News

Bloomberg Booming employment, a rare bright spot for the British economy, also has a dark side. The country’s record-breaking job creation shown in the data may be coming at the cost of investment, which will hurt in the longer term. The idea is that firms are hiring people rather than buying new machinery or software because it will be easy ...

Bloomberg One of the world’s biggest sellers of coal is yielding to investor pressure on climate change, the clearest sign yet that movement is sweeping the natural resources industry. Glencore Plc has promised to limit coal production and align the business with Paris climate targets. It’s a surprising about-face from a company that’s spoken glowingly of coal in the past ...

Bloomberg European insurer Allianz SE is increasing the size of its tech investment fund to 1 billion euros ($1.1 billion), making it one of the largest corporate-backed venture funds in Europe. Allianz X was launched in 2016 with a 430 million-euro checkbook and has done about 15 deals, including an investment in Indonesian ride-hailing firm Go-Jek, German mobile bank N26, ...

Bloomberg Ford Motor Co. is shutting a factory in Brazil in an attempt to turn around its money-losing South American business, dealing a blow to Jair Bolsonaro less than two months into his presidency. The automaker expects to record $460 million in charges related to exiting the heavy-truck business in all of South America, according to a statement. It’s halting ...

ABU DHABI / WAM The UAE Armed Forces has awarded 28 deals worth AED 4,878,756,832 on the third-day of the International Defence Exhibition (Idex), and the Naval Defence and Maritime Security Exhibition (Navdex). The total value of deals awarded so far to national and international companies has reached AED16.869 billion. Speaking at a press conference, General Mohammed Al Hassani, Official ...

Abu DHABI / WAM Abu Dhabi Ship Building and Leonardo signed an MoU to enhance their collaboration in the naval sector. Building on years of positive partnership for development of UAE naval capabil- ities, under the MoU, which was signed at Idex, the two parties will jointly work to create a combat management system (CMS), integration laboratory capable of testing, ...

ABU DHABI / WAM The UAE Central Bank has announced that money supply aggregate M1 increased by 0.1 percent, from AED485.6 billion at end of December 2018 to AED486 billion at end of January 2019. The money supply aggregate M2 decreased by 0.2 percent, from AED1308.4 billion to AED1305.5 billion.

ABU DHABI / Emirates Business LuLu, the largest hypermarket chain in the Middle East, launched the annual Egyptian-themed food festival “Taste of Egypt” across its stores in the UAE. The week-long fest features various offers on different product categories until February 25. In partnership with EgyptAir, LuLu will be giving away 10 tickets to Cairo in a raffle promo, where ...

DUBAI / WAM Nasdaq Dubai and Menacorp will collaborate to raise investor awareness across the Middle East and North Africa (Mena), of the expanding capital markets opportunities in the UAE and the region. The campaign will include joint roadshows conducted by Nasdaq Dubai and Menacorp in GCC and other Mena countries as well as digital outreach to a wide range ...

DUBAI / WAM Emirates Post has issued a reminder to its customers to renew their P.O. Box subscriptions before February 28, to avoid late renewal fees and penalties. Customers can simply renew subscriptions via several convenient ways including the Emirates Post website, Emirates Post mobile services app or at Emirates Post Customer Happiness Centres. Last December, the postal and express ...