News

Bloomberg US factory production was unchanged in November and the prior month’s reading was revised to a decline from a gain, a sign the industry may be taking a breather while still growing at a pace that supports economic growth. Factory output was unchanged after a 0.1 percent decrease that was revised from a 0.3 percent gain, Federal Reserve data ...

Bloomberg Denmark’s government cut its forecast for economic growth this year and the next, voicing concern over cooling international trade and uncertainty about Britain’s exit from the European Union. Denmark expects growth to slow further in 2020, according to a document seen by Bloomberg. Weaker global trade will hit the Danish shipping industry and limit exporters’ access to key markets, ...

Bloomberg Revolut, the London-based financial technology startup, has obtained a European banking license as Brexit looms, with plans to launch checking and savings accounts as well as retail and business lending. The Bank of Lithuania, the eastern European country’s central bank, granted Revolut the regulatory approval that gives it permission to operate throughout European Union. While London has been a ...

ABU DHABI / WAM Emirates Steel, the only integrated steel plant in the UAE and a subsidiary of the General Holding Corporation (Senaat), has finalised a significant $400 million loan refinancing deal that will enable the company to accelerate deleveraging, increase financial flexib- ility, simplify its debt structure and fund its growth plans. The new financing replaces Emirates Ste-el’s outstanding ...

ABU DHABI / WAM The UAE has accomplished significant achievements during its transition to a digital economy over the past five years. These accomplishments have helped to reinforce the competitiveness of the UAE’s national economy, according to indexes published by international organisations, including World Economic Forum, which ranked the UAE as the leading Arab and regional e-commerce centre in 2017. ...

ABU DHABI / WAM Abu Dhabi General Services Company, Musanada, revealed that work is progressing as planned in line with the agreed schedule in eight new building projects for Abu Dhabi Police General Headquarters totalling AED474 million. The projects include construction of the Civil Defence Centre at Al Falah region, three police stations at Al Falah, Al Saadiyat and Al ...

DUBAI / WAM Shuaa Capital announced the commencement of its post-acquisition integration and consolidation efforts with Kuwait based Amwal International Investment Company, Amwal, following the completion of the public tender process. The acquisition of Amwal aligns with Shuaa’s vision of delivering long-term shareholder value, in addition to the prospects of meaningful synergies between Shuaa Capital’s existing capital markets business and ...

Abu Dhabi / WAM Under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and with the attendance of H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, the 1st Arab Digital Economy Conference began on Sunday ...

Dubai / WAM Khalifa Al Shaer Al Suwaidi, Acting Secretary-General of the Mohammed bin Rashid Al Maktoum Tolerance Award, said that the announcement of President His Highness Sheikh Khalifa bin Zayed Al Nahyan declaring 2019 as the ‘Year of Tolerance’ is an essential step in promoting tolerance and encouraging it to become a community practice. In a statement, Al Suwaidi ...

Abu Dhabi / WAM The Emirates Nuclear Energy Corporation (Enec), successfully completed Cold Hydrostatic Testing (CHT), at Unit 3 of the Barakah Nuclear Energy Plant in Abu Dhabi. The testing, which is a crucial step towards the completion of Unit 3 of the 4-unit Barakah plant, incorporated the lessons learned from Units 1 and 2 and represents a significant milestone in ...