News

  Bloomberg Carrols Restaurant Group Inc, the largest Burger King owner in the US, is cutting its chicken-nugget portion sizes as surging beef and wage costs hit profit. Beef costs were up 33% in the fourth quarter compared with a year earlier for Carrols, which owns more than 1,000 Burger King stores. It’s a big deal for the seller of ...

  Bloomberg Chancellor of the Exchequer Rishi Sunak laid out a vision to cut taxes in the UK, establishing his credentials as a Thatcherite who can appeal to the members of his Conservative Party who are questioning Prime Minister Boris Johnson’s leadership following a succession of scandals. “I firmly believe in lower taxes,” Sunak said at the annual Mais lecture ...

  Bloomberg Europe’s currencies slid after Russia’s invasion of Ukraine plunged the continent into its biggest security crisis since World War II. The euro dropped to a nearly seven-year low against the Swiss franc as investors flocked to haven assets. The pair dropped as much as 1%, the largest slide in more than two years, before rebounding slightly. The common ...

  Bloomberg The UK’s cap on energy prices could spike another 50% in October to more than 3,000 pounds ($4,006) per household following huge gains in the wholesale natural gas and electricity markets, according to Investec Bank Ltd. The calculation assumes no change in prices over the remainder of the observation window that sets prices, but sustained market rallies could ...

  Bloomberg Grain markets catapulted even higher as Russia’s attack on Ukraine put a vital source of global supplies at risk. Wheat surged by the maximum allowed by the exchange, and corn earlier did the same. Milling wheat traded in Paris soared as much as 16% to a record, and oilseeds also bounded higher, heightening concerns of a further acceleration ...

  Abu Dhabi / WAM Adnoc Logistics & Services (Adnoc L&S) and Atlantic Gulf & Pacific International Holdings (AG&P), a leading downstream LNG platform and infrastructure development company, have signed a charter agreement to utilise Adnoc L&S’s LNG Carrier Ish as a Floating Storage Facility (FSU). Under the agreement terms, starting Q3 2022, AG&P will use the carrier for the ...

  ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan sent a cable of congratulations to Sultan Hassanal Bolkiah Mu’izzaddin of Brunei on the occasion of his country’s National Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown ...

  ABU DHABI / WAM The Ministry of Defence has announced its intention to sign a contract with China National Aero-Technology Import & Export Corporation (CATIC) for the purchase of 12 L15 aircraft, with the option for 36 additional aircraft of the same type in the future. Tareq Abdulraheem Al Hosani, CEO of Tawazun Economic Council, said the deal comes as ...

  ABU DHABI / WAM Abdullah Mohammed Al Mazrui, Chairman of Abu Dhabi Chamber of Commerce and Industry, has discussed with Fatmir Bytyqi, Deputy Prime Minister of Government of the Republic of North Macedonia in charge of Economic Affairs, the means of boosting economic cooperation between businesses in Abu Dhabi and North Macedonia. During the meeting, which was held on ...

  Dubai / WAM DMCC — the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise — has announced the opening of the Israel Diamond Exchange (IDE) representative office at the Dubai Diamond Exchange (DDE) in Almas Tower. Senior representatives and government officials from DMCC, World Federation of Diamond Bourses (WFDB), IDE and the Israeli ...