News

Bloomberg The International Monetary Fund’s (IMF) executive board approved a $50 billion credit line for Mexico, reducing the amount it extended in previous years as it argues that the nation’s economic prospects have improved. The two-year flexible credit line, which is designed for crisis prevention, is Mexico’s ninth such consecutive agreement, and is about 20% less than the amount approved ...

Bloomberg Finland needs more steps to boost jobs and cut spending to stop public debt growth in the medium term, the International Monetary Fund (IMF) said, after concluding a health check on the Nordic country’s economy. The government’s planned employment measures are “unlikely to produce sufficient fiscal gains” to halt debt growth mid-decade given its pre-pandemic decision to expand the ...

Bloomberg Global talks on how to clean up shipping are set to begin on Monday as momentum builds to cut pollution from the sector. The International Maritime Organisation (IM)) is under pressure to do something,” said Edmund Hughes, who was previously responsible for greenhouse gas emissions at the United Nations body, which is shipping’s global regulator and the host of ...

Bloomberg Canadian retail sales rebounded in October after slipping a month earlier, a sign of robust consumer spending. Retailers sold 1.0% more goods in October, according to preliminary estimates released Friday by Statistics Canada. That more than offset a 0.6% drop in September, a month hampered by supply chain bottlenecks. The decline in September was smaller than the 1.9% contraction ...

Bloomberg BMW AG’s Chief Financial Officer Nicolas Peter expects full-year earnings near the upper end of the company’s guidance as higher vehicle prices offset production outages stemming from the dearth of chips. BMW’s returns from automaking will likely be at the higher end of the 9.5% to 10.5% of sales the company projected in September, the CFO said. While BMW ...

ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has sent a message of condolences to South African President Cyril Ramaphosa on the death of the country’s former president Frederick de Klerk. HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and HH Sheikh Mohamed bin ...

DUBAI / WAM The Global Manufacturing and Industrialisation Summit (GMIS) on Wednesday announced that it will host three country-focused conferences in partnership with the United Kingdom, Australia and Italy. The summit will highlight the main drivers of development in manufacturing, encourage greater cross-border investment, foster innovation, and drive global skills development. The conferences will draw on global leaders from government ...

DUBAI / WAM On the fourth day of the Dubai Airshow 2021, the Ministry of Defence announced the conclusion of seven deals worth AED1,742,429,000.00 with local and international companies. This brings the total deals concluded during the first four days to 23 deals, with a total value of AED22, 523,874,000.00. The deals of the first day amounted to AED5,239,207,000.00, the ...

DUBAI / WAM Edge Group entity, EPI, the precision engineering backbone of UAE’s aerospace and defence industry, on Wednesday announced renewal of its longstanding partnership with Airbus subsidiary Stelia Aerospace, to manufacture high-quality precision engineered metallic aircraft components for A320, A330 and A340 families. The signed contract renewal testifies to the synergies the two companies have shared in past and ...

ABU DHABI / WAM Etihad Engineering, one of the world’s leading aircraft maintenance, repair, and overhaul (MRO) services provider based in Abu Dhabi, has been awarded a heavy maintenance contract by Virgin Australia for its Boeing 737 fleet. The scope of the contract covers heavy maintenance and modifications on more than 30 nose to tail aircraft for the largest airline ...