kingdom’s sovereign wealth fund for $69.1 billion, transferring a big slug of cash from one arm of the state to another to help finance Crown Prince Mohammed bin Salman’s economic agenda. The Middle East’s biggest ever deal was first mooted …
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Bloomberg US and Chinese officials resume high-level trade talks this week as they close in on a deal that could just be the first step in the long road to economic peace. President Donald Trump’s top trade negotiator, Robert Lighthizer, and Treasury Secretary Steven Mnuchin are due to visit Beijing on Thursday and Friday, while top Chinese negotiator, Vice Premier …
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Dubai / WAM Uber and Careem have reached an agreement for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash. The acquisition of Careem is subject to applicable regulatory approvals. The transaction is expected to close in Q1 2020. Uber will acquire all of Careem’s mobility, delivery, and payments businesses …
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Bloomberg Uber Technologies Inc is set to announce a $3.1 billion cash-and-share deal to acquire its Dubai-based Careem Networks FZ as early as this week, according to people with knowledge of the matter. The US ride-hailing giant will pay $1.4 billion in cash and $1.7 billion in convertible notes for Careem, the people said, asking not to identified because the …
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