News

Bloomberg GAM Holding AG Chief Executive Officer Peter Sanderson is cutting bonuses and signalling talks on layoffs will begin imminently as the company adapts to losing more than 40% of its key assets in a rogue trading scandal. Bonuses will be cut since underlying profits are materially lower and the company will pay a higher proportion in deferred shares, Sanderson ...

Bloomberg British firms issued 313 profit warnings in 2019, with consumer discretionary businesses — including retail and travel and leisure —, industrial support services, software services and construction and materials hit the hardest. The number of listed companies warning in 2019 was also the highest in 18 years, marginally above the figure of 2008, the report showed. “The UK economy ...

Bloomberg Germany took first place in the 2020 Bloomberg Innovation Index, breaking South Korea’s six-year winning streak, while the US fell one notch to No. 9. Singapore’s leap into the third-place ranking returns it to its post from two years ago. The annual Bloomberg Innovation Index, in its eighth year, analyses dozens of criteria using seven metrics, including research and ...

Bloomberg New Jersey Governor Phil Murphy has signed a bill that represents the state’s most ambitious strategy to promote electric vehicles (EV). New Jersey, where transportation accounts for about half of greenhouse gas emissions, joins about a dozen other states that have targets for electric-vehicle adoption. The bill calls for 2 million plug-in electric vehicles by 2035, and offer consumers ...

DUBAI / WAM The Hope Probe will carry with it the UAE Nation Brand’s logo and its accompanying slogan, ‘Make it Happen’, when the spacecraft built by the Mohammed bin Rashid Space Centre takes off for Mars later this year. The brand’s placement on the probe, called ‘Al-Amal’ in Arabic, symbolises the future-forward aspirations that the new brand represents. Designed ...

Bloomberg Libyan commander Khalifa Haftar blocked oil exports at ports under his control, slashing output by more than half and posing a potential setback for an international conference on Sunday that aims to broker an end to a civil war in the Opec nation. As a result of the blockage of ports in the central and eastern parts of the ...

ABU DHABI / WAM The UAE cabinet approved a draft law amending provisions within the nation’s Federal Law No. 18 of 1981, otherwise known as the ‘Agency Law’ that regulates commercial agency and distribution agreements within the country. According to a statement released on Saturday by the UAE Cabinet General Secretariat, the amendments come within the framework to enhance the ...

ABU DHABI / WAM In line with the Abu Dhabi Department of Education and Knowledge (Adek), mandate to foster and grow a world-class academic research ecosystem in Abu Dhabi, Adek has announced that it has awarded over AED40 million in competitive funding to 54 successful research and development proposals. The seven key sectors are Life Sciences (Health, Food and Agriculture), ...

Bloomberg Chinese manufacturers offered the biggest support to the country’s economic stabilisation in the last three months of 2019, thanks to easing trade tensions and improving global demand. Output in industrial enterprises rose 5.9% from same period in 2018, National Bureau of Statistics said on Saturday, bouncing back from an almost decade-low of 5% in the prior quarter. Manufacturers, accounting ...

SHARJAH / WAM The Environment and Protected Areas Authority (EPAA), announced that the Geological Park in Al Buhais on the plains of Al Madam area will open on January 20, to introduce visitors and residents to the geological importance of Jebel Buhais and the surrounding areas. The park provides visitors with the opportunity to view exhibits in the halls and ...