News

Bloomberg Indonesia postponed construction of second phase of Jakarta’s Mass Rapid Transit (MRT) project because of a land-use issue, the Jakarta Post reported. The company delayed the ground breaking of the project, that was originally scheduled in January, because the State Secretariat has yet to issue a land-use permit for Medan Merdeka, the area near the Presidential Palace, Sabandar said. The ...

Bloomberg The British automotive industry saw investment plunge last year as carmakers delayed decisions on upgrading machinery and factories amid mounting concern about the impact of a hard Brexit. Spending plunged 46 percent to 589 million pounds ($769 million), the lowest since the global financial crisis, the Society of Motor Manufacturers said in a statement. Concern about the impact of ...

Bloomberg Spain remained an economic bright spot in the euro zone in late 2018 even though the country, like the rest of the region, faces a weaker outlook this year. Growth unexpectedly accelerated to 0.7 percent in the fourth quarter, contrasting with figures reported by Germany, France and Italy, where trade tensions, violent pro-tests and budget struggles hobbled growth. Spanish ...

Bloomberg Italy fell into recession at the end of 2018, capping a year of political turmoil, higher borrowing costs and fiscal tensions that took their toll on the economy. Output shrank 0.2 percent in the three months through December, following a 0.1 percent decline in the previous quarter, statistics agency Istat said in a preliminary report. The year-end shrinkage was ...

Bloomberg While many Americans in the frozen Midwest hunker down indoors, central Iowa farmer Ethan Crow has been outside lining his barn and fences with extra bales of hay and corn stalks to break the wind hitting his cattle. He checked on his roughly 50-head herd every few hours to make sure they had feed and he chipped ice off ...

Abu Dhabi / WAM Khalifa Industrial Zone Abu Dhabi (Kizad) announced that Gulf Compound Blending (GCB), which is part of newly launched Kizad Polymers Park, will be establishing a new poly- mer facility within the industrial zone. Gulf Compound Blending, a newly-formed joint venture between Met T&S (Maire Tecnimont Group), M. Cecchi & Co and Arab Development Establishment, is set ...

SHARJAH / WAM Industrial production in Sharjah reached AED41 billion in 2018, according to the Sharjah Economic Development Department (SEDD). The industrial licences indicator showed some remarkable achievements, whereas the number of issued industrial licences grew by 14 percent in 2018 as compared to 2017 with 174, and 1890 renewed. According to a report from the department, the contribution of ...

Bloomberg Oil rose in New York after jumping the most in more than a week on concerns that US sanctions on Venezuela will pose significant market disruption. West Texas Intermediate futures climbed as much as 1.3 percent after adding 2.5 percent. Venezuela is considering declaring force majeure on oil exports to the US, a signal it may halt shipments after ...

Bloomberg Boeing Co soared after reporting a record cash gush for 2018 and cracking the $100 billion sales barrier for the first time in its 102-year history — and the US planemaker says the best is yet to come. Sales, earnings and cash are all poised to rise this year, building on fourth-quarter earnings that beat estimates, the company said ...

Dubai / WAM Etihad Credit Insurance (ECI), the UAE Federal export credit company, awarded an advisory contract to EY, a global leader in assurance, tax, transaction and advisory services. The contract will allow EY to extend its insights and quality services and solutions in the areas of strategy and operational transformation to the federal agency of the UAE mandated to ...