News

Abu Dhabi / WAM Abu Dhabi won first place in the Best Destination – Middle East category for the second consecutive time at the Travel Weekly Asia Readers’ Choice Awards 2019. The award coincided with the emirate’s participation in the 12th edition of the ITB Asia travel trade show in Singapore, where the Department of Culture and Tourism – Abu ...

Bloomberg China’s top trade negotiator offered positive signals that talks with the US are making progress and both sides are working towards a partial trade deal. “China and the US have made substantial progress in many aspects, and laid an important foundation for a phase one agreement,” Vice Premier Liu He said at a technology conference in Nanchang, Jiangxi. He ...

Bloomberg Prime Minister Shinzo Abe’s cabinet approved draft legislation to impose tougher rules on overseas investments in the nation’s stock market, targeting foreign state-owned firms. The planned rules will require overseas investors to report in advance when they plan to buy more than 1% of shares in companies related to Japan’s national security, compared with the current 10% threshold, according ...

Bloomberg President Donald Trump pulled his Trump National Doral golf resort in Miami as the venue for the 2020 Group of Seven meeting after facing widespread criticism that he was using a major government event for personal gain. The search will start for a new location, including the possibility of using Camp David, he said in a tweet. In earlier ...

Bloomberg Chilean President Sebastian Pinera suspended a hike in subway fares in a bid to defuse the tension that sparked violent protests in South America’s wealthiest nation. “I have humbly listened the voice of my compatriots and I will not be afraid to continue listening to that voice,” Pinera said. The protests, essentially against income inequality, prompted the government to ...

Bloomberg Sanofi is voluntarily recalling heartburn medication Zantac in the US and Canada amid worries that the medicine may be tainted with a compound that could cause cancer. The French pharma company’s announcement follows decisions from major drugstore operators in the US, including Walgreens Boots Alliance Inc and Walmart Inc, to pull the medication from store shelves. In addition, manufacturers ...

Bloomberg Johnson & Johnson is recalling one lot of its Johnson’s Baby Powder after tiny amounts of asbestos contamination were found in samples from a single bottle purchased online. J&J is voluntarily recalling the lot, #22318RB, which consists of 33,000 bottles, and is encouraging people who bought the product to discontinue use. The company said that it is working with ...

Bloomberg Brexit won’t have a big impact on the European or global economies, former Bank of England governor Mervyn King said, offering a counterpoint to persistent concerns by global policy makers that the move could further dent already-weakening growth. “I don’t honestly believe that Brexit has any great significance even for the rest of Europe, let alone the rest of ...

ABU DHABI / WAM Emirates Water and Electricity Company (Ewec), a subsidiary of Abu Dhabi Power Corporation (ADPower), and Saudi Arabia’s Acwa Power have announced the successful financial closing of the world’s largest reverse osmosis desalination plant. The new plant will be located at the Taweelah power and water desalination complex in Abu Dhabi, with completion expected in 2022. ADPower ...

Bloomberg Hedge funds are increasingly pessimistic on oil as US stockpiles surge and crude refining plunges. Bets on a West Texas Intermediate crude rout rose 7.6% in the week ended October 15 and almost tripled since mid-September. A report showing American crude storage rose for a fifth week while refiners cut processing rates to the lowest since 2017 only reinforced ...