News

Abu Dhabi / WAM The Global Manufacturing and Industrialisation Summit (GMIS) a joint initiative by the UAE and the United Nations Industrial Development Organisation (Unido), announced the dates for its 2020 edition, #GMIS2020, commencing with a sequence of Digital Series on June 30, and leading up to the Virtual Summit that will be held on September 4-5. At the top ...

DUBAI / WAM Dubai Customs’ Training Centre and the United Nations Office on Drugs and Crime (UNODC) have launched an e-learning platform ‘GO LEARN’, that provides some 50 training courses in the customs field. The launch of the online platform took place on Microsoft Teams with the attendance of Mohammed Al Ghaffari, Acting Executive Director, Human Resources, Finance and Administration ...

Bloomberg Boris Johnson plans to re-set his government’s agenda with a major speech and a financial statement to prepare the UK for the new reality after the coronavirus pandemic. Amid forecasts of the worst recession in 300 years, Chancellor of the Exchequer Rishi Sunak is drawing up options to bolster the economy after the government withdraws its vast package of ...

Bloomberg Argentina’s most recent debt restructuring proposal would restore debt sustainability and there’s little room to further increase payments to private creditors, according to the International Monetary Fund (IMF). “There is only limited scope to increase payments to private creditors and still meet the debt and debt service thresholds,” the IMF said in a two-page statement published. “Argentine authorities’ revised ...

Bloomberg Companies in Germany used government support to compensate lost wages for a record 7.3 million employees in May, according to the Ifo Institute. A state scheme designed to prevent widespread dismissals initially saw applications for more than 10 million workers in March and April. As companies fought to survive the economic fallout from the pandemic, 72% of their staff ...

Bloomberg France will push on with tax-cut plans and broad economic overhauls to help the country rebound from a recession that will be deeper than previously anticipated, Finance Minister Bruno Le Maire said. The economy will shrink 11% this year, more than the 8% previously predicted. Le Maire said that means France must continue with emergency support and pro-business reforms, ...

Bloomberg Pandora A/S, which makes more pieces of jewellery than any other company in the world, will stop relying on newly mined gold and silver and instead use only recycled precious metals. The new policy, which takes effect in 2025, will help the Copenhagen-based company beef up its climate credentials and make it a more appealing target for investors eager ...

Bloomberg The number of Spaniards filing for jobless claims rose in May at a much slower pace than the previous two months, a sign that businesses are getting back to work as Spain gradually lifts its strict lockdown measures. Claims rose by 26,573, the Labour Ministry said on Tuesday. But some sectors saw an increase in hiring, including construction, and ...

ABU DHABI / WAM The central bank of the UAE has revealed that the gross assets of banks operating in Abu Dhabi and Dubai have risen to around AED2.897 trillion, by the end of April, accounting for 92 percent of total banking assets in the country, which are estimated at AED3.156 trillion. Dubai banks’ assets amounted to AED1.489.2 trillion, according ...

RAS AL KHAIMAH / WAM Gulf Pharmaceutical Industries, Julphar, on Monday announced the launch of its AED500 million ($136.13 million) rights issue as the company progresses on its ambitious turnaround plan. The rights issue is set to improve the company’s capital position and debt profile and will provide the financial foundation for the successful implementation of the company’s medium-term growth strategy, ...