News

Bloomberg The European Union (EU) will give preliminary approval to the reforms submitted by Spain to unlock $11.3 billion of its recovery funds. The European Commission will validate first set of milestones fulfilled by the Spanish government as part of its cash-for-reforms package to counter economic fallout of Covid-19, according to EU officials. Spain is one of the largest beneficiaries ...

Bloomberg Italy’s credit rating was raised one notch to “BBB” by Fitch Ratings, which said the country’s high Covid-19 vaccination rates and an increase in public and private spending will help the economy expand more than expected. The boost in rating reflects confidence in the unity government led by Premier Mario Draghi and its ability to wisely spend over 200 ...

Bloomberg Half of UK businesses expect to increase their prices in response to rising wage costs and supply-chain difficulties. That’s according to a survey by Lloyds Bank, which said that acute shortages of workers persisted into November. It showed that a quarter of companies expect to increase wages by 3% or more in next year in an effort to retain ...

Bloomberg Ford Motor Co expects to be the second-biggest seller of electric vehicles in the world within two years, according to Chief Operating Officer Lisa Drake. Demand for Ford’s first electric vehicles — the Mustang Mach-E crossover, the new electric F-150 Lightning pickup due out next spring, and its E-Transit commercial van — is emboldening the automaker to ramp up ...

Abu Dhabi / WAM The Global Volunteering Leadership Summit, hosted and organised by the Emirates Foundation in association with the International Association for Volunteer Effort (IAVE) and in collaboration with the Department of Community Development, discussed why volunteering matters for the post-Covid world. It also discussed the volunteers’ pivotal role in weaving a strong social fabric within communities. The Adnoc ...

Abu Dhabi / WAM During the official state visit of the President of the French Republic Emmanuel Macron to the UAE, Abu Dhabi-based sovereign investor, Mubadala Investment Company (Mubadala), announced the signing of two agreements aimed at facilitating investments in sectors of mutual priority and interest in France. These two agreements are part of comprehensive economic agreements valued at more ...

Dubai / WAM The Ministry of Climate Change and Environment (MOCCAE) signed a memorandum of understanding (MoU) with the French Ministry of Agriculture and Food to collaborate on developing sustainable and resilient food systems that enhances food security for both countries. Signing the MoU coincided with the visit of the French President Emmanuel Macron to the UAE. Mariam bint Mohammed ...

ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has received a phone call from President of Israel, Isaac Herzog, who congratulated His Highness on the UAE’s Golden Jubilee. Herzog wished the UAE leadership and people further progress and prosperity, expressing hope the ...

Bloomberg The International Monetary Fund (IMF) sees ‘downside risks’ to the global economic rebound it forecast for this year and next, and is concerned that new coronavirus variants may hinder the recovery, its chief economist said. “Most of the overall risks are to the downside,” Gita Gopinath said in a virtual speech to an International Finance Forum conference in Guangzhou ...

Dubai / WAM Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (Dewa), has inaugurated the “Noor Energy 1 Visitors Centre” in the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park. The 950-megawatt (MW) phase has investments totalling AED15.78 billion based on the Independent Power Producer (IPP) model. Mohammad Abunayyan, Chairman of ACWA ...