News

Bloomberg Uber Technologies Inc is suffering from an exodus of UK drivers to other ride-hailing and delivery apps, leading to longer waiting times and frustrated customers. The App Drivers and Couriers Union found that 49% of drivers in a survey of 1,212 members switched to other sources of income in the last 18 months. Drivers who spoke to Bloomberg News ...

Bloomberg Watch out for the fate of Europe’s small import-export exposed businesses, as chaos in global supply chains continues to hurt that corner of the continent’s economy. The cost of hauling 40-foot boxloads of goods to Rotterdam from Shanghai surged to $13,787 per unit, according to Drewry Shipping. The average at this time of year over the prior five years ...

Bloomberg A likely moderation in US hiring in the monthly employment report will give policy makers a measure of the health of the labour market and the threat posed by the delta variant of the coronavirus. The US probably added 750,000 jobs in August, a slowdown from June and July but well above the pace seen earlier this year, according ...

Bloomberg Germany is seeing its biggest surge in imported inflation since the early 1980s, putting a price tag on the difficulties businesses are facing to secure inputs amid a worsening supply squeeze. In July, goods arriving in the country from abroad were 15% more expensive than a year ago, data show. The cost of basic goods increased about 19% and ...

Bloomberg The odds Audi decides to start building vehicles in the US are rising as parent Volkswagen AG electrifies its lineup, the luxury-car maker’s chief executive officer said. The VW group’s strategy to bring down the cost of electric vehicles involves developing common platforms to underpin models across its many brands to conserve costs. The first, dubbed MEB, is the ...

Bloomberg The Organisation of Petroleum Exporting Countries (Opec) and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble. The coalition led by Saudi Arabia and Russia is gradually restoring the vast amount of crude production halted during the pandemic, and will probably ...

London / WAM The World Nuclear Association (WNA) congratulated the UAE for successful start-up of second unit at Barakah Nuclear Power Plant. The Emirates Nuclear Energy Corporation (Enec) announced that its operating and maintenance subsidiary, Nawah Energy Company (Nawah) has successfully started up Unit 2 of the Barakah Nuclear Energy Plant, located in Al Dhafra Region of Abu Dhabi. This ...

Abu Dhabi / WAM Women make over 25 percent of the total workforce in Tawazun Holding, while accounting for 10 percent of technical and technology related jobs in the company, said Tareq Abdulraheem Al Hosani, Chief Executive Officer of Tawazun Economic Council. He added that Tawazun Holding’s management believes in the important role of women and seeks to provide opportunities ...

Abu Dhabi / Emirates Business The Abu Dhabi Securities Exchange (ADX) has reduced its trading commissions by 50% and will extend its trading hours by one hour, with the market opening at 10am and closing at 3pm. The reduction in trading fees, to 0.025% from 0.05%, which will take effect starting September 1, is the exchange’s second commission cut in ...

New Delhi / WAM India’s Ministry of Home Affairs, in exercise of powers under the country’s Disaster Management Act, has extended the countrywide restrictions to contain Covid-19 until September 30. In a letter to Chief Secretaries of all states and Administrators of union territories, Home Secretary Ajay Bhalla wrote that “the overall pandemic situation at the national level now appears ...