News

  Bloomberg There’s a big upside to record used-car prices: Auto lenders like GM Financial are cashing in. General Motors Co.’s lending unit booked a $2 billion gain last year reselling the vehicles that came back from expired leases and anything the company repossessed, according to a regulatory filing. That helped GM Financial to nearly double its annual profit to ...

  Bloomberg Chancellor Olaf Scholz said Germany could loosen some pandemic restrictions next week as the country’s outbreak shows signs of peaking. While contagion rates are continuing to post records on a daily basis, the pace of the increases have slowed. Meanwhile, Covid-19 cases in intensive-care facilities are less than half the level in early December. That’s prompted calls for ...

  Bloomberg Federal, state and local law-enforcement agencies across the US are bracing for the possibility of a protest by truckers that could begin this weekend and carry into March, potentially including a cross-country caravan and disruptions to cities and major transportation routes. Although it’s still not clear how serious the threat is, the US Department of Homeland Security warned ...

  Bloomberg Hungarian inflation surged to an almost 15-year high as government-imposed price caps on goods ranging from sugar to gasoline failed to rein in price growth. Consumer prices grew an annual 7.9% in January, the fastest pace since August 2007 and exceeding the 7.4% median estimate in a Bloomberg survey, the Budapest-based statistics office said in a statement. The ...

  DUBAI / WAM The United Arab Emirates’ federal export credit company, Etihad Credit Insurance (ECI), hosted for the first time the Prague Club Committee (PCC) Biennial Meeting of the Berne Union, an international organisation of leading export credit and political risk insurers, in Dubai. The global event gathered delegates from PCC member countries to discuss export-oriented innovation and growth ...

  Abu Dhabi / WAM Alpha Dhabi Holding PJSC, one of the largest and fastest-growing investment holding companies in the Middle East, announced its preliminary financial results for the full year of 2021. The company reported revenues of AED18.8 billion, reflecting 400% growth compared to AED3.80 billion in 2020, while the gross profit touched AED5.1 billion in 2021 compared to ...

  Abu Dhabi / WAM Massimo Baggi, Ambassador of Switzerland to the UAE, highlighted the UAE-Switzerland deep relations in all vital and future fields, including the health and medical domains, with clear prospects for advancing the existing cooperation. He pointed to the areas of convergence between the UAE’s vision and plans for the next fifty years and its model based ...

  Sharjah / WAM Dana Gas, the Middle East’s largest regional private sector natural gas company, announced its preliminary unaudited financial results for the full year ended December 31, 2021. The company achieved a net profit of AED1.16 billion in 2021. The increase was primarily due to higher oil prices, improved operational performance, and income. Revenue increased 30% to AED1.65 ...

  DUBAI / WAM The UAE’s Ministry of Industry and Advanced Technology (MoIAT) and Spain’s Ministry of Industry, Trade and Tourism (MITT) signed a memorandum of understanding (MoU) to boost cooperation in the field of industry and advanced technology across multiple sectors. The MoU aims to establish a framework that will facilitate and enhance the UAE and Spain’s industrial cooperation. ...

  ABU DHABI / WAM Agthia Group announced preliminary and unaudited results for the fiscal year ending December 31, 2021. The group posted AED216 million in net profit and net revenues of over AED3 billion. Agthia grew its revenues by 49 percent year-on-year following strong growth in the protein and snacking segments through acquisitions that have since been consolidated under ...