News

Bloomberg China’s economic recovery could be past its peak and beginning to stabilise as the year draws to a close, with a key manufacturing gauge moderating in December after an export-fueled boost to production. The official manufacturing purchasing managers’ index (PMI) fell to 51.9 from a three-year high of 52.1 in November, the National Bureau of Statistics said, lower than ...

Bloomberg A unit of Vedanta Resources will issue $400 million in notes to an entity under Oaktree Capital Group, as the mining conglomerate looks to meet liquidity needs. The notes will be partly secured by shares in Mumbai-listed unit Vedanta Ltd, according to separate exchange filings from Vedanta and the US hedge fund. India’s macroeconomic troubles have attracted a wave ...

Bloomberg A multi-billion-dollar high-speed rail link between Singapore and Malaysia’s capital Kuala Lumpur has been terminated. The two countries were unable to reach an agreement on the project after Malaysia sought changes because of the pandemic’s economic impact, according to a joint statement. Malaysia will have to compensate Singapore for costs already incurred, the city-state’s transport ministry said in a ...

Bloomberg As one of the most tumultuous years in oil’s history ends, a delicate task now lies ahead for Opec+. The alliance of producers led by Saudi Arabia and Russia must decide whether it can continue to restore crude supplies without disturbing the price recovery they spent most of 2020 working to achieve. Moscow believes that the group — which ...

DUBAI / WAM Sherif Al Olama, Undersecretary of the Ministry of Energy and Infrastructure for Energy and Petroleum Affairs, welcomed a high-level delegation from the Israeli Mekorot Water Company headed by Elie Cohen, CEO of the company, where the two sides discussed the frameworks of joint cooperation in the field of water, and exchanged experiences supporting the development of innovative ...

Abu Dhabi / WAM The Abu Dhabi Judicial Department (ADJD) has launched a digital authentication project allowing the approval of documents issued by the ADJD’s systems in an integrated digital manner and compatible with the UAE PASS digital identification system. Digital authentication offers many aspects of protection.

SHARJAH / WAM Hamriyah Free Zone Authority (HFZA) has reinforced its reputation and position as a prominent destination regionally and globally despite of the Covid-19’s global economic fallout, after two giant African petrochemicals companies (Global Vision Specialty Chemicals & Proud Lubricants and Grease IND) announced investments in the free zone by leasing over 1,076,391 sq ft plots of land. The ...

Bloomberg China and the US can open a “new window of hope” in bilateral ties in the new year, Foreign Minister Wang Yi said, urging Washington to resolve disputes through dialogue. “Our US policy will maintain continuity and stability and we are willing to develop China-US relations in a coordinated, cooperative and stable manner with the American side,” Wang was ...

Bloomberg Airbus SE was close to delivering 560 planes to customers as of December 31, approaching the top end of its internal target in a year marred by the pandemic-induced collapse of air travel, according to people familiar with the matter. The European planemaker delivered close to 550 aircraft as of December 29, Bloomberg reported earlier. The final audited tally ...

Sharjah / WAM The Sharjah Chamber of Commerce & Industry (SCCI) revealed that the shopping malls and retail stores participating in the ‘Sharjah Shopping Promotions’ campaign, the emirate’s largest trade event for this year, have dedicated up to AED2 million prizes for the shoppers during the weekly raffle draws which will be held from January 8 to February 12. In ...