News

Bloomberg Economic activity in the euro area’s private sector weakened further as still-solid services couldn’t make up for rapidly deteriorating manufacturing. A composite Purchasing Managers’ Index (PMI) dropped to 51.5 in July, with goods output falling for a sixth months and at the greatest extent since 2013. “The service sector continued to sustain the expansion of the overall euro-zone economy ...

Bloomberg As China turns its back on American ethanol in a lingering trade spat, Brazil is considering opening its doors to US biofuel. Brazilian authorities are debating whether to yield to Washington’s request to lift ethanol-import duties as a way of facilitating talks for a bilateral trade deal with the US. A broad trade accord would benefit many Brazilian products ...

Bloomberg High ranking officials in the Trump administration are still pushing to bail out money-losing coal plants, more than a year after an earlier proposal to revive the industry failed. Any new effort to save coal plants may find a friend in Kentucky Republican Neil Chatterjee, now chairman of the Federal Energy Regulatory Commission, the very agency that rejected the ...

Bloomberg East Capital Group, a Swedish asset manager that specialises in emerging markets, is looking for more takeover targets after buying a $3.4 billion manager in its local market. The Monyx Asset Management AB purchase, which was closed this month, reflects a consolidation trend in the industry as smaller managers struggle, according to East Capital Chairman Peter Elam Hakansson, who ...

ABU DHABI / WAM The total combined revenue of 50 companies listed on the Abu Dhabi and Dubai financial markets rose to AED33.73 billion in the first half of 2019, increasing by 14.7 percent compared to the same period in 2018. A survey conducted by the Emirates News Agency (WAM), on companies that disclosed their financial results showed that the ...

DUBAI / WAM Regional aircraft markets will need $600 billion in investments to meet the demand for 150-seat 10,550 aircrafts by 2038 due to rise in air travellers, according to Embraer, the Brazilian aerospace conglomerate. Market growth will drive 65 percent of this demand for the aircrafts, while the remaining 35 percent will replace ageing aircrafts, it said in a ...

DUBAI / WAM Dubai Cares has announced its support of a two-year research and design phase of a project that aims to provide continuous quality education for children whose education has been disrupted by rapid onset or protracted crises. Dubai Cares is contributing AED1,102,050 ($300,000) to the project. The research explores the development of a global quality learning curriculum framework ...

Bloomberg Saudi Arabia, the world’s biggest oil exporter, lowered pricing for September sales of all crudes to Asia while raising prices to buyers in northwest Europe and the Mediterranean region. State-owned Saudi Aramco cut pricing for its flagship Arab Light crude to buyers in Asia by 75 cents, to a $1.70 a barrel premium over the Oman-Dubai Middle Eastern benchmark, ...

Abu Dhabi / WAM Abu Dhabi’s hotels have posted remarkable year-on-year growth in the second quarter of 2019, with hotel guest numbers reaching a record 1.2 million for the April to June period, a 6.8 percent increase from the same period in 2018. The latest report from the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) also ...

NEW DELHI / WAM The recent visit to New Delhi by HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, “provided an opportunity for India and the UAE to constructively build on the vision of their comprehensive strategic partnership and to broaden cooperation in various sectors of mutual interest,” the Indian Minister of State for ...