News

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 ...

Bloomberg Tanzania is open to discussions with investors on the $10 billion Bagamoyo Port project, but will prioritise the interests of the East African nation, the Daily News newspaper reported, citing Tanzania Ports Authority Director General Deusdedit Kakoko. Talks on the proposed port have stalled because investors’ conditions were likely to prevent Tanzania from reaping the maximum benefit from the ...

Washington / WAM The global economy is projected to grow by about 3 percent this year, but the pace has continued to weaken since April,according to the International Monetary and Financial Committee (IMFC). ”Growth is projected to pick up next year, but the outlook is highly uncertain and subject to elevated downside risks. These include trade tensions, policy uncertainty, and ...

Abu Dhabi / WAM His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of Abu Dhabi Executive Council, has inaugurated the Al Hayer residential project in Al Ain City. The AED687 million project includes 300 residential villas were built with typologies of Emirati housing in mind and designed around an ‘Emirati neighbourhood’ concept that meets the needs of Emirati ...

Abu Dhabi / WAM Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance, has signed the ‘Covenant for Million Tolerant’, launched by the Zayed House for Islamic Culture (ZHIC), last April, at the ministry in Abu Dhabi. Signing on the document is seen in the framework of the ministry’s support to all voluntary efforts and initiatives conducted by individuals, local, ...

Dubai / WAM The Dubai Electricity and Water Authority (Dewa), announced the participation of the largest German energy and water companies in the 21st Water, Energy, Technology and Environment Exhibition (Wetex 2019). The exhibition coincides with the 4th Dubai Solar Show, under the umbrella of the sixth Green Week. The exhibition is organised by Dewa from October, 21-23 at the Dubai ...