News

Bloomberg There will be a European tax on giant digital corporations, even if a current project harbored by the OECD fails, European Internal Market Commissioner Thierry Breton said, in an interview with France Inter radio. “We’d rather do this within a global framework, as part of an OECD discussion, over the year 2020,” Breton said. He added that the US, ...

Bloomberg Daimler AG’s Chief Executive Officer Ola Kaellenius plans a new cost savings program and looks to cut an additional 10,000 jobs through 2025, magazine Automobilwoche reported citing unidentified company sources. The carmaker aims to outsource information technology services and cut positions in research and development, according to the magazine. The company previously announced in November a plan to reduce ...

Bloomberg The company once hyped as the future of German finance has become a symbol of national embarrassment. After promising to shake up the world of payments, Wirecard AG saw its stock collapse and its chief executive officer resign after $2.1 billion, or about a quarter of its balance sheet, went missing. That was a bombshell for Germany’s establishment after ...

Bloomberg Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April. US benchmark crude futures rose 2.3% to close at the highest level since March 6. The 9.6% increase for the week marks the seventh gain in the last eight weeks. Oil traders Vitol Group and Trafigura Group and exporter Saudi ...

Bloomberg South Africa’s debt levels will exceed 100% of gross domestic product in 2025 and rise to almost 114% before the end of the decade, according to a document presented by Finance Minister Tito Mboweni and seen by Bloomberg. Mboweni made the presentation to the National Economic Development and Labour Council, according to posts on his Twitter and Facebook pages. ...

Abu Dhabi / WAM The UAE welcomed the adoption of a draft resolution submitted by France, Germany, and United Kingdom by the Board of Governors of the International Atomic Energy Agency (IAEA) calling on Iran to fully cooperate with the agency and meet its demands without delay, including providing immediate access to several of Tehran’s nuclear sites. The UAE praised the ...

ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, discussed with Sudan’s Prime Minister Dr Abdullah Hamdouk, ways of further strengthening the brotherly relations between the two nations. This came over a call, during which His Highness Sheikh Mohamed assured the Sudanese premier ...

DUBAI / Emirates Business Etihad Credit Insurance (ECI), the UAE’s federal export credit company, has partnered with Dubai Islamic Economy Development Centre (DIEDC) to boost UAE exports through sharia-compliant export credit solutions. The agreement is in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and ...

Dubai / WAM Hussain bin Ibrahim Al Hammadi, Minister of Education, said the UAE has been a forerunner in embracing an effective smart education model that’s catered to the needs of around 1.2 million students without significant impediments. The minister’s remarks came in a regional webinar organised by the Unesco Regional Bureau for Education in Beirut on the future of ...

DUBAI / WAM Mattar Mohammed Al Tayer, Director-General and Chairman of the Board of Executive Directors of Roads and Transport Authority (RTA) announced the completion of Al Quoz Bus Depot to support the daily movement of buses. The new facility, which complements other bus depots at Jebel Ali, Al-Khawaneej, Al Ruwayyah , Al Aweer and Al Qusais, serves buses operating ...