News

Bloomberg Elon Musk’s comments about taking Tesla Inc. private were “aspirational,” not fraudulent, the company argues in asking a judge to throw out a shareholder lawsuit over his infamous tweet from 1 1/2 years ago. Investors claim the Twitter post on August 7, 2018 — “Am considering taking Tesla private at $420. Funding secured” — was an intentional deception that ...

ABU DHABI / Emirates Business The Department of Municipalities and Transport (DMT) in Abu Dhabi announced that the total value of real estate transactions in Abu Dhabi during 2019 reached AED58 billion as 19 thousand transactions were completed. The transactions included sales and mortgages of lands, buildings and real estate units. A report issued by DMT on the indicators of ...

Bloomberg Oil rose for a third day after Saudi Arabia pushed for a deeper output cut than Organisation of Petroleum Exporting Countries (Opec’s) technical committee recommended a day earlier. The Saudis are looking for a cut of more than 1 million barrels a day, after the Joint Technical Committee suggested an supply reduction of 600,000 to 1 million barrels a ...

WASHINGTON / WAM The World Bank Group announced it is making available an initial package of up to $12 billion in immediate support to assist countries coping with the health and economic impacts of the global outbreak of coronavirus, (Covid-19). In a statement, the World Bank said as the virus reached more than 60 countries, “This financing is designed to ...

GENEVA / WAM The International Air Transport Association (IATA), released data for global air freight markets showing that demand, measured in cargo tonne kilometres (CTKs), decreased by 3.3 percent in January 2020, compared to the same period in 2019. Commenting on the results, IATA’s Director-General and CEO, Alexandre de Juniac, said, “January marked the tenth consecutive month of year-on-year declines ...

CAIRO / WAM Enoc Misr, a joint venture between Proserv Group and the UAE’s Emirates National Oil Company (Enoc) signed a Memorandum of Understanding (MoU) with local lubricant manufacturers to evaluate blending and manufacturing Enoc lubricants in Egypt. The move comes as part of Enoc Misr’s plans to maximise operational efficiency and ensure product availability in local market. The agreement ...

DUBAI / Emirates Business Emirates NBD, a leading bank in the region has introduced new measures to support UAE business, in alignment with recent UAE government and Central Bank initiatives. The bank’s Transaction Banking Unit has announced reduced tariff offers over the next three months, in particular for transactions initiated by customers using its revamped smartTRADE platform which replaces 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, and Kyriakos Mitsotakis, Prime Minister of Greece, discussed on Wednesday, during a telephone conversation, ways to enhance bilateral relations and co-operation and to strengthen the strategic partnership in the best interest of the two ...

HODEIDAH / WAM In February 2020, the UAE, through its humanitarian arm, the Emirates Red Crescent (ERC) provided 5,562 comprehensive food parcels equivalent to 120 tonnes of food supplies, which benefitted 20,000 people in Yemen’s Red Sea Coast. The aid is part of the UAE’s ongoing efforts to support the Yemeni people through its relief, development, services and social initiatives ...

ABU DHABI / WAM Zayed University announced on Wednesday that its students will be taking an early Spring break beginning from March 8, following COVID-19 concerns. In a statement the University said that the move follows “current health and safety precautions issued by the UAE Ministry of Health and Prevention and the Ministry of Education,” adding that the break will ...