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Bloomberg American automakers are asking the US government to help solve a debilitating shortage of computer chips that is closing auto factories worldwide and could restrict production until the fall. The American Automotive Policy Council — a lobbying organisation for General Motors, Ford Motor and the US operations of Fiat Chrysler Automobiles — is agitating with the US Commerce Department ...

Bloomberg UK Chancellor of the Exchequer Rishi Sunak is planning to give a one-time benefit payment of 500 pounds ($680) to nearly six million people to help ease the economic fallout from a third coronavirus lockdown, the Times of London reported. The plans come ahead of an April deadline when last March’s 20 pound-per-week uplift to universal credit payments is ...

Bloomberg The European Union (EU) has set out plans to strengthen the international role of the euro, as its seeks to erode the dominance on the US dollar and lessen the bloc’s vulnerability to financial risks, including US sanctions. The plan includes measures to help protect against currency shocks, and allow greater scrutiny of foreign takeovers, according to a draft ...

Bloomberg Prime Minister Justin Trudeau is formally instructing Canada’s finance minister to re-establish a firm budgetary target after the Covid-19 crisis and avoid creating any new permanent spending. In a so-called mandate letter to Chrystia Freeland, who is also deputy prime minister, Trudeau said she should spend as much as need to tackle short-term economic challenges but avoid any new ...

Bloomberg Oil slid by the most in three weeks as a stronger dollar and weak US economic data stoked concerns over an economic rebound. Futures in New York tumbled 2.3% after a rally in oil earlier in the week pushed the benchmark into overbought territory. The US dollar strengthened, reducing the appeal of commodities priced in the currency. US consumer ...

ABU DHABI / WAM The UAE has strongly denounced the Iranian-backed Houthi terrorist militia’s attempts to target Saudi Arabia with three explosive-laden drones, which were intercepted by Coalition forces. In a statement on Saturday, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) renewed its full solidarity with Saudi Arabia against these cowardly terrorist acts and the UAE’s full stand ...

Abu Dhabi / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan, has expressed his condolences to Nawaf Al Ahmad Al Jaber Al Sabah, Emir of Kuwait, in a message sent to him following the death of Sheikha Fadhaa Jaber Al Ahmad Al Sabah. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of ...

Bloomberg A year ago, President Xi Jinping asked the US to treat Chinese companies “fairly” in a letter read out at the White House to mark the signing of a landmark trade deal between the world’s biggest economies. At the time, President Donald Trump’s actions against China Inc had mostly been aimed at tech giant Huawei Technologies Co, which had ...

Bloomberg Health-workers flashed victory signs after being given coronavirus vaccines and top officials sought to dispel fears about the shots as India kicked off one of the largest inoculation drives in the world on Saturday, setting in motion a complex plan to stem infections across a nation of more than 1.3 billion people. At hospitals and vaccination centers across major ...

ABU DHABI / WAM Preparations have been underway for the UAE to host a major international Summit on migration, starting from Monday. The Summit — which is being held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai — will, for the first time, take place entirely online, using ...