News

Bloomberg Sentiment among US homebuilders fell in December to the lowest level since 2015, missing all forecasts and signaling that the industry’s struggles are intensifying amid elevated prices and higher borrowing costs. The National Association of Home Builders/Wells Fargo Housing Market Index dropped to 56 from 60 in the prior month amid broad-based declines across sales, expectations and buyer traffic, ...

Bloomberg German business sentiment deteriorated further to its lowest level in more than two years as trade tensions and the rising risk of a no-deal Brexit threaten to hamper a meaningful economic rebound from a summer lull. The Ifo Institute’s gauge of corporate confidence in Europe’s largest economy fell to 101.0 in December from 102.0 in November. The fourth straight ...

Bloomberg Providers in the UK’s markets for cash savings, mortgages, insurance, mobile phone contracts and broadband are burdening customers with a “loyalty penalty” of around 4 billion pounds ($4.4 billion) a year, the Competition and Markets Authority said. Vulnerable people, including the elderly and those on a low income, may be more at risk of overpaying for key financial services ...

Bloomberg Micron Technology Inc, the largest US maker of computer memory chips, gave a forecast that fell short of analysts’ estimates, adding to concern that a two-year surge in demand for its products is over. The shares declined as much as 9 percent in extended trading. Revenue in the current period will be $5.7 billion to $6.3 billion, the Boise, ...

RIYADH / WAM The Saudi Council of Ministers, chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, has approved the largest budget in the Kingdom’s history with SAR1.106 trillion spending in 2019, approximately 7 percent higher than the projected expenditure by the end of the fiscal year 2018. This came in a session held ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) and its project partner Cepsa have announced the awarding of a key contract, as both companies move forward with plans to develop a world-scale linear alkyl benzene (LAB) plant in the Ruwais Derivatives Park. The LAB project is the first of the derivative units to be advanced under Adnoc’s ...

ABU DHABI / WAM A total of 22.5 million cheques worth AED1.2 trillion were handled by the UAE Clearing Cheque System during the first 11 months of 2018, according to statistics released by the Central Bank of United Arab Emirates (CBUAE). The cheques handled from January through November account for 80 percent of the total value of cheques handled throughout ...

ABU DHABI / WAM Emirates Global Aluminium (EGA), Mubadala and Dubal Holding will sign an agreement worth over AED1 billion to develop a state-of-the-art power block and a water desalination plant at EGA’s smelter at Jebel Ali in Dubai. The new facilities will improve efficiency of power for EGA’s aluminium smelting, reducing environmental emissions and natural gas consum- ption. Mubadala ...

ABU DHABI / Emirates Business Abu Dhabi Terminals (ADT) and CSP —Abu Dhabi sign an MoU to strengthen collaboration and ensure smooth transactions between the two facilities. The MoU promises to increase cooperation between two companies, benefitting Abu Dhabi and UAE trade and supporting Abu Dhabi Leadership vision 2030. The two parties will facilitate a significant increase in contribution to ...

Dubai / WAM Investment Corporation of Dubai (ICD) announced its consolidated financial results for the six month period ended on June 30, having achieved revenues of AED115.1 billion and net profit of AED10 billion. Revenues grew across all operating segments with the largest increases in oil and gas and transportation services. Net profit reached AED10 billion. Net profit benefited from ...