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Bloomberg Lordstown Motors Corp jumped after saying it has enough money to make its battery-powered trucks through May of next year, paring a record decline the previous day following the departure of two top executives. The automaker is actively raising additional funds and has reconfirmed orders for its debut vehicle, President Rich Schmidt said at an Automotive Press Association event ...

Bloomberg Swedish steelmaker SSAB AB is teaming up with Volvo Cars to develop fossil-free steel for use in the automotive industry. Volvo Cars will be the first carmaker to secure the greener steel, SSAB said in a statement on Wednesday. Volvo Cars will use the material for testing and possibly in a concept car, it said. For the automaker, the ...

Bloomberg The first megawatts of electricity was expected to flow between Norway and the UK on Wednesday along the longest submarine power cable in the world. Once fully operational Britain is expected to import supplies of low carbon power on a regular basis. Tests on the 1,400-megawatt, 450-mile long cable will be complete in time to transport power from Norway’s ...

Bloomberg Oil climbed as a chorus of prominent traders in the crude market said prices will continue to rise after a nearly 50% rally so far this year. Futures in New York advanced as much as 1.6% on Tuesday to the highest intraday level since 2018. At the FT Commodities Global summit, Glencore Plc and Vitol Group both said they ...

Bloomberg The Biden administration is engaging with China in an effort to win approval for Boeing Co’s 737 Max planes, which remain banned in the country even as other jurisdictions have reauthorised it following crashes. “We’re absolutely working on it,” Commerce Secretary Gina Raimondo said in an interview on Tuesday with Bloomberg Television’s David Westin. “China’s a big market, and ...

Abu Dhabi / WAM Hub71, Abu Dhabi’s global tech ecosystem, has joined forces with New York-born Modus Capital, a venture capital and venture builder firm to launch a Ventures Lab programme enabling early-stage founders from around the world to develop successful and scalable startups from Abu Dhabi. Ventures Lab at Hub71 is the first venture builder programme in the UAE ...

SHARJAH / WAM Kazakh low-cost airline FlyArystan has launched its first flight to Sharjah with Airbus A320 aircraft. The Almaty-Sharjah-Almaty regular flights will operate two times a week on Tuesdays and Sundays. The flight duration is four hours and 25 minutes. Madiyar Menilbekov, Kazakh Ambassador of to the UAE, said that this launch of the new Kazakh Airlines towards Sharjah ...

DUBAI / WAM Nasdaq Dubai on Tuesday welcomed the listing of $750 million bonds by Emirates Development Bank (EDB), a key financial enabler of the country’s economic diversification. The five-year bond issuance has been priced at a yield of 1.639 percent and was four times oversubscribed with strong demand from investors, as 34 percent of appetite came from Mena markets, ...

Abu Dhabi / WAM The Emirates Nuclear Energy Corporation (Enec) has marked four years and more than 100 million safe man-hours without a Lost Time Injury (LTI) at the Barakah Nuclear Energy Plant, located in the Al Dhafra Region of Abu Dhabi. The achievement highlights Enec’s success in implementing the highest standards of safety, security, and quality in developing the ...

Abu Dhabi / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the formation of UAE Genomics Council to provide a world-class healthcare system. The new council, to be headed by HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive ...