News

Bloomberg Brazil owes nothing in the fight against global climate change and should be paid for its work so far, according to the country’s new environment minister. For Ricardo Salles, the Paris Accord in itself is neither good nor bad, but it must bring economic benefits to Brazil. If the agreement limits production or the use of land, Brazil could ...

Bloomberg FedEx Corp is testing full-service residential delivery of bulky products, a $9 billion market that couriers had left to more traditional trucking companies because large items don’t fit well in their sorting operations. The service would be offered through FedEx’s freight business, which is a less-than-truckload operation geared more towards industrial shipments. Under a pilot project, FedEx is carrying ...

Bloomberg Ford Motor Co’s Jim Hackett isn’t pleased with how things are going at the automaker he took charge of a year and a half ago. To afford the costly overhaul he’s embarking on, he’s on the verge of broadening an alliance with Volkswagen AG. “I want to tell you, I’m not happy about Ford’s performance” in 2018, Hackett said ...

Bloomberg These should be boom times for Detroit. Unemployment is at a half-century low, gasoline is cheap and auto sales in the US were near record levels last year. Yet American automakers are closing factories, cutting shifts and laying off thousands of workers. The industry is behaving like a recession has arrived. In one segment of the market, it has. ...

ABU DHABI / WAM The third-annual Atlantic Council Global Energy Forum in Abu Dhabi, held as part of Abu Dhabi Sustainability Week, convened regional and global policymakers and industry leaders to discuss the geopolitical and economic impact on the energy agenda. This year’s forum focussed on four major themes — the future of oil, the digitisation of energy, diversification within ...

DUBAI / WAM DP World on Sunday announced that it entered into an agreement to acquire 71.3% stake in Chile port operator Puertos y Logistica SA (Pulogsa) from Minera Valparaiso and other shareholders associated with the Matte Group. Pulogsa is listed on the Santiago stock exchange, and the acquisition will be effected via a tender offer to acquire all outstanding ...

DUBAI / WAM The Department of Economic Development (DED) in Dubai issued 20,467 new licences during the year 2018 as the emirate continued to enhance its appeal as a destination for sustainable business growth. Overall, 248,769 business registration and licensing transactions were recorded in the ‘business map’ digital platform of DED in 2018 — an increase of 4.6% over 2017 ...

Abu Dhabi / WAM The Abu Dhabi Department of Energy and the Department of Economic Development are reviewing electricity consumption rates of the industrial sector, to establish preferential tariffs based on specific economic criteria. All segments of sector will be reviewed, to place suitable tariffs and increase contribution to emirate’s GDP. In an interview with Emirates News Agency (WAM), Awaidha ...

Abu Dhabi / WAM Dr Khalid bin Saleh Al Sultan, President of the King Abdullah Atomic and Renewable Energy City, stated that there are plans to integrate the renewable energy network of Saudi Arabia, which aims to produce 60 gigawatts of renewable energy, including 40 gigawatts from solar energy and 20 from wind and other sources by 2030. In an ...

RIYADH / WAM Aramex, the global provider of comprehensive logistics and transportation solutions, anno-unced the acquisition of the KSA-based firm, Saudi TAL for Comm- erce and Contract Company, for approximately $80 million. Bashar Obeid, CEO of Aramex, said, “Saudi Arabia is Aramex’s largest market in the Middle East and holds significant gro-wth potential for the business. Our acquisition of Saudi ...