News

Sharjah / WAM Arada has awarded the construction contract to build The Boulevard, an upscale residential complex at its Sharjah mega-community Aljada. Located in the East Village district of Aljada, The Boulevard comprises three apartment blocks. The nine-storey blocks are located next to Aljada’s main avenue. The AED180 million ($49 million) contract was won by Dubai-based Al Ashram Contracting, a ...

Dubai / WAM Dubai Electricity and Water Authority (Dewa) inaugurated six electricity transmission substations with a total investment of over AED 1.1 billion from the beginning of 2021 to April 30. This is part of its efforts to provide electricity and water services according to highest standards of availability, reliability, and efficiency. The substations include a 400 kilovolt (kV) substation ...

Bloomberg The US called for a global minimum corporate tax of at least 15%, less than the 21% rate it has proposed for the overseas earnings of US businesses — a level that some nations had argued was excessive. The contrast between the new proposal, released by Treasury Department, and higher rate the Biden administration is seeking to be applied ...

Bloomberg Germany will impose fresh restrictions on travelers from the UK due to the rapid spread in Britain of the coronavirus strain first identified in India. Travelers from the UK will have to spend two weeks in quarantine upon arrival in Germany even if they test negative for the virus, according to the foreign ministry. In addition, transport companies will ...

Bloomberg The Eiffel Tower is getting ready to welcome visitors again starting in mid-July as restrictions linked to the coronavirus ease throughout France. The French capital’s iconic structure will reopen from July 16 to tourists eager to climb the 324-meter tower’s staircases or use its lifts, according to an announcement on Twitter. The news comes as the terraces of cafes ...

Bloomberg The euro area’s economic recovery is increasingly being supported by a rebound in services as factories confront a supply squeeze that is pushing up costs. Surveys of purchasing managers by IHS Markit show the 19-nation region emerging from the pandemic crisis as infections drop and the lockdowns that dragged the bloc into a double-dip recession are eased. Service-sector businesses, ...

Bloomberg Kansas City Southern agreed to a $30 billion merger with Canadian National Railway Co, scrapping a $25 billion deal with Canadian Pacific Railway Ltd. after it declined to boost its offer. Under the deal, Canadian National will pay $200 and 1.129 shares of its stock for each share of Kansas City Southern, the US railroad said. Kansas City Southern ...

Bloomberg The UK economy is firing on all cylinders as it emerges from months of lockdown, with the private sector expanding at the fastest pace in at least 23 years and retail sales surging. IHS Markit said that its measure of private-sector growth this month hit the highest since the index began in 1998, with hotels, restaurants and other consumer-facing ...

Abu Dhabi / WAM The Emirates Red Crescent (ERC) and the Tamouh Healthcare Company, have launched a joint initiative to provide Covid-19 vaccines to countries facing challenges in limiting the spread of the pandemic on their lands, in support of the UAE’s efforts to address the repercussions of the virus globally. The two sides, at the ERC’s headquarters in Abu ...

New York / WAM The creative and cultural industry has played an essential role the world over throughout the Covid-19 pandemic and deserve more support moving forward, the President of the UN General Assembly said. “As we deliberate on the role of the creative sectors in supporting and being supported by a recovery from Covid-19, let us ensure that we ...