News

Dubai / WAM Dubai Electricity and Water Authority (Dewa) continues to develop world-class infrastructure, supported by assets that exceed AED182 billion owned by Dewa and its subsidiaries, and around AED86 billion of investments in the energy and water sectors over five years. This helps Dewa enhance its production capacity to meet the growing demand and provide its services to more ...

ABU DHABI / WAM The central bank of the UAE (CBUAE) announced it conducted the first-of-its-kind cyberattack simulation exercise that is designed to test the resilience of the UAE’s banking sector against any potential cyber threats. The exercise affirms CBUAE’s preparedness to prevent or mitigate cyber threats that may cause disruptions to the UAE’s economy and financial stability. The exercise ...

Abu Dhabi / WAM The Department of Health – Abu Dhabi (DoH) has approved three new Covid-19 tests to be used in Abu Dhabi’s healthcare facilities’ emergency departments and urgent care centres. The new tests provide faster results and will efficiently contribute to physicians’ decision-making when it comes to providing suitable treatment for patients. The three new approved tests include ...

Bloomberg Samsung Electronics Co is considering spending more than $10 billion building its most advanced logic chipmaking plant in the US, a major investment it hopes will win more American clients and help it catch up with industry leader Taiwan Semiconductor Manufacturing Co. The world’s largest memory chip and smartphone maker is in discussions to locate a facility in Austin, ...

Bloomberg Tencent Holdings Ltd, the creator of the messaging platform WeChat, is in talks with banks for a $6 billion loan, according to people familiar with the matter. That would be the biggest dollar loan syndicated in Asia for a Chinese firm since 2019, according to data compiled by Bloomberg. It would also mark a flurry of potential debt financings ...

Bloomberg The owners of Hong Kong Life Insurance Ltd are reviving a sale of the business after a deal was scrapped more than two years ago, according to people familiar with the matter. A sale of Hong Kong Life, whose owners include OCBC Wing Hang Bank Ltd, could fetch $400 million to $500 million, the people said, asking not to ...

Bloomberg Indian billionaire Mukesh Ambani doubled down on his promise to offer 5G services on his wireless network as early as this year, as his conglomerate Reliance Industries Ltd reported a record profit aided by its consumer businesses. The group’s wireless operator, Reliance Jio Infocomm Ltd — India’s largest — has started advance tests to prepare the fifth-generation, high-speed network, ...

Bloomberg UltraTech Cement Ltd doubled profit in the three months ended on December 31 on sustained demand for housing, the company said in a statement. Net income jumped to 15.8 billion rupees ($217 million) from 7 billion rupees a year earlier, beating analyst estimates, the unit of billionaire Kumar Mangalam Birla’s Aditya Birla Group said in an exchange filing. “While ...

Bloomberg Indonesia sees downside risks for economic growth in the first quarter as the government imposed more restrictions to curb a worsening coronavirus outbreak, said the finance minister. The first quarter is “very tough,” Finance Minister Sri Mulyani Indrawati said in an interview with Bloomberg Television. “We hope in February and March we can still catch up despite the January ...

Bloomberg President Joe Biden is discovering the limits of his power to boost world’s largest economy on his own, as congressional opposition to his sweeping stimulus plan hardened soon after he was inaugurated. While publicly urging Congress to swiftly pass his $1.9 trillion proposal — warning of rising unemployment, hunger and homelessness if lawmakers don’t act — Biden issued more ...