News

RIYADH / WAM Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and Adnoc Group CEO, participated, on Wednesday, in the third annual Future Investment Initiative (FII), held in Riyadh, Kingdom of Saudi Arabia, as global leaders from the public and private sectors convened to explore economic opportunities. Commenting alongside Prince Abdulaziz bin Salman Al-Saud, Minister of Energy of ...

ABU DUBAI / Emirates Business The 2019 edition of the Abu Dhabi Petroleum Exhibition and Conference (Adipec) is set to confirm the event’s status as the world’s leading oil and gas exhibition and conference, with increased participation from major global oil companies. Over 30 national oil companies (NOCs) have confirmed their participation at Adipec, up from 27 last year, while ...

Abu Dhabi / WAM The Higher Organising Committee of the Zayed Charity Marathon announced that the marathon’s sixth edition will be held in Suez, Egypt, on December 27. The announcement was made at a press conference, held at the Armed Forces Officers Club in Abu Dhabi, and was attended by Minister of Youth and Sports of Egypt, Ashraf Sobhy, Lt. ...

Bloomberg The Trump administration wants to dictate how and where global auto companies make cars and parts to secure duty-free treatment under the new Nafta in its most direct intervention yet to manage trade and production, according to people familiar with the effort. The issue is being discussed between Trump administration officials, congressional staff, and domestic and foreign auto makers ...

Bloomberg Tesla Inc’s surprise profit in the third quarter came despite a drop of almost 40% in revenue from the US, its largest market. The electric automaker’s US sales plummeted to $3.13 billion in the latest quarter, from $5.13 billion a year earlier, according to a securities filing. Tesla said earlier global deliveries for the quarter rose a higher-than-expected 1.9% ...

Bloomberg Amazon.com Inc cast doubt over a Franco-German plan for a European cloud that would allow the continent’s businesses to keep their data from being stored in the US or China. After the European Union’s (EU) two leading nations unveiled plans for an EU-focussed cloud, a spokesperson for Amazon’s AWS cloud business said such a project will lack the scale ...

Bloomberg German unemployment resumed its rise as factories remained in a slump, increasing the pressure on the government to step in with fiscal stimulus. The number of jobless climbed by 6,000 in October, compared with estimates for an increase of 3,000. The unemployment rate held at 5%, near a record low. The report follows a survey in October showing manufacturing ...

Bloomberg Microsoft Corp Chief Executive Officer Satya Nadella told employees his leadership team is fully behind the sale of software to the US Defense Department, after the company won a $10 billion Pentagon contract that some workers have opposed. Addressing staff at a regular internal town-hall meeting, Nadella said he respects differing opinions on the issue, according to a person ...

Bloomberg Vodafone Group Plc’s Indian venture, reeling under $14 billion of net debt, mounting losses and dwindling subscribers, has approached creditors for better payment terms to revive the sinking carrier, people with direct knowledge of the matter said. Vodafone Idea Ltd, formed by last year’s merger of the British telecommunications firm’s local unit with billionaire Kumar Mangalam Birla’s Idea Cellular ...

Bloomberg India, the world’s biggest buyer of palm oil, is considering a proposal to further increase import taxes on the refined variety to boost local processing and cut dependence on overseas purchases, according to people with knowledge of the matter. The government is discussing a proposal to impose a new levy in addition to the existing import duty and raise ...