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Bloomberg Tesla Inc. will probably sell about 10% fewer cars this year than previously expected as the coronavirus outbreak weighs on demand for vehicles, Morgan Stanley said. The bank slashed its 2020 sales target for Tesla to deliver 452,000 cars from the previous estimate of 500,000, according to a note to clients. Morgan Stanley reduced its price target on the ...

Bloomberg Detroit’s three automakers are asking office employees to work remotely while pushing production staff to keep running many of their factories — including one where a worker tested positive for the coronavirus. Fiat Chrysler Automobiles NV’s salaried personnel, including 14,000 at its US headquarters north of Detroit, were told to work from home, a spokesman said. A transmission factory ...

ABU DHABI / WAM UAE Minister of State and Abu Dhabi National Oil Company (Adnoc) Group CEO, Dr Sultan Ahmed Al Jaber commented on market developments, noting that the UAE oil company is set to supply the market with over four million barrels of oil per day in April this year. In a statement, Dr Al Jaber said, “Today, as ...

Bloomberg The World Health Organisation (WHO) declared the coronavirus outbreak a pandemic, saying cases outside China have risen 13-fold. The US’s top infectious-disease specialist told lawmakers the pathogen is 10 times more deadly than the seasonal flu. Britain announced a $39 billion stimulus package, hours after the Bank of England cut interest rates. German Chancellor Angela Merkel pledged to do “whatever ...

DUBAI / WAM Emirates Islamic announced that its net profit increased by 15%, reaching AED1.061 billion in 2019, the highest ever in the bank’s history. A review of the year ended December 31, 2019 was presented at the General Assembly Meeting of the bank, where it was announced that total income increased by eight percent to AED2.7 billion, and financing ...

ABU DHABI / WAM The Abu Dhabi Chamber of Commerce and Industry discussed ways of reinforcing its commercial and investment ties with India. The discussion took place during a meeting at the chamber’s headquarters between Mohammed Hilal Al Muhairi, Director-General of the Chamber, and Pavan Kapoor, Ambassador of India to the UAE, and his delegation. During the meeting, Al Muhairi ...

ABU DHABI / WAM This month marks Umm Al Emarat Park’s five-year anniversary since reopening in 2015, after undergoing a two-year redevelopment. Since then, the Park has established itself as a top green destination, attracting more than 3.5 million guests and visitors from around the world and hosting more than 250 local, regional and international events. In the past five ...

ABU DHABI / WAM The Abu Dhabi International Boat Show (ADIBS) will return to the Abu Dhabi National Exhibitions Centre for its third edition from October 14-17, 2020. Organised by the Abu Dhabi National Exhibitions Company (Adnec) this will be the first boat show of the year in the UAE, with highlights on luxury boating, fishing and water sports. This ...

ABU DHABI / WAM The Abu Dhabi Fund for Development (ADFD) the leading national entity for economic development aid, on Wednesday signed an agreement with the government of Maldives to provide funding support to the tune of $50 million (AED184 million) for infrastructure development projects in the Maldives. The agreement was signed by Mohammed Saif Al Suwaidi, ADFD Director-General, and ...

ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan, has sent a message of condolences to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia, expressing his sincere condolences and sympathy over the death of Prince Abdulaziz bin Abdullah bin Faisal bin Farhan Al Saud. His Highness Sheikh Mohammed ...