News

Bloomberg Thyssenkrupp AG is in talks with the German government over an aid package for its struggling steel unit worth at least 5 billion euros ($5.9 billion), well exceeding the group’s current market value in a key push to secure its survival. Chancellor Angela Merkel’s government has signalled a willingness to provide financial support to shore up the unit and ...

Bloomberg UK unemployment rises the most since the financial crisis over the summer, raising questions about how many job cuts could have been avoided had Chancellor of the Exchequer Rishi Sunak announced an extension to his furlough program sooner. The number of people looking for work surged by 243,000 in the three months through September, taking the jobless rate to ...

Bloomberg Inflation sped up more than forecast in Mexico and Brazil as unrelenting food price increases defy central bank plans to support virus-ravaged economies with low interest rates. Mexico’s consumer prices rise further above the official target range in October as fruit and vegetable costs soared, according to data, while food costs drove Brazil’s fastest inflation rate for that month ...

Abu Dhabi / WAM The Abu Dhabi National Oil Company (Adnoc) and ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, on Tuesday announced Ta’ziz as the name of the new joint venture (JV) established by both companies, which will drive the development of industrial projects ...

Abu Dhabi / WAM Abu Dhabi National Energy Company (Taqa) reported its first consolidated pro-forma financial results following its transaction with Abu Dhabi Power Corporation (ADPower) on July 1, announcing group revenues of AED30.8 billion during the first nine months of 2020. In addition to approving Taqa Group’s financial results, the Board of Directors approved an increase in the company’s ...

Abu Dhabi / WAM The first details of a dramatic live production to celebrate 49th UAE National Day on December 2 have been revealed on Tuesday by the Organising Committee of the Official 49th National Day Celebration. Named “Seeds of the Union”, the spectacular show will take the form of a moving sculpture surrounded by sea and illuminated by digital ...

Bloomberg Oil extended gains, following Monday’s rally on optimism that a potential Covid-19 vaccine could boost a recovery in transport demand. Crude futures in New York approached $41 a barrel, after advancing more than 10% at one point. It comes after early findings showed that a vaccine developed by Pfizer Inc. and BioNTech SE protects most people from the virus. ...

Abu Dhabi / WAM The Ministry of Finance (MoF) announced on Tuesday that from the beginning of January until the end of August 2020, the total value-added tax (VAT) revenue amounted to AED11.6 billion, and the country’s total excise tax revenue amounted to about AED1.9 billion – the latter noting a 47 percent increase in comparison to the same period ...

Dubai / WAM Emaar Malls, the developer of premium shopping malls and retail assets including The Dubai Mall, majority-owned by Emaar Properties, reported revenue of AED2.493 billion for the first nine months of 2020 (January to September). Emaar Malls reported net profit of AED586 million for the period ending September 30, despite the challenges posed by Covid-19. With the footfall ...

Abu Dhabi / Emirates Business National Takaful Company (Watania) announced positive financial results in nine month during the financial of 2020, as the company’s net profits are up by 78% compared to corresponding period last year. The company achieved net profit of AED 17.8 million in nine month during the financial year 2020 as against AED 10.0mn in nine months ...