News

  Bloomberg Some of the world’s biggest automakers are linked through their suppliers to labour programs in China’s Xinjiang region that experts have flagged as coercive, according to a new report by Horizon Advisory, a ..-based consultancy. The concerns center around the production of aluminum, raising questions for another key industry about alleged human rights abuses in its supply chain. ...

Bloomberg The German government is working on a financial-aid package for companies suffering from the fallout of the Ukraine war and the economic sanctions against Russia. The support measures, which are being assembled by the economy ministry, will include a loan program by the KfW state-owned bank as well as direct financial aid, according to a person involved in the ...

  Bloomberg The Panama Canal Authority proposed a comprehensive restructuring of its toll system, which would increase rates charged on cargo such as vehicles, oil and gas and soybeans that cross the waterway as ocean shippers rake in record profits. The changes would reduce the current structure to fewer than 60 tariffs from 430 now and focus on vessel capacity ...

Bloomberg Hungarian inflation continued to accelerate as the effects of record pre-election spending, weaker currency and a surge in oil prices following Russia’s invasion of Ukraine fed through to prices across the economy. Consumer price rises an annual 8.5% in March, the highest level since 2007, the Budapest-based statistics office said in a statement. The median estimate in a Bloomberg ...

  DUBAI / WAM The 1 Billion Meals initiative, the largest food donation drive of its kind in the region, has collected 76 million meals within just six days. Organised by Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI), the initiative provides food support to the underprivileged and the undernourished in 50 countries around the world, especially vulnerable groups of ...

Bloomberg Oil retreated for a second week in the wake of plans for massive stockpile releases, a demand-sapping virus outbreak in China and a hawkish turn from the US Federal Reserve. West Texas Intermediate fell 1% this week, with the US benchmark giving back most of its gains since Russia invaded Ukraine in late February. Oil rallied to the highest ...

  ABU DHABI / WAM The ‘Library on Wheels’ initiative, operated by the Abu Dhabi Department of Education and Knowledge (Adek), will continue its tour of the emirate on a year-long basis. This comes after a series of successful pop-ups at schools and key locations in Abu Dhabi city during March, as part of the ‘Abu Dhabi Reads’ programme. Part ...

Abu Dhabi / WAM Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, has received its In-Principle Approval (IPA) for a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), to operate as a broker-dealer in virtual assets. ADGM, the international financial centre in the capital of the UAE, introduced the world’s ...

  Bloomberg Britain’s unemployed face a further blow when the value of their welfare benefits is set to fall the most in half a century, according to new research. Analysis by the Joseph Rowntree Foundation shows the decline comes with the real value of out-of-work benefits already at historically low levels because the Treasury froze payouts or increased them by ...

  Dubai / WAM The Department of Economy and Tourism (DET) in Dubai has issued its first-quarter 2022 report on the business environment. The report developed by the DET’s Business Registration and Licensing (BRL) sector shows that 24,662 new business licenses were issued in Q1 2022, a growth of 58% from Q1 2021, when 15,580 licences were issued. The exceptional ...