News

Bloomberg Germany’s industrial slump worsened at the start of 2019, dragging the euro-area economy into its worst performance in more than five years. IHS Markit’s monthly index showed manufacturing in Germany shrank for the first time in four years. In euro area it barely grew, and a broader measure of activity dropped to weakest since 2013. The euro fell after ...

Bloomberg The US Treasury Department is set to maintain elevated sales of long-term debt to finance the government’s widening budget deficit, with new issuance projected to top $1 trillion for a second-straight year. Many strategists at primary-dealer firms predict that this Wednesday’s quarterly refunding announcement will see the Treasury maintain note and bond sales at the record high levels they ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, witnessed, on Sunday, the signing of two new strategic equity partnerships between the Abu Dhabi National Oil Company (Adnoc), Eni and OMV covering both Adnoc Refining and a new trading joint venture, which will ...

Abu Dhabi / WAM The UAE’s non-oil foreign trade has achieved remarkable growth in re-exports by 5 percent during the first nine of 2018, compared to the same period last year, in a move that reflects the high competitive advantage of the re-export activity in UAE, and its global standing in this field, according to preliminary statistical data of the ...

Bloomberg Saudi Crown Prince Mohammed bin Salman, who’s already embarked on the biggest overhaul of the Saudi economy in its modern history, is preparing to roll out details of a sweeping plan to develop infrastructure and industry across the Middle East’s biggest country by area. Saudi Arabia is seeking 1.6 trillion riyals ($425 billion) of investment in railways, airports and ...

AL AIN / WAM Strata Manufacturing, the advanced composite aero structures manufacturing company, wholly-owned by Mubadala Investment Company, is celebrating delivery of its first shipset of belly fairings for the PC-24, a twin-engine business jet produced by Pilatus Aircraft of Switzerland. The delivery of the first shipset follows the two companies’ landmark agreement signed during Abu Dhabi Global Aerospace Summit ...

Dubai / WAM UAE broadcasters are leading innovation in the world’s $16 billion digital media and entertainment market, optimising how customers experience content on any device at any time, according to Condo Protego, a UAE-based IT infrastructure and information management consultancy. Media free zones — such as Dubai Production City, Dubai Media City and Dubai Studio City, and TwoFour54 in ...

Bloomberg Tensions between the US and China are about to get more complicated, with the World Trade Organization poised to begin an investigation into President Donald Trump’s tariffs on $250 billion of Chinese goods. On Monday, the Geneva-based arbiter of trade disputes will likely launch an inquiry into whether the US duties run afoul of a requirement that all WTO ...

DAVOS / WAM On the sidelines of the UAE delegation’s participation in the 49th session of the World Economic Forum in Davos, Switzerland, Dr Thani bin Ahmed Al Zeyoudi, Minister of Climate Change and Environment, participated in a panel discussion on ‘Closing the Loop on Electronics’. The session tackled the issue of electronic waste and provided recommendations on implementing public-private ...

DUBAI / WAM The Federal Tax Authority (FTA) announced the launch of a new field campaign to engage business and consumers in the local markets and raise awareness about the legal standards that must exist when issuing tax invoices. Organised to cover all emirates, the campaign will run throughout Q1 of 2019, under the slogan ‘Tax Invoices: Your Right and ...