News

Bloomberg Jaguar Land Rover (JLR) will slash its manufacturing capacity by 25% over five years and write off investment in products it’s decided to scrap under new Chief Executive Officer Thierry Bollore. The British carmaker will take a non-cash charge of about 1 billion pounds ($1.4 billion) in the quarter ending in March related to higher previous spending and projects ...

Bloomberg European credit markets have just completed a round-trip recovery from peak pandemic fear. Borrowing costs are retreading pre-crisis levels, with confidence in an economic recovery sparking double-digit gains in the riskiest debt. Healthier balance sheets are turning 2021 into the year of the rising star as more companies re-establish investment-grade credentials — the reversal of 2020’s swell of fallen-angel ...

ABU DHABI / WAM The UAE expressed its support for the Saudi Arabian foreign ministry’s statement regarding Jamal Khashoggi. In a statement on Saturday, the Ministry of Foreign Affairs and International Cooperation expressed its confidence in and support for the Saudi judiciary, as well as Saudi Arabia’s commitment to enforcing the law with transparency and integrity, and holding those responsible ...

Bloomberg The decline of Angola, from being Africa’s top crude producer five years ago to barely pumping more than war-torn Libya, shows the heavy toll of a slump in oil-industry investment. The nation’s production has fallen by more than a third since 2015, when international oil companies started slashing investment in response to a plunge in crude prices. Despite government ...

SHARJAH / WAM The Hamriyah Free Zone Authority (HFZA) has signed an investment agreement with Medtra, one of the world’s major companies in the production and manufacturing of healthcare equipment and products, to expand Medtra’s operations in the Mena markets. Under this agreement, Medtra, which operates in 40 countries, is set to invest some AED 100 million in HFZA through ...

RIYADH / WAM The Coalition to Restore Legitimacy in Yemen intercepted and destroyed of Bomb-Laden UAV launched by terrorist, Houthi Militia towards Khamis Mushait, Kingdom of Saudi Arabia, reported the SPA. The Official Spokesman of the Coalition to Restore Legitimacy in Yemen Brigadier General Turki Al-Malki, said, “Joint Coalition Forces have intercepted and destroyed a bomb-laden UAV launched systematically and ...

BEIJING / WAM The United Arab Emirates Ambassador to China, Ali Obaid Al Dhaheri, has praised China’s achievements of eradicating absolute poverty despite the Covid-19 pandemic. The achievements showed the country’s high-standard planning, and will have ripple effect globally and benefit the whole world, the ambassador told Xinhua, the official state-run press agency of the People’s Republic of China, in ...

DUBAI / WAM Dubai Customs plays an essential role in facilitating passenger and baggage traffic in general, with more efforts and measures taken during the spread of the pandemic. These extraordinary efforts stand behind the success of Dubai International Airport globally and boost the status of Dubai as a global hub for travel and tourism. Latest figures showed that Dubai ...

ABU DHABI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced new appointments in the UAE government, as per directives given by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and in consultation with His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of ...

ABU DHABI / WAM The Ministry of Health and Prevention (MoHAP) announced that it conducted 185,599 additional Covid-19 tests over the past 24 hours, using state-of-the-art medical testing equipment. In a statement on Saturday, the ministry stressed its aim to continue expanding the scope of testing nationwide to facilitate the early detection of coronavirus cases and carry out necessary treatment. ...