News

Bloomberg US consumer spending in the first quarter was even weaker than previously reported on lower outlays for services while business investment was revised higher, leaving the pace of economic growth at a still-solid 3.1 percent. Consumer spending, the biggest part of the economy, grew at a 0.9 percent annual pace, according to a Commerce Department report, the slowest in ...

Bloomberg Euro-area economic confidence declined more than forecast in June, dropping to its lowest level since 2016 as deepening trade tensions and a more cautious outlook for the global economy weigh on business and consumer sentiment. The European Commissi-on’s gauge of sentiment fell to 103.3 points, after 105.2 points in May and below the median forecast of 104.8. That was ...

Bloomberg Ford Motor Co. will eliminate about 20 percent of its workforce across Europe in a sweeping overhaul to tackle the carmaker’s falling sales in the region and lift weak profitability. The restructuring, which has been announced piecemeal, will involve reducing its manufacturing footprint in Europe to 18 facilities by the end of 2020 from 24 at the beginning of ...

Bloomberg The US and China declared a truce in their trade war on Saturday, as Donald Trump said he would hold off imposing an additional $300 billion in tariffs and the world’s two largest economies agreed to resume negotiations. After a high-stakes meeting with Chinese President Xi Jinping, Trump told reporters that he also would delay restrictions against Huawei Technologies ...

DUBAI / WAM Dubai Electricity and Water Authority (Dewa) unveiled its plans to build 5 new 400 kilovolt (kV) substations over the next three years, with an allocated budget of AED2.2 billion. The five substations will be added to the total number of existing 22 stations. Dewa is working in adherence with its strategy to increase the efficiency of electricity ...

MINSK / WAM The UAE and Belarus signed a memorandum of understanding on cooperation in education in Minsk, reported Belarusian Telegraph Agency (BelTA). The document was signed by Belarus Education Minister Igor Karp-enko and UAE Minister of Education Hussain Al Hammadi. “The memorandum creates foundations for mutually beneficial cooperation between countries. We welcome ties between institutions of education, for example, ...

Bloomberg Russian President Vladimir Putin struck a deal with Saudi Crown Prince Mohammed bin Salman to extend the Opec+ agreement at current production levels for the rest of this year and potentially into early 2020. Speaking at the Group of 20 summit in Japan, the Russian president said the extension of output cuts — which expire at the end of ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai directed to launch the next edition of the World Government Summit at Expo 2020 Dubai on November 22-25, 2020. The ‘World Government Summit- Expo 2020’ will be the biggest gathering yet since its inception with an expected ...

NEW DELHI / WAM Continuing the intense interaction between the UAE and India’s new government, the UAE’s Ambassador in New Delhi, Dr Ahmed Al Banna, met Indian Finance Minister Nirmala Sitharaman. Discussions between the Ambassador and the Indian minister covered issues such as the legal framework for bilateral investment protection and the need to avoid double taxation between the UAE ...

ABU DHABI / WAM More than 1,000 world-renowned political figures and climate action experts are attending the Abu Dhabi Climate Meeting (ADCM), which begins on Sunday in Abu Dhabi. Hosted by the UAE in collaboration with the United Nations, the high-level meeting serves as a precursor to the UN Climate Action Summit in New York in September 2019 and aims ...