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ABU DHABI / WAM First Abu Dhabi Bank (FAB) has been named ‘World’s Best Bank for Transformation’ at the Euromoney Awards for Excellence 2019, at the recent ceremony in London. This year’s awards demonstrated growing importance of UAE’s banks to global finance sector. FAB was given the award for best bank transformation after successfully merging, integrating, and enhancing its services ...

DUBAI / WAM The Government of the UAE has launched the new domain name of its official portal to become the first government domain in the world composed of a single letter (U), to facilitate the public access to information, services, projects, strategies and laws in the UAE. The new domain name, developed in cooperation between The Prime Minister’s Office ...

ABU DHABI / WAM Following its appointment by the Government of Abu Dhabi to deliver AED5 billion worth of landmark projects in the Emirate, Aldar Properties PJSC, Aldar, announced on Monday further details on the expected commercial and socio-economic impacts of those projects. The three projects reaffirm Aldar’s status as the partner of choice for the Abu Dhabi Government. The ...

Bloomberg Commodity markets are stripping away the case for coal in Europe, moving quicker than government efforts to close the most polluting power plants. A plunge in natural gas prices along with an increase in the cost of releasing carbon dioxide emissions shifted the profitability of generating electricity away from burning coal, according to data compiled by BloombergNEF. The trend ...

Bloomberg The UK’s planned exit from the European Union may have already pushed the UK into a technical recession, according to the National Institute of Economic and Social Research. In a gloomy set of new forecasts, Niesr predicted that, even assuming a smooth exit in October, the nation will grow 1 percent in 2019 and 1 percent in 2020. There’s ...

Bloomberg German unemployment is set to rise in the next three months after a slump in manufacturing and weak exports weighed down Europe’s largest economy, according to the Bundesbank. Total output probably contracted in the second quarter, the Frankfurt-based institution said. While domestic demand likely continued to support growth, softer momentum is starting to leave its mark on the labor ...

Bloomberg Canada’s arctic port of Churchill is set to resume its first grain shipments since 2015 after a group backed by investor Prem Watsa stepped in last year to buy the facility and a related rail line linking the northern town with the rest of Manitoba. The 88-year-old port on the shores of Hudson’s Bay will resume operations in the ...

Bloomberg Royal Philips NV’s efforts to revamp supply chains to mitigate the impact of the US-China trade dispute are paying off, with the Dutch health-care company reporting better-than-estimated profit. The maker of scanners and diagnostic gear needs China as state-owned facilities invest in the latest equipment and a private healthcare sector emerges. Demand there drove a double-digit increase in orders ...

Bloomberg India successfully launched its second mission to the moon on Monday, a week after a technical snag forced the South Asian nation to postpone the attempt. The unmanned Chandrayaan-2, which means “moon vehicle” in Sanskrit, was launched at 2:43 pm local time from a tiny barrier island in southeastern India. The country is attempting to become the first nation ...

Bloomberg India’s top court temporarily put ArcelorMittal’s $6.1 billion purchase of Essar Steel India Ltd on hold, after the mill’s lenders sought to annul a lower court ruling that split sale proceeds proportionately among all creditors. The Supreme Court on Monday admitted financial lenders’ appeal against a bankruptcy court ruling that put secured creditors like banks at par with operational ...