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Bloomberg Argentina is considering using new reserves to be issued by the International Monetary Fund (IMF) to make a payment due to the lender in September, a move that would allow more time to overhaul an outstanding $45 billion loan. The new IMF reserve assets, called special drawing rights, or SDRs, would give cash-strapped Argentina fresh funding to pay the ...

Bloomberg Switzerland’s economy unexpectedly expanded at the end of last year, with foreign demand for its goods helping offset the impact of lockdown measures to control the pandemic. Gross domestic product (GDP) increased 0.3% in the fourth quarter, compared with estimates for a stagnation in a Bloomberg survey of economists. “On the whole, the second wave of the coronavirus until ...

Bloomberg The European Union’s (EU) fiscal rules should be adapted to allow for more spending to boost growth as countries struggle to pull their economies out of pandemic-induced recessions, according to the bloc’s top economic official. EU Economic Affairs Commissioner Paolo Gentiloni, speaking at the European Fiscal Board’s annual conference, reiterated calls to withdraw public support very gradually in order ...

ABU DHABI / WAM The fourth day of the International Defence Exhibition (Idex) and the Naval Defence Exhibition (Navdex) 2021 has seen the UAE Armed Forces sign 24 new deals, worth AED2.140 billion, with local and international companies. The cumulative value of deals signed at Idex, Navdex is now AED20.053 billion. Staff Brigadier-General Mohammed Al Hassani, Official Spokesperson of the ...

ABU DHABI / WAM The volume of non-oil trade exchange between the Emirate of Abu Dhabi and the State of Kuwait through the emirate’s ports reached AED51.3 billion during the past five years, through more than 78,000 customs transactions, which reflects the growing economic relations between the two brotherly countries, according to the General Administration of Abu Dhabi Customs. Abu ...

DUBAI / WAM The UAE has topped the Middle East and North Africa region rankings in the World Bank’s newly released 2021 ‘Women, Business and the Law’ (WBL) report. The country’s ratings in the World Bank report saw a significant leap by virtue of ground-breaking legislative reforms implemented over the past few years. HH Sheikha Manal bint Mohammed bin Rashid ...

ABU DHABI / WAM The UAE General Civil Aviation Authority (GCAA) said it is closely working with the US Federal Aviation Administration and monitoring the current situation for any updates on the Boeing 777 aircraft fitted with engine PW4000. This follows an incident where a United Airlines 777-200 aircraft was forced to make an emergency landing at Denver International Airport ...

ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has issued a resolution appointing Tawazun Economic Council (Tawazun) to manage the procurements and contracts of the UAE Armed Forces and Abu Dhabi Police. The resolution also mandates Tawazun to enforce the execution of ...

ABU DHABI / WAM The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) has announced that the next edition of Culture Summit Abu Dhabi will take place virtually from March (8-10) and explore the theme of ‘The Cultural Economy and the Economy of Culture’. The fourth edition of the forum will bring together cultural leaders, practitioners and ...

Abu Dhabi / WAM Exhibitors from European countries attending the International Defence Exhibition (Idex 2021) described the exhibition as the strongest defense exhibition in Mena region, and largest event held every two years in Abu Dhabi. They emphasised that organising the event at this time reflects UAE’s success in hosting world events. The largest biennial event of defense exhibition in ...