News

Bloomberg Sweden’s main employer group is preparing to defend the key pillar of the Nordic country’s labour market against a brewing union wage rebellion. The deal setting industrial workers salaries as a benchmark for overall wages is crucial in maintaining Sweden’s welfare state and is the envy of competitors, according to Fredrik Persson, chairman of the Confederation of Swedish Enterprise. ...

Bloomberg To understand why investors have soured on Tesla Inc this year, consider one of the thousands of deliveries that took place as the the electric-car maker was gunning for a record for the number of vehicles it handed over in a quarter. John Hanna, who splays his fandom for Elon Musk’s companies on his Twitter profile, ordered a Model ...

ABU DHABI / WAM The initiatives and events that took place in the UAE over the past six months have reinforced its position as a global centre and capital of tolerance. The UAE’s diplomatic message and international stances have promoted tolerance, despite the heightened tensions in the region. Tolerance by countering terrorism: The meeting between His Holiness Pope Francis, head ...

Bloomberg The Organization of Petroleum Exporting Countries (Opec) will extend production cuts into 2020 as the world’s leading oil exporters fret about a weakening outlook for global demand growth and the relentless rise in output from America’s shale fields. Ministers from the group meeting in Vienna agreed to prolong their supply curbs by another nine months, said delegates, asking not ...

ABU DHABI / WAM The value of non-resident deposits in the UAE’s banking system exceeded non-resident loans by AED64.5 billion at the end of May 2019 compared to the same period in 2018, according to statistics from the UAE Central Bank. This statistics reflect the trust in the country’s banking systems, which has enabled it to attract more foreign investments. ...

DUBAI / WAM With Dubai’s economy entering a new phase of development and the government launching initiatives to simplify and reduce the cost of doing business, the emirate is set to become an even more productive base for small- and medium-sized Enterprises (SMEs). At the forefront of providing new opportunities for SMEs in Dubai is the Expo 2020 project, the ...

Bloomberg Gold tumbled back below $1,400 an ounce after the US and China reached a truce in their trade war, dealing a blow to havens. Prices fell the most in a year after Donald Trump and Xi Jinping agreed to resume negotiations. Still, the setback may be temporary as investors now train their focus on US jobs data due on ...

ABU DHABI / WAM Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs, received Masud Husain, Ambassador of Canada to the UAE, and his accompanying delegation in the presence of Matar Salim Ali Al Dhaheri, Under-Secretary of the Ministry of Defence. During the meeting, which was held at the headquarters of the Ministry of Defence, the two sides ...

ABU DHABI / WAM Hub71 announced that Aldar Properties, the Department of Health (DoH), and the Abu Dhabi Global Market (ADGM) have come together as partners for its Mena Growth Competition, powered by the MIT Enterprise Forum Pan Arab. Hub71 is an initiative of the Ghadan 21 programme and global tech ecosystem in association with the Mubadala Investment Company, Microsoft, ...

COLOGNE / WAM The Mohammed bin Rashid Space Centre (MBRSC) announced that Emirati astronauts Hazzaa Al Mansoori and Sultan Al Neyadi have completed their training at the European Astronaut Centre (EAC) of the European Space Agency (ESA) in Cologne, Germany. The training focussed on the European unit, Columbus, onboard the International Space Station (ISS). Part of the training was attended ...