News

Bloomberg German factory orders slumped in May in the latest sign that global trade uncertainty is turning Europe’s temporary slowdown into a more serious downturn. The economy ministry reported huge declines in export orders and investment goods in May, just days after a survey showed factory activity shrank for a sixth month in June. The continued gloom is increasing concern ...

Bloomberg Buildings shook in Los Angeles after an earthquake with a preliminary magnitude of 7.1 hit Southern California, the strongest temblor to rock the state in 20 years. The quake struck 17 kilometres (10.5 miles) north-northeast of Ridgecrest, California, according to the US Geological Survey. That’s a relatively rural area more than 100 miles outside of Los Angeles, and came ...

Bloomberg Jaguar Land Rover plans to build a new range of electrified cars in the UK, safeguarding thousands of jobs and providing a boost for a British automotive industry that’s been rocked by job cuts and plant closures. The move involves hundreds of millions of pounds in investments. It guarantees the future of the company’s Castle Bromwich plant in central ...

ABU DHABI / WAM Abu Dhabi Future Energy Company (Masdar) and First Abu Dhabi Bank (FAB) are celebrating Year of Tolerance in UAE by helping an Abu Dhabi-based school for people of determination to drastically reduce its electricity and water bills. Funds raised from a special co-branded, biodegradable credit card, launched at Abu Dhabi Sustainability Week 2013, are now being ...

ABU DHABI / WAM The Emirates Water and Electricity Company (Ewec), the UAE’s leading procurer of water and electricity, has issued a tender for the construction and development of a new 2,000 MW solar photovoltaic (PV) power project to be located at Al Dhafra, Abu Dhabi. The new project forms part of a series of projects approved by the higher ...

Bloomberg Al Jaber Group agreed with banks to restructure $1.5 billion of debt for a second time, people with knowledge of the plan said. The group is close to signing a deal with about 20 creditors to push out loan maturities to December 2026, said the people, asking not to be identified because the information is private. In return, Al ...

ABU DHABI / WAM Etihad Airways celebrated the deployment of its first Airbus A380 ‘super jumbo’ on its scheduled daily services to Seoul, Korea. The occasion was marked in style with a spectacular ‘Abu Dhabi Night’ evening reception at The Shilla Hotel in Seoul, with the venue hosting a unique opportunity to showcase the two cultures, Korean and Emirati, coming ...

Bloomberg Oil gained after suffering its biggest drop on the day of an Opec meeting in more than four years. Futures rose 0.8 percent in New York after an industry report showed US oil inventories fell by almost 5 million barrels last week. Prices were still far from recouping the 4.8 percent decline, when concerns about the global economy overshadowed ...

TIRANA / WAM Abu Dhabi Fund for Development, ADFD, has launched infrastructure projects in Albania valued at AED240 million ($65 million). A delegation of the fund led by Adel Al Hosani, Director of Operations Department at ADFD, participated in the official inauguration of the final phase of ADFD funded projects in capital Tirana, the Tirana Northern Boulevard and Tirana River ...

ABU DHABI / WAM Central Bank of the UAE has issued a commemorative silver coin and a commemorative one Dirham coin, on the occasion of celebrating the 50th anniversary of establishment of Commercial Bank of Dubai (CBD) with effect from Wednesday, July 3. A bank press release said the obverse face of the coin depicts the logo of the occasion ...