News

Bloomberg British cybersecurity company Darktrace Plc announced plans for an initial public offering in London, marking the first major company to plan a listing on the exchange after Deliveroo Holdings Plc flopped in its market debut. The IPO is expected to value the company at about $3 billion to $4 billion, a person familiar with the matter said. Darktrace and ...

Bloomberg Germany and France, the euro area’s two largest economies, both saw unexpected declines in industrial production in February, suggesting that coronavirus restrictions are increasingly harming parts of the economy that have proved resilient so far. German output dropped 1.6% from the previous month, surprising all but three economists in a Bloomberg survey. Production in France slumped 4.7% and stagnated ...

Bloomberg Federal Reserve Chair Jerome Powell said the US economy is at an “inflection point” with stronger growth and hiring ahead thanks to rising vaccinations and powerful policy support, but Covid-19 remains a threat. “We feel like we’re at a place where the economy is about to start growing much more quickly and job creation coming in much more quickly,” ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has launched ‘100 Million Meals’ campaign to provide food parcels for families and people in need across 20 countries during the Holy Month of Ramadan. Launched as an expansion from last year’s locally-held ’10 Million Meals’ campaign that empowered Covid-19-hit communities ...

ABU DHABI / WAM Mohammed Saif Al Suwaidi, Director-General of the Abu Dhabi Fund for Development (ADFD), stated that the fund has helped finance hundreds of development projects in Jordan costing AED6.5 billion, enabling the Jordanian Government to achieve its economic and social priorities and drive the process of sustainable development. In his statement to the Emirates News Agency (WAM) ...

ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has ordered the release of 439 prisoners serving various sentences in the UAE, ahead of the Holy Month of Ramadan. The President pledged to settle the financial obligations of the released prisoners. The gesture is part of His Highness Sheikh Khalifa’s humanitarian initiatives and reflective of the ...

DUBAI / WAM The value of exports and re-exports carried out by members of the Dubai Chamber of Commerce and Industry increased by nearly 24 percent to reach AED22.1 billion in March 2021, compared to the same month last year, the organisation has revealed. During the first quarter of 2021, the value of members’ exports and re-exports grew by 6.5 ...

ABU DHABI / WAM Abu Dhabi Islamic Bank (ADIB) has announced a new collaboration with IBM, an American multinational technology company, to fast track its transition into a modern, digitally-led Islamic bank, using IBM’s hybrid cloud solutions based on Red Hat OpenShift. This step will help enhance ADIB’s digital infrastructure, modernise operations and automate processes, enabling its employees to focus ...

ABU DHABI / WAM Emirates Steel, the leading integrated steel producer in the Middle East, and SAFEEN Group, the marine service arm of Abu Dhabi Ports, both part of ADQ, have announced the commencement of transhipment operations, as part of a 10-year agreement previously signed between the two parties in 2019. As per the agreement, SAFEEN will work closely with ...

ABU DHABI / WAM The Federal Tax Authority (FTA) has held three new interactive sessions via video conference, as part of the “Tax Clinic” initiative, a policy of direct and constant communication with business sectors, aims to promote tax awareness and avoid most common errors that might occur while implementing tax procedures. The three awareness sessions held in the first ...