News

Dubai / WAM The Commercial Compliance & Consumer Protection (CCCP) sector in Dubai Economy received 1,404 consumer complaints on the e-commerce sector during May, which was 228% higher than the complaints received in the same period last year (428 complaints). Of the total complaints, 94% were submitted through the smart channels of Dubai Economy, with 64% via the ‘Dubai Consumer’ ...

Bloomberg US lawmakers proposed an estimated $25 billion in funding and tax credits to strengthen domestic semiconductor production and counter rising technological competition from China. The effort would support companies building plants in the US and buying chipmaking equipment, while sponsoring research and development into “cutting edge semiconductor” production, according to information provided by the office of Representative Michael McCaul, ...

Bloomberg Argentina extended a deadline for creditors to accept a debt restructuring proposal for the fourth time as creditors and the government edge closer towards a deal. The country will push back the deadline for creditors to accept a debt restructuring offer by one week until June 19, according to an economy ministry statement. Argentine Economy Minister Martin Guzman said ...

Bloomberg The UK economy shrank a record 20.4% in April as businesses and workers reeled under the lockdown designed to control the coronavirus pandemic. The contraction means the nation has effectively seen almost 18 years of growth wiped out in two months. While a rebound is likely as businesses start to reopen, the grim figures will increase the pressure on ...

Bloomberg Twitter Inc. reinstated the account of Zero Hedge after suspending it earlier this year, saying it made a mistake in accusing the libertarian financial website of violating rules against harassment. “We made an error in our enforcement action in this case,” a spokesperson for Twitter said. “Based on additional context from the account holder in appeal, we have reinstated ...

Bloomberg US consumer sentiment climbed in early June by the most since 2016 as more states began to reopen their economies and employers restored jobs. The University of Michigan’s preliminary sentiment index increased 6.6 points to 78.9, according to data. The median projection in a Bloomberg survey of economists called for a gain to 75. Even with the improvement, 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, stated that ”Our founding father, the late Sheikh Zayed bin Sultan Al Nahyan, laid out a pioneering vision for the UAE, grounded in the values of cooperation, human development and sustainability.” This vision, and ...

ABU DHABI / WAM Mubadala Investment Company, an Abu Dhabi sovereign investor, on Thursday released its 2019 Annual Review, which revealed that the company achieved a total comprehensive income of AED53 billion for the year, compared to AED12.5 billion in 2018, driven by Mubadala’s public equities portfolio and funds, as well as the company’s assets across various sectors. Mubadala concluded ...

Abu Dhabi / WAM Etihad Airways and Aldar Properties have entered into a historic partnership that brings benefits to UAE-based Etihad Guest members and shoppers in the UAE capital, Abu Dhabi. Through this exclusive agreement Etihad Guest members can now earn and spend their Etihad Guest Miles on purchases made with their Visa cards at three malls within Aldar’s retail ...

DUBAI / WAM The UAE, represented by the Telecommunications Regulatory Authority (TRA) chaired the virtual consultation session of the council members of the International Telecommunication Union (ITU) which started on June 9, and lasts for four days. The session discusses the most important measures need to be taken by the ITU to ensure work continuity until the next meeting of ...