News

Sharjah / WAM Arada reported a robust sales performance for 2020, as the developer benefited from a raft of project handovers and the stable Sharjah real estate market to overcome the effects of the pandemic. During a challenging year for the UAE property sector as a whole, the total value of real estate sold by Arada rises by 35 percent ...

DUBAI / WAM Emirates Airline has announced it will resume non-stop services to Seattle (from February 1), Dallas and San Francisco (from March 2), offering its customers connectivity through Dubai to and from popular destinations in the Middle East, Africa, and Asia. The addition of these three destinations will take Emirates’ North American network to 10 destinations following the resumption ...

DUBAI / WAM Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, announced that, during 2020, the number of electronic transactions performed by its customers surged noticeably to reach approximately 560,000, with an increase of more than 12 percent compared to the year 2019. This reflects the company’s apparent contributions to the ‘Dubai Paperless Strategy’ that ...

Bloomberg Britain is significantly less attractive as an international business location because of Brexit but remains well positioned compared with other major economies, according to a German study. The UK slipped behind the US to second place in the latest ranking published by Germany’s Foundation for Family Businesses, though it remains ahead of the rest of its Group of Seven ...

Bloomberg Italy’s government will ask parliament to approve another increase in the deficit later this month to pay for vaccines, healthcare, and support for companies and workers, according to Finance Minister Roberto Gualtieri. The request will be for 24 billion euros ($29 billion), Gualtieri said in an interview with the Corriere della Sera newspaper. That’s equivalent to 1.5% of Italy’s ...

Bloomberg German Finance Minister Olaf Scholz said a slight economic recovery is on the horizon thanks to robust state aid preventing much of the potential fallout of the pandemic, Deutsche Presse-Agentur reported. He credited Germany’s fiscal stimulus and the Berlin government’s shift on crisis aid at the EU level with saving jobs, the German newswire quoted Scholz as telling a ...

Bloomberg Apple Inc. and Amazon.com Inc. are removing Parler from their services, part of a growing backlash after the social media network was among those used to organise last week’s riots at the Capitol. Apple dropped Parler from its App Store, while Amazon’s cloud unit decided to stop hosting the social media company. They joined Alphabet Inc.’s Google, which removed ...

Bloomberg Twitter Inc. shares fall 6.1% in pre-market trading after the social media platform permanently banned outgoing President Donald Trump. The San Francisco-based company confirmed its decision in a blog post, saying Trump’s tweets breached policies by risking incitement to violence. It cited Trump’s posts referring to riots in the US capital last week. Mirabaud analyst Neil Campling said the ...

Bloomberg Despite the pandemic-induced recession of 2020, America’s young adults doubled their assets over the past four years, new data from the Federal Reserve show. This marks the first time the assets for so-called millennials have exceeded $10 trillion. But, this generation, the oldest of whom turn 40 this year, has a massive debt burden as well, according to the ...

DUBAI / WAM Shuaa Capital on Sunday announced that it has successfully completed a debt buyout of Stanford Marine Group’s (SMG) AED1.13 billion ($308 million) facility, resulting in a successful outcome for all parties involved, including the participating banks. SMG is one of the most prominent and diversified offshore services companies in the Middle East, with a focus on chartering, ...