News

Dubai / WAM The CEOs Advisory Council of the UAE Banks Federation (UBF), held its first meeting of the year to discuss the changing dynamics of the UAE’s banking sector and explore ways to facilitate the industry’s rapid digital transformation. The meeting, chaired by AbdulAziz Al Ghurair, UBF Chairman, focused on a number of topics, including cyberattacks and how to ...

Dubai / WAM To enhance the cooperation strategy with different government organisations in the region, the Mohammed bin Rashid Space Centre (MBRSC), signed a cooperation, information and data-sharing agreement with Bahrain’s National Space Science Agency (NSSA), for the application of satellite images and space research sciences. The MoU was signed between Hamad Obaid AlMansoori, Chairman of MBRSC, and Kamal bin ...

BUCHAREST / WAM DP World Constanta, a subsidiary of the Dubai-headquartered global trade enabler DP World, renewed its concession agreement allowing it to operate in the Romanian Black Sea port of Constanta for another 30 years, until 2049. DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem signed the agreement with the Romanian Transport Minister Razvan Cuc in the ...

Sharjah / WAM HH Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah, inaugurated the 6th edition of the Real Estate Investment Exhibition (ACRES 2019) on on Tuesday. The exhibition is organised by Sharjah Chamber of Commerce and Industry (SCCI), the Sharjah Real Estate Registration Department and the Real Estate Sector Business Group at Expo Centre Sharjah. After ...

Dubai / WAM Dubai’s Department of Tourism and Commerce Marketing, Dubai Tourism, reinforced its commitment to the German market during the 2019 edition of ITB Berlin, the world-renowned travel trade show. Bringing together Dubai’s network of industry stakeholders across the public and private sector, the international show provided a platform to share key market insights, further cementing the emirate’s relationships ...

Bloomberg India’s Ola is raising $300 million from Hyundai Motor Group, giving the ride-hailing startup more capital to compete for drivers and customers against Uber Technologies just as the US rival prepares for an IPO. The deal values Ola at about $6 billion, said a person familiar with the matter, asking not to be named. The Bangalore-based company will continue ...

Bloomberg Hong Kong’s government plans to spend $80 billion, equivalent to half its fiscal reserves, to reclaim land for artificial islands that’ll help ease its housing crunch. The price tag for the so-called Lantau Tomorrow Vision includes costs for reclamation, infrastructure and improving transportation, Michael Wong, secretary for development, said at a briefing on Tuesday. More than a third, or ...

Bloomberg General Electric Co. will burn as much as $2 billion of cash this year as the manufacturer tries to repair its balance sheet and put its reeling power business back on stable ground. Free cash flow from the company’s industrial businesses will decline in 2019 as restructuring costs hit at least $2.4 billion, GE said in a presentation detailing ...

Bloomberg Investor confidence in Germany’s growth outlook improved for a fifth straight month as global risks subsided, suggesting Europe’s largest economy will shake off its weakness as the year progresses. A gauge measuring prospects for the next six months rose to minus 3.6 in March, the highest in a year, beating an estimate for a gain to minus 11. Despite ...

Bloomberg The former head of the United Auto Workers’ unit representing workers at Fiat Chrysler Automobiles NV department was charged by federal prosecutors in Detroit with conspiracy to violate the Labor Management Relations Act, becoming the highest-ranked union official yet caught up in the investigation. Norwood Jewell is the latest former UAW or company official charged by the US over ...