News

ABU DHABI / WAM Masdar, the Abu Dhabi Future Energy Company, officially launched the first fully electric passenger bus in the region in partnership with the Department of Transport in Abu Dhabi (DoT), Abu Dhabi-based bus manufacturer Hafilat Industry, and leading technology company Siemens. The vehicle will serve a six-stop route between Marina Mall, Abu Dhabi Central Bus Station and ...

Abu Dhabi / WAM The Department of Culture and Tourism – Abu Dhabi, DCT Abu Dhabi, has announced that the fourth ‘Mother of the Nation Festival’ will return to the UAE capital from March 12-23, in conjunction with the Special Olympics World Games, which is taking place from March 14-21. More than 7,500 athletes from 192 countries are set to ...

DUBAi / Emirates Business Dubai Land Department (DLD) signed a banking solutions memorandum of understanding (MoU) with Abu Dhabi Islamic Bank (ADIB) for the transaction services of the ‘Tarweej’ real estate promotion initiative. The agreement was signed by HE Sultan Butti bin Mejren, Director General of DLD; Philip King, Global Head of retail banking at ADIB; and Tariq Abdullah Ahmad, ...

Dubai / WAM Dubai’s Department of Tourism and Commerce Marketing, Dubai Tourism, has initiated efforts to release approximately AED250 million ($68 million) in bank guarantees that have been furnished by tourism-related service providers, following the waiver of this prerequisite regulatory requirement to start a travel and tour business in the emirate. The new deregulatory measure allows for instant liquidity to ...

Bloomberg Sinopec Corp’s trading losses shouldn’t deflect investors from the potential opportunity presented by its shares holding near a two-year low. The refining giant, officially called China Petroleum & Chemical Corp, has slumped 10 percent in the past month amid a global oil rout and after it reported losses on derivatives linked to crude prices at its main trading unit ...

Bloomberg Idaho regulators rejected Hydro One Ltd’s $3.4 billion takeover of Avista Corp, the second time state officials cited political risks in Ontario as grounds to nix the Canadian company’s effort to buy the US utility. The Idaho Public Utilities Commission said “the management of Hydro One is subject to the province’s political pressure,” and the takeover would therefore be ...

Bloomberg American drivers are likely to pay a little less for gas this year and President Donald Trump is happy to take credit. The projected $2.70 a gallon pump price for 2019 is 3 cents lower than 2018 levels, although this year’s high could reach $3 as soon as May and top $4 in some cities, according to GasBuddy’s Price ...

Bloomberg Former Nissan Motor Co Chairman Carlos Ghosn rejected prosecutors’ claims of financial wrongdoing and pledged his loyalty to the company he led for more than a decade, as the fallen car titan faces an extended detention following his shock arrest in Japan almost two months ago. “I have been wrongly accused and unfairly detained based on meritless and unsubstantiated ...

Bloomberg Samsung Electronics Co. ended the day weaker, giving into bears worried about the outlook for the first half following today’s disappointing fourth-quarter earnings estimates. The shares swung between a gain of as much as 1.2 percent and a loss of 2.1 percent before finishing the day 1.7 percent lower. The stock rose as analysts said the bleak fourth-quarter results ...

Bloomberg Gold imports by India tumbled by a fifth last year as high domestic prices deterred buyers in the second-biggest consuming nation and local stores remained well-stocked, highlighting a headwind to global demand even as bullion in dollars gains on renewed haven buying. Overseas purchases fell to 762 metric tons in 2018, a 20 percent slump from the previous year, ...