News

Bloomberg Italian broadcaster Mediaset SpA has bought a stake in Germany’s ProSiebenSat.1 Media SE as it seeks to diversify beyond its home country and fend off growing competition from Netflix Inc. The 9.6 percent holding is worth about 340 million euros ($380 million), based on ProSieben’s closing price. ProSieben shares gained 4.4 percent in Frankfurt, while Mediaset fell less than ...

Bloomberg ArcelorMittal fell the most in two years after announcing that it’s cutting steel production across its European plants to cope with weak demand and rising imports. The world’s largest steelmaker will reduce primary production in Dunkirk, Fra-nce and Eisenhuettenstadt, Germany, according to a statement on Wednesday. It will also cut output in Bremen, Germany and extend a stoppage planned ...

Bloomberg German unemployment unexpectedly rose for the first time in almost two years as the economic slowdown finally started to take a toll on the labour market. The number of people out of work unexpectedly climbed by 60,000 in May, compared with economists’ forecasts for a decline of 8,000. The jobless rate also rose, to 5 percent from a record-low ...

Bloomberg The Environmental Protection Agency is poised to jettison proposed trading rest- rictions on a $5.2 billion market for biofuel compliance credits in a coming rule, casting aside changes sought by independent refiners complaining of hoarding and wild price swings. The EPA’s shift comes as the agency races to meet a May 31 rulemaking deadline amid pressure from large oil ...

DUBAI / WAM The UAE Cabinet adopted a decision to amend and waive fees for a number of federal services within the framework of government’s effort to enhance the national economy, reduce costs to business owners and increase the competitiveness of the UAE. The decision promotes economic growth in the UAE and it includes the amendment or cancellation of fees ...

ABU DHABI / WAM The UAE’s non-oil foreign trade, including direct and free zone trade, and customs warehouses, reached a total of AED1.628 trillion in 2018, announced the Federal Customs Authority (FCA) on Tuesday. In a statement, the authority noted that direct non-oil foreign trade accounted for 63 percent (AED1.025 trillion) of the total value, while free zone trade and ...

ABU DHABI / WAM Mubadala Aerospace’s Turbine Services and Solutions, a maintenance repair and overhaul (MRO) provider for aircraft engines, gas turbines and driven equipment, has unveiled a new identity for its MRO business, which will now be known as Sanad Aerotech. The new brand positioning reflects the focus of Mubadala Aerospace on engineering excellence, underpinned by industry-leading reliability, innovation ...

Dubai / Emirates Business Careem has entered the micro-mobility space with the acquisition of UAE-based bikeshare service company Cyacle. Cyacle stations run 24-hours a day via an app, a touch screen kiosk and docking system that releases bikes using a ride code or a member key. Careem’s CXO and co-founder Magnus Olsson said, “This deal means Careem will be able ...

DUBAI / WAM The Ministry of Health and Prevention (MoHAP) signed an agreement with Novartis Middle East on the provision and recycling of the strategic drug stockpile in severe and emergency situations. The agreement includes 31 life-saving and emergency dr-ugs. The one-year-agreement aims at strengthening pharmaceutical security and appropriate response to emer- gency cases, with formation of a joint committee ...

Bloomberg Brent crude traded around $70 a barrel as a two-day rebound eased on signs the US and China are still far from reaching a trade deal, but prices remained supported by supply risks in the Middle East. Futures in London held steady after rallying 3.5 percent. President Donald Trump said on a state visit to Japan that the US ...