News

Bloomberg A measure of underlying US producer prices that excludes food and fuel picked up in August after posting its smallest gain in two years, indicating inflation may be starting to stabilise. So-called core producer prices increased 2.3 percent in August from a year earlier, topping the Bloomberg survey median forecast, following a 2.1 percent gain, a Labor Department report ...

Bloomberg State attorneys general investigating Google are ordering it to turn over a wide range of information about its advertising business, according to an investigative demand that takes direct aim at the biggest source of the company’s revenue. Texas Attorney General Ken Paxton’s office, which is leading the nationwide probe, issued a 29-page civil investigative demand obtained by Bloomberg. In ...

Last week’s news headlines were dominated by hawks on the European Central Bank’s (ECB) governing council pushing back against the restart of quantitative easing. It’s a sure sign that Mario Draghi, the soon-to-depart ECB president, is readying the bond-buying bazooka once again. He has little choice but to ignore the protests of Germany, France and the Netherlands. As central banks ...

DUBAI / WAM The UAE has ranked first globally in mobile-broadband subscriptions and network coverage, and second in mobile-cellular telephone subscriptions, according to the Travel & Tourism Competitiveness Report 2019, issued by the World Economic Forum. Commenting on this achievement, Hamad Obaid Al Mansoori, Director-General of the Telecommunications Regulatory Authority, TRA, stated, “The UAE’s global achievements are the result of ...

Bloomberg Oil advanced to highest level since July after the head of Organisation of Petroleum Exporting Countries (Opec) said that the group had been “very conservative” with its oil demand estimates and that there was no global recession on the horizon. Futures rose as much as 1.6% in New York on Tuesday, gaining for the fifth consecutive day. At a ...

Bloomberg Arabtec Holding shares soared in Dubai after the company started talks to merge with Abu Dhabi-based Trojan Holding LLC. The stock advanced as much as 13%, the steepest intraday gain since July 2017, as Arabtec said the entities began a study to potentially combine their construction businesses and may merge after technical, financial and legal reviews. It didn’t provide ...

Bloomberg A spat between the world’s most populous countries is holding up a pan-Asian trade agreement encompassing nearly a third of all global trade. Trade ministers from 16 Asia-Pacific countries this week hailed a “critical milestone” after seven years of talks and vowed to wind them up before a regional summit in November. But officials involved in the process say ...

Bloomberg State oil giant Saudi Aramco said it’s lining up banks for its long-awaited initial public offering (IOPO) as the sale is now imminent. Banks will be chosen “soon,” Chief Executive Officer Amin Nasser said at an industry conference in Abu Dhabi. Confirmation of the underwriters will signal that the share sale — set to be the world’s largest — is ...

ABU DHABI / WAM President of Estonia Kersti Kaljulaid, received a delegation from Abu Dhabi Digital Authority, headed by Dr Rauda Saeed Al Saadi, Director-General, during an official visit at the presidential office. The visit is in line with the authority’s commitment to keeping pace with the global technological advances in digital solutions that will enhance Abu Dhabi’s leading position ...

Dubai / WAM Dr Abdul Rahman bin Mohammad bin Nasser Al Owais, Minister of Health and Prevention, issued a Ministerial Decree No. 130 of 2019 on reduction of price of 410 similar drugs, in line with government’s directives to reduce prices of services, and based on ministry’s keenness to provide medicines at competitive prices. Accordingly, the Ministry of Health and ...