News

Bloomberg Mexico’s economy shrank in the third quarter after new legislation banning labour outsourcing hit the services industry and coronavirus cases surged. Gross domestic product declined 0.2% from the previous three-month period, compared to the median estimate in a Bloomberg survey of no growth. It’s the first contraction since the second quarter of 2020, when Mexico imposed its harshest set ...

Bloomberg Rivian Automotive Inc., the electric truck maker backed by Amazon.com Inc., is seeking to raise as much as $8.4 billion in an initial public offering that could give it a market value of as much as $53 billion. Rivian said it plans to sell 135 million shares for $57 to $62 each, according to a filing Monday with the ...

Bloomberg Italy’s manufacturing sector saw more rapid expansion last month, bucking the general weakening trend in the region as Prime Minister Mario Draghi tries to spur growth in the euro area’s third-largest economy. The Netherlands, Ireland and Greece also recorded stronger performances in surveys of purchasing managers by IHS Markit. With Germany, France and Spain lagging behind, momentum in the ...

Bloomberg Germany expects growth this year to be significantly weaker than predicted, as the lingering effects of the pandemic and a supply squeeze hinder a revival of Europe’s biggest economy. The cut in the 2021 outlook to 2.6% — compared with a prediction of 3.5% published at the end of April — reflects a scarcity in some raw materials and ...

Bloomberg The record steel rally is starting to show early signs of cooling, with one top US producer scouring for buyers to take over abandoned orders of high-end metal used by automakers. US Steel Corp is offering metal originally earmarked for automotive customers who opted not to take up their full orders, an indication that an ongoing semiconductor shortage is ...

ABU DHABI / WAM Roberto Speranza, Italian Minister of Health, and current president of the G20 Ministers of Health, has praised the UAE for its exemplary efforts in combating the coronavirus pandemic and speed in implementing one of the most effective Covid-19 responses globally, evident with one of the lowest mortality and infection rate around the world. The approach ensured ...

DUBAI / WAM In the presence of HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority, Chairman of Dubai Airports, and the Chairman of the Dubai Supreme Council of Energy, the Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, signed an agreement to acquire the district cooling systems of Dubai International ...

ADDIS ABABA / WAM The UAE, represented by the Emirates Red Crescent (ERC), on Monday delivered a number of ambulances to support the health sector in Ethiopia and its logistical capabilities. The aid, which included large quantities of food and medical supplies, is part of the ERC’s continuous efforts to improve the humanitarian situation around the world. Fahd Abdul Rahman ...

DUBAI / WAM Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, announced that the UAE will contribute $3 million to the projects carried out by the Global Green Growth Institute (GGGI) in 2022 and 2023. The Minister made the announcement at the 10th Session of the Assembly and 14th Session of the Council of GGGI. Ban-Ki Moon, ...

ABU DHABI / WAM Khalifa Industrial Zone Abu Dhabi (Kizad), a subsidiary of AD Ports Group’s Industrial Cities & Free Zone (IC&FZ) cluster, on Monday announced the signing of an agreement with Australia’s Lepidico Ltd, a global lithium exploration and development company, for establishing the first lithium production facility in the Middle East, utilising a first of its kind designed ...