News

Bloomberg Joe Biden’s proposed incentives for US electric-car buyers could be challenged as unfair and a violation of the new North American trade pact, a Canadian auto-industry leader warned. The White House plan as part of the president’s latest budget package, would offer buyers of vehicles made by unionised US workers an additional $4,500 in credits above the $7,500 available ...

Bloomberg Brazil’s stocks, bonds and currency are posting some of the worst returns in the world this month amid deteriorating public finances, a worsening growth outlook and political turmoil. The Ibovespa stock benchmark posted its fourth straight month of losses, its worst run since 2014, and closed in a bear market, down 21% from its June peak. The real has ...

Bloomberg Chile’s jobless rate falls for a sixth straight month and retail sales rose, adding to growing evidence of recovery in one of Latin America’s richest economies. Unemployment falls 0.1 percentage points to 8.4% in the three months through September, but fell short of the 8.3% median estimate in a Bloomberg survey, the National Statistics Institute reported. The labour force ...

Bloomberg Argentina will allow foreign tourists to transfer dollars into a local account and exchange them to pesos at a more lucrative parallel exchange rate, bypassing capital controls in a bid to lure travelers. Tourists traveling from abroad can open a temporary bank account in Argentina before their trip and transfer up to $5,000 into the country, the central bank ...

Bloomberg Canada’s economic growth unexpectedly faltered at the end of the third quarter, casting doubts on the strength of the nation’s recovery. Gross domestic product was little changed in September, according to a preliminary estimate from Statistics Canada, while the expansion was a less-than-expected 0.4% in August. Overall for the third quarter, the economy grew by 0.5%, or an annualised ...

Bloomberg US employment costs rise at the fastest pace on record in the third quarter as companies across a variety of sectors raised wages against a backdrop of labour shortages. The employment cost index, a broad gauge of wages and benefits, rise 1.3% from prior quarter, according to Labour Department data. The gauge increased 3.7% from a year earlier. Compensation ...

ABU DHABI / WAM Dr Noura Al Ghaithi, Official Spokesperson of the UAE Health Sector, has said the UAE has achieved new successes in addressing the coronavirus (Covid-19) pandemic and strengthened its global stature in few months. During the UAE government media briefing on the Covid-19 pandemic, Al Ghaithi stated that the vital sectors had demonstrated a high level of ...

ABU DHABI / WAM Dr Anwar Gargash, Diplomatic Adviser to the UAE President, has discussed with Hans Grundberg, Special Envoy of the United Nations (UN) Secretary-General for Yemen, the UN efforts to reach a political solution to end the Yemeni crisis. The meeting dealt with developments related to the Yemeni dossier and efforts made by the UN and relevant nations ...

Dubai / WAM The Dubai Airport Freezone Authority (Dafza) welcomed a delegation from the Korean Economic Zone Planning Office to review future cooperation prospects, and to facilitate an improved trade and investment exchange between the UAE and South Korea. The delegation was received by Dr Mohammed Al Zarooni, Director-General of Dafza; and Amna Lootah, Assistant Director-General of Dafza. The South ...

ABU DHABI / WAM The Abu Dhabi Investment Office (ADIO) and Etisalat have announced a strategic partnership that will increase access to Abu Dhabi’s investment and innovation ecosystem for the private sector. The partnership combines ADIO’s support services with Etisalat’s innovation capabilities to deliver opportunities for businesses in the emirate. With its significant investments in cutting-edge infrastructure and smart technologies, ...