News

Bloomberg Thailand will narrow its inflation target from next year as consumer-price growth remains subdued in the Southeast Asian nation. The central bank’s new goal is to keep annual headline inflation within a 1%-3% range, compared with 1%-4% previously, Narumon Pinyosinwat, a government spokeswoman, said on Tuesday in Bangkok following a cabinet meeting that approved the change. Speaking to reporters ...

Bloomberg BMW AG is being scrutinised by the US Securities and Exchange Commission (SEC) over its sales reporting practices, months after the regulator extracted a penalty from Fiat Chrysler Automobiles NV over similar issues. The German automaker has been contacted by the SEC and will cooperate fully with its investigation, Phil DiIanni, a spokesman, said by phone. The agency doesn’t ...

Bloomberg Media mogul Shari Redstone and other Viacom Inc directors were accused by a pension fund of selling out the entertainment company’s shareholders by ramming through an $11.7 billion merger with CBS Corp. Redstone, who also is CBS’s controlling shareholder, and her colleagues on Viacom’s board “expropriated potentially billions of dollars from Viacom’s minority stockholders” by agreeing to a deal ...

Abu Dhabi / WAM Choosing UAE-grown produce can help support sustainability and contribute towards solving food and water security, Madar Farms’ Head of Operations, Kyle Wagner, said during an event in Abu Dhabi. During a panel discussion at New York University Abu Dhabi (NYUAD), with Mariam Hareb Almheiri, Minister of State for Food Security, he urged the public to take ...

DUBAI / WAM DP World has been awarded a 30-year build-operate-transfer (BOT), concession by the Saudi Ports Authority (Mawani), for the management and development of the Jeddah South Container Terminal at the multi-purpose Jeddah Islamic Port. Under the agreement, DP World will invest up to $500 million to improve and modernise the Jeddah Islamic Port, including major infrastructure development to ...

ABU DHABI / WAM Abu Dhabi National Energy Company (Taqa), announced on Monday that it has secured a $3.5 billion revolving credit facility. The new 5-year multicurrency facility with a syndicate of 13 banks will be used for general corporate purposes and will replace its existing $3.1 billion revolving credit facility, signed in August 2015. Commenting on the news, Mohammed ...

ABU DHABI / WAM Abu Dhabi Developmental Holding Company (ADDH), and Group 42 (G42), announced on Monday the signing of an agreement to establish a joint venture to provide AI-enabled products and services to the portfolio companies of ADDH. Under the terms of the agreement, Adalytyx will be established as a separate legal and operating entity. Adalytyx will leverage G42’s ...

ABU DHABI / WAM The Emirate of Abu Dhabi has seen a 71 percent increase in works of art, collectors’ pieces and antiques trade commodity. In a trade figures report released by the Statistics Centre – Abu Dhabi (SCAD), total trade of the commodity for the first nine months of 2019 reached approximately AED6.60 billion, compared to AED3.86 billion for ...

Dubai / WAM HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council, and Chairman of the Board of Trustees of Dubai Future Foundation has said that Dubai continues to strive to become one of the leading nations shaping the future of the world, guided by the vision of His Highness Sheikh ...

FREETOWN / WAM Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State, has led a delegation from the UAE on an official working visit to the Republic of Sierra Leone, to discuss ways of enhancing bilateral cooperation between the two friendly countries. During his meeting with President Julius Maada Bio of Sierra Leone, Dr. Al Jaber conveyed the greetings ...