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Bloomberg Prime Minister Boris Johnson is preparing to begin phasing out the use of Huawei Technologies Co. equipment in the UK’s 5G telecommunications networks as soon as this year, reports said. A report from the National Cybersecurity Centre concluded that new US sanctions mean Huawei will have to use untrusted technology, making security risks impossible to control, according to the ...

Bloomberg German factory orders rose less than expected in May even after authorities loosened the coronavirus lockdown, highlighting how difficult it will be to repair the pandemic’s damage. Orders rose 10.4% in May, following a cumulative slump of more than 37% in previous two months. The economy ministry said that while Germany’s industrial recession passed the trough, “the low level ...

Bloomberg European consumers are heading back to shops and restaurants with their pockets full of cash because of government support through the coronavirus pandemic. In the euro area, many people have more savings now than before the crisis hit, according to Bloomberg Economics. In the UK, where eateries reopened at the weekend, consumption may exceed expectations. The upshot is that ...

Bloomberg Britain’s car industry showed signs of improvement in June, spurred by the reopening of showrooms from lockdown measures designed to curtail the spread of Covid-19. Registrations last month totaled 145,377 vehicles, a drop of 35% compared with June 2019, the Society of Motor Manufacturers and Traders said in a statement. Year to date, the tally is still 49% down, ...

Bloomberg Argentina presented an improved debt offer to restructure $65 billion of foreign bonds in an attempt to reach a deal with its creditors after more than two months of stalled talks. The proposal seeks to reduce creditor losses on the bonds’ principal, increase coupons and shorten bond maturities, according to a release. The latest proposal will include minimum participation ...

Abu Dhabi / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan approved the new structure of the UAE Government. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, after consultations with His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander ...

Bloomberg The world economy is entering the second half of 2020 still deeply weighed down by the coronavirus pandemic with a full recovery now ruled-out for this year and even a 2021 comeback dependent on a lot going right. It’s a scenario few if any predicted at the start of the year when most economists were banking on another year ...

Abu Dhabi / WAM Abu Dhabi National Energy Company (Taqa) announced on Sunday that international credit rating agencies Moody’s Investors Service and Fitch Ratings upgraded its final issuer ratings by three notches to Aa3 from A3 and by two notches to AA- from A, respectively. The ratings represent fourth highest investment grade rating on each of agencies’ rating scales and ...

Abu Dhabi / Emirates Business Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has recorded high levels of digital adoption across its retail and corporate banking services in the first half of 2020. Nearly 60% of ADIB’s retail customers have used digital channels, registering more than 2 million transactions every month as customers conduct a wide range of banking ...

Dubai / WAM Dubai’s ease of doing business is expected to improve further following the Dubai Chamber of Commerce and Industry’s announcement that it is cooperating with the Dubai Airport Freezone Authority (Dafza) to connect the digital services of both organisations. Under the terms of the new partnership, companies can register as Dubai Chamber members, or renew their existing membership, ...