News

DUBAI / WAM One Million Arab Coders Initiative (OMAC) led by Dubai Future Foundation (DFF) named the five winning student coders whose projects tackle some of the crucial issues facing today’s societies while bringing value to communities in countries across the Arab world. The five student coders were selected for their project proposals outlining how they would execute their fully ...

Bloomberg Italian Prime Minister Giuseppe Conte said his government would likely seek a wider budget gap as he draws up an ambitious reform plan to lobby for European Union (EU) assistance to restart the economy. The government will focus on infrastructure projects including high-speed railways and may approve a value-added tax cut to stem the coronavirus’s impact on the euro-zone’s ...

Bloomberg Wirecard AG was left fighting for survival after acknowledging that 1.9 billion euros ($2.1 billion) that it had reported as assets probably don’t exist, deepening an accounting scandal that has rattled Germany’s financial industry. The payments processor said it’s in discussions with creditors and considering a full-scale restructuring after pulling its financial results for fiscal 2019 and the first ...

Bloomberg Germany is set to underline the need to combine the European Union’s (EU) economic recovery with measures to tackle climate change, ahead of it assuming the bloc’s presidency. EU environment ministers will discuss on Tuesday how the bloc’s Green Deal plan to reach climate neutrality in 2050 can help the economy rebound from the coronavirus crisis. Germany will present its ...

Bloomberg Danish lawmakers have struck a climate agreement to ensure their country can live up to a goal of cutting carbon emissions by 70% from 1990 levels over the coming decade. The deal, after winning broad backing across party lines, means Denmark will commit to cutting carbon emissions by 3.4 million tonnes. Lawmakers also agreed to build the world’s first ...

Bloomberg Facebook Inc. is considering taking over Neiman Marcus’ retail space at Hudson Yards in Manhattan, Women’s Wear Daily reported, citing a person familiar with the matter it didn’t identify. The operator of high-end department stores filed Chapter 11 bankruptcy on May 7, which would allow it to back out of its 188,000-square-foot store lease free of penalties. If Facebook ...

Bloomberg Sweden’s once battered credit market is finding relief in an unexpected place. As firms and governments try to recover, they’re selling more debt earmarked for ethical and social projects than ever before. That issuance has provided a lifeline to a market that suffered one of the worst crashes in its history just a few months ago. Anna Reuterskiold, a ...

Abu Dhabi / WAM The value of Emirati food products traded in the first quarter of 2020 totalled AED31.7 billion, according to the latest figures from the Federal Competitiveness and Statistics Authority. The figures also show that the value of the country’s food imports in the first quarter of this year amounted to AED17.98 billion while trade in medicines and ...

Bloomberg Saudi Arabia started a fund with an initial capital of $4 billion to develop its tourism industry as the oil-rich kingdom seeks to diversify its economy and attract more foreign travellers. The Tourism Development Fund will launch a range of equity and debt investment vehicles and has $45 billion in memorandum of understandings signed with private banks, according to ...

DUBAI / WAM Emirates NBD Capital Limited, the investment banking arm of Emirates NBD, announced that it has successfully closed Islamic Development Bank (IsDB’s) first ever USD Sustainability sukuk. The bank acted as Joint Lead Manager and Bookrunner for the landmark transaction by IsDB, rated Aaa/AAA/AAA by Moody’s/S&P/Fitch (each with stable outlook) The $1.5 billion, five-year sukuk is testament to ...