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Bloomberg The World Bank projects the recession in Latin America and the Caribbean will be the worst downturn since reliable data began in 1901, setting back progress on fighting inequality and poverty. The development institution expects a gross domestic product (GDP) contraction of more than 7% for 2020, making it worse than any crisis of the past century, including the ...

Bloomberg Rental e-scooters will become legal on UK roads from July 4 after the government published the rules companies must follow to deploy the electric vehicles. Large-scale trials can start at the weekend and last for a year, the Department for Transport said in a statement. It will closely monitor activity and public feedback with a view to fully legalising ...

Bloomberg Consulting firm Accenture is cutting up to 900 jobs, or 8% of its UK workforce, as the coronavirus pandemic prompted a sharp slump in demand for its advisory work. Between 700 and 900 jobs will be affected by the planned cuts, an Accenture spokesman said Thursday in an email. The company has notified staff and plans “collective consultation” for ...

Bloomberg Daimler AG Chief Executive Officer Ola Kallenius said the maker of Mercedes-Benz cars and the industry as a whole face painful cutbacks to overcome the economic fallout of the Covid-19 pandemic. The virus outbreak will force manufacturers to do more significant restructuring than they had planned before the crisis erupted, Kallenius said during a webcast hosted by Germany’s largest ...

ABU DHABI / WAM The UAE announced that it is currently considering the return of the Boeing 737 Max aircraft to the UAE’s airspace. The Director General of the General Civil Aviation Authority (GCAA) Saif Mohammad Al Suwaidi said: “The GCAA is closely working with the Federal Aviation Administration (FAA) Boeing and UAE Operators on B737Max return to service since ...

Tokyo / WAM Japan’s imports of crude oil from the UAE amounted to almost a third of its oil imports at 32 percent, or 22.6 million barrels, data from Agency for Natural Resources and Energy in Tokyo showed. The agency, part of Japanese Ministry of Economy, Trade and Industry, reported that Japan imported 70.7 million barrels during May, of which ...

ABU DHABI / WAM Abu Dhabi National Energy Company (Taqa), on Wednesday announced the successful completion of its transaction with Abu Dhabi Power Corporation (ADPower) creating one of the largest utility companies in the Europe, the Middle East and Africa (EMEA) region. The transaction – which was first proposed by ADPower to the Taqa Board of Directors in February 2020 ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, reviewed final preparations of the Hope Probe, scheduled to launch to Mars on July 15. The meeting was chaired by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and President of the ...

Dubai / WAM Nasdaq Dubai has welcomed the listing of three sukuk issued by the government of Indonesia with a total value of $2.5 billion. The sukuk achieved nearly 6.7 times subscription by investors, including international investors in Asian and Middle East countries. The listings comprise a 10-year issuance of $1 billion and two issuances of $750 million each, one ...

Abu Dhabi / WAM The UAE Ministry of Economy (MoE) has taken part in a video conference organised by the delegation of the European Union to the UAE, with the participation of Trade Counsellors from European Union (EU) Member States represented in the country. During the virtual session, Juma Mohammed Al Kait, Assistant Under-Secretary of the UAE Ministry of Economy for ...