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Bloomberg Daimler AG’s new flagship electric sedan will generate “reasonable” returns right from the start as the vehicle features top-line technology, Chief Executive Officer Ola Kallenius said. The Mercedes EQS, which debuts this week, will produce attractive profits while still lagging the returns of its combustion engine-powered sibling, the S-Class, due to the higher cost of electric-car components, Kallenius said ...

Bloomberg Costa Rica’s president says he’ll bring an end to years of excess government borrowing, even if it hurts his popularity. With just over a year left in office, Carlos Alvarado is fighting to pass spending cuts and tax increases, and narrow the fiscal deficit which brought the country to the brink of crisis two years ago. He’s also pushing ...

DUBAI / WAM In a new step that translates to the UAE’s relentless pursuit towards global leadership in the field of space exploration, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the names of the two new Emirati astronauts who will form the second batch of the ...

DUBAI / WAM Dubai’s non-oil foreign trade strongly rebounded from the challenges posed by the global economic repercussions of Covid-19 and the suspension of business activity by countries across the world in the first half of last year to record high growth in 2020. Boosted by its resilience to global headwinds, as well as its rapid economic recovery and revitalised ...

ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a Federal Decree restructuring the Board of Directors of Central Bank of the UAE (CBUAE) under the chairmanship of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs. Pursuant to the Decree, the Board of Directors of the CBUAE ...

DHAHRAN / WAM Aramco has signed a deal with a consortium led by EIG Global Energy Partners (EIG), one of the world’s leading energy infrastructure investors, to optimise its assets through a lease-and-lease-back agreement involving its stabilised crude oil pipeline network. Upon closing, Aramco will receive upfront proceeds of around $12.4 billion, further strengthening its balance sheet through one of ...

ABU DHABI / WAM The consortium led by Masdar and EDF Renewables, both global leaders in renewable energy, and Nesma Company, announced on Saturday it has reached financial close on a 300-megawatt (MW) utility-scale photovoltaic (PV) solar power plant in Jeddah and is starting construction. The Renewable Energy Project Development Office (REPDO) of Saudi Arabia’s Ministry of Energy awarded the ...

ABU DHABI / WAM The UAE tourism sector performed outstandingly in 2020 despite the impact of the Covid-19 pandemic, revealed by the Ministry of Economy, noting that the sector was among the least affected and fastest to recover around the world. The UAE recorded a 54.7 percent hotel occupancy rate in 2020 — the second highest in the world behind ...

Bloomberg Boeing Co will need to inspect hundreds of undelivered 737 Max jets for a potential flaw in their electrical power systems, said people familiar with the matter. About 450 Max planes built since early 2019 could potentially require repairs, a total that includes about 90 aircraft in commercial operation, said the people, who asked not to be named because ...

Abu Dhabi / WAM The UAE tourism sector performed outstandingly in 2020 despite the impact of the Covid-19 pandemic, revealed by the Ministry of Economy, noting that the sector was among the least affected and fastest to recover around the world. The UAE recorded a 54.7 percent hotel occupancy rate in 2020 – the second highest in the world behind ...