News

Bloomberg The European Union (EU) plans to revamp its steel-import restrictions to guard against major market distortions as the bloc’s economy recovers from the effects of the pandemic. The proposed changes apply to EU import curbs introduced two years ago to prevent a controversial 25% US levy on foreign steel from diverting global shipments to the European market and flooding it. ...

Bloomberg Twitter Inc. would be welcome to move to France should the social-media platform face an adverse operating environment in the US, French Junior Digital-Affairs Minister Cedric O said in an interview with Radio J on Sunday. “If Twitter would consider at some point that the US circumstances would no longer allow the company to develop according to its values, ...

Bloomberg Covid-19 has derailed the Canadian government’s plan to increase international migration levels this year. In the first release of data that covers the pandemic’s spread into Canada, the number of permanent residents who came to the country in March dropped by 29% from the same period last year, falling to 19,115 during the month. Temporary foreign workers were down ...

Bloomberg Zoom Video Communications Inc. plans to strengthen encryption for paying clients and institutions, but not for users with free accounts, Reuters reported, citing the company’s security consultant Alex Stamos. The company’s plans are subject to change and it is unclear which nonprofit organisations would qualify for such heightened security for video conferences, the report added. The company is trying ...

Bloomberg The Covid-19 pandemic hit right as Ralph McLaughlin, chief economist for Haus Inc., was moving from Washington, DC, to San Francisco. When his company gave employees the option to work anywhere, McLaughlin didn’t hesitate. He chose to work mostly from a mountain home 145 miles from San Francisco and visit his city office “when I need to feed off ...

Bloomberg Oil posted its biggest monthly advance on record, just a few weeks after prices made a dramatic plunge below zero. Crude surged about 88% in May, with US futures rising above $35 a barrel for the first time since March, driven by massive supply curbs by producers across the world. Still, prices are well below levels at the start ...

Abu Dhabi / WAM The central bank of the UAE (CBUAE) issued its guidance to financial institutions on the application of International Financial Reporting Standard 9 (IFRS 9). The guidance has been issued after a consultation with stakeholders in the financial sector. The objective of IFRS9 guidance is to ensure that credit losses resulting from the consequences of Covid-19 pandemic ...

ABU DHABI-BERLIN / WAM As part of ongoing efforts to elevate UAE-German ties, Dr Sultan bin Ahmed Al Jaber, Minister of State and UAE’s Special Envoy to Germany, conducted a virtual visit to Berlin. During the virtual visit, Dr Sultan Al Jaber met with a number of German officials and parliamentarians, including Niels Annen, Minister of State at the German ...

Dubai / WAM Dubai’s Roads and Transport Authority (RTA) announced the completion of all construction works in Roads and Bridges leading to Dubai Hills Mall project. The project comprises of 13 bridges extending 3700 metres in length and 11-22 metres in width, with a combined capacity of 23,500 vehicles per hour. RTA will open a main bridge on Umm Suqeim ...

ABU DHABI / WAM The Ministry of Finance (MoF) issued three new decisions for federal entities across the UAE, as part of its remit to revise and reduce federal fees. These decisions are: Cabinet Resolution No. (36) of 2020 on registering suppliers in the Federal Supplier Register, Cabinet Resolution No. (37) of 2020 on amending certain provisions of Cabinet Resolution ...