News

  Bloomberg The soaring costs and staffing shortages plaguing the UK’s food-supply chain show little sign of ebbing next year, industry groups warned. The country’s slaughterhouses and produce farms have been hit by worker shortages and transport bottlenecks this year, while rocketing prices of fertilizer, energy, packaging and feed are adding to the woes. Those pressures will be maintained on ...

  Bloomberg Swedish inflation accelerated more than expected in November to the highest level in almost 28 years, testing the central bank’s patience for a price surge it believes to be largely transitory. The Riksbank’s target measure, CPIF, stood at 3.6% last month, Statistics Sweden said. It is the highest since December 1993, just over a year before the inflation ...

  Bloomberg BMW AG signed a long-term deal to secure semiconductors for in-car lighting systems after a global shortage of the components led to shutdowns at some of its factories. The automaker said it signed an agreement with Inova Semiconductors and Globalfoundries Inc., guaranteeing the supply of “several million” chips per year. The components will provide controls for ambient lighting ...

  Bloomberg France is imposing tougher rules on people arriving from the UK, including a requirement to self-isolate, to slow the spread of Covid-19’s omicron variant. The measures are introduced after new daily cases in the UK rise to a record. The rise in infections is hitting economic activity across the euro area. Restrictions in the services sector halted recovery ...

  Bloomberg Euro area economic activity slowed as rising coronavirus cases hurt service providers to offset an improvement in manufacturing output. Inflation pressure eased a little. A composite gauge for both sectors fall to 53.4 in December from 55.4 the previous month, according to a survey of purchasing managers by IHS Markit. Services activity grew at its weakest since April ...

  Abu Dhabi / WAM The Director-General of the International Atomic Energy Agency (IAEA), Rafael Mariano Grossi, has visited the Barakah Nuclear Energy Plant in the Al Dhafra region of Abu Dhabi emirate. Grossi was welcomed by Ambassador Hamad Al Kaabi, Permanent Representative of the UAE to the IAEA, Engineer Ali Al Hammadi, Chief Executive Officer of Nawah Energy Company, ...

  Dubai / WAM Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, stressed that Emirati youth are the true wealth of the country, the builders of the future and the ambassadors of the UAE, who promote the values of tolerance, peace, coexistence and human fraternity globally. He made this statement during his meeting at Expo 2020 Dubai ...

  Abu Dhabi / WAM ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, has established a new office in Egypt to build on its commitment to investing in the country’s economic growth. The opening of ADQ’s new office complements the $20 billion (AED 73 billion) ...

  ABU DHABI / WAM The Abu Dhabi Chemicals Derivatives Company RSC Ltd (Ta’ziz) on Wednesday signed investment agreements with eight United Arab Emirates -based investors, marking the first domestic Public Private Partnership (PPP) in Abu Dhabi’s downstream and petrochemicals sector. The agreements comprise commitments by the investors to invest in an up to 20% stake in a portfolio of ...

  Ras Al Khaimah / WAM Ras Al Khaimah Economic Zone (Rakez) entered into a strategic alliance with Commercial Bank of Dubai (CBD) to provide Rakez clients with quick and convenient access to the bank’s products and services. An MoU was signed by Ramy Jallad, Group CEO of Rakez, and Dr Bernd van Linder, Chief Executive Officer of CBD. Through ...