News

Bloomberg Facebook Inc.’s plans to create a new cryptocurrency that can be used for everything from commerce to money transfers is facing pushback from angry US lawmakers. House Financial Services Committee Chairwoman Maxine Waters urged the company to halt development of the token until Congress and regulators can examine it. Other lawmakers demanded hearings and questioned whether the coin, called ...

Bloomberg New York’s Senate has passed the state’s own version of the Green New Deal — a climate bill that will set the most aggressive clean energy target in the country, more than triple the state’s solar capacity and unleash wind power off the coast. The legislation, which was approved 41-21 and is expected to clear the Democratic-led Assembly, would ...

ABU DHABI / WAM The value of non-oil foreign merchandise trade through Abu Dhabi ports increased to as much as AED51.8 billion from January to March 2019, 3.1 percent up from AED 50.2 billion in the comparable period last year, according to figures released by Abu Dhabi Statistics Centre (SCAD). This was the result of a 37.7 percent increase in ...

Bloomberg Oil rose, reversing earlier declines, as the European Central Bank said it may pump more stimulus into the region’s economy and the Organization of Petroleum Exporting Countries (Opec) and its allies made progress in setting a date to discuss extending supply cuts. Futures gained as much as 4.5 percent in New York. The Organization of Petroleum Exporting Countries and ...

ABU DHABI / WAM The United Arab Emirates drew up to AED111.7 billion in FDI flows during the period from 2016 through 2018, bringing its overall volume of foreign investments to circa AED511 billion. According to the World Investment Report 2019, released by the United Nations Conference on Trade and Development, the UAE ranked 27th globally in attracting FDI flows ...

ABU DHABI / WAM Abu Dhabi-based maintenance, repair and overhaul (MRO) provider, Sanad Aerotech, has announced its expanding its international customers network in Eastern Europe, signing two maintenance agreements with Russian Nordwind and Bulgarian BH Air. The partnership agreements come after Sanad Aerotech and Rolls-Royce announced a landmark $6.5 billion engine maintenance agreement including component repair to operators globally over ...

ABU DHABI / WAM Japan is drastically reforming its defence organisations to deal with new combat situations that require a combination of conventional warfare and the new domains of space, cyberspace and the electromagnetic spectrum, a top Japanese defence official told the Emirates News Agency (WAM) on Monday. There is potential for further defence cooperation with UAE in such new ...

DUBAI / WAM The Mohammed bin Rashid Space Centre (MBRSC), in Dubai announced the start of registrations for its Space Explorer Summer Camp 2019, where four camps will be organised over a four-week period, with 30 participants each. The camp for male students aged 11 to 14 years will be from July 7-11, for female students in the same age ...

Ajman / Emirates Business One million people visited Ajman’s China Mall (Gulf Chinese Trading Corporation) during first quarter of 2019, and the Mall continues to thrive with a 90% occupancy rate. 10% visitors were tourists, with the remainder coming from the emirate itself or the neighbouring emirates. Affordable prices, choice of products and a convenient shopping experience all contributed to ...

Dubai / WAM The ‘Well of Hope’ campaign will provide clean water to over one million people in disadvantaged communities as 21 participating entities across the UAE pledged to dig 150 wells in 34 countries. The initiative is part of the 20-day humanitarian competition, the first of its kind in the region, launched earlier by His Highness Sheikh Mohammed bin ...