News

Bloomberg Caterpillar Inc fell the most in six weeks as skepticism over claims of a US-China trade truce reignited demand concerns that have put the stock on course for its worst year since 2015. Shares fell as much as 6.6 percent, the biggest intraday decline since October 23, when the mining- and construction-equipment maker repeated its warning about rising costs ...

Bloomberg The Trump administration will propose scrapping an Obama-era mandate that new coal-fired power plants use carbon-capture technology, removing a major barrier to constructing the facilities, according to a person familiar with the plans. The Environmental Protection Agency (EPA) is slated to unveil the measure on Thursday, during an event at its headquarters in Washington, said the person, who was ...

Bloomberg The euro area is showing no signs of a meaningful economic rebound, with Italy on the verge of recession after the populist government picked a fight with European authorities over spending plans. IHS Markit’s Purchasing Manager’s Index for manufacturing and services in the 19-nation bloc fell to 52.7 in November from 53.1 in October. While the reading exceeded an ...

Bloomberg Growth in the UK’s dominant services industry unexpectedly slowed to the weakest since the aftermath of the Brexit vote and came perilously close to contraction. IHS Markit’s Purchasing Managers Index for the industry fell to 50.4 last month, well below economists’ forecasts for a reading of 52.5 and just above the key 50 level that indicates expansion. The surveys ...

Bloomberg Qualcomm Inc unveiled new chips that it said will run many of the first phones capable of connecting to new 5G services next year. The Snapdragon 855 includes a processor and modem to connect to wireless networks. It’s the latest version of Qualcomm’s flagship product that’s been the heart of most smartphones sold in the past decade. “In the ...

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, received on Tuesday, the UAE Passport Power team from the Ministry of Foreign Affairs and International Cooperation (MOFAIC), in the presence of HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and ...

Dammam / Emirates Business Saudi Aramco has awarded a major simulation and well-testing contract to Baker Hughes — a GE company — to be a partner in optimising production from new and existing wells across conventional fields in Saudi Arabia. Demonstrating the strength and breadth of its expertise and portfolio of oilfield services, BHGE will deliver a comprehensive well services ...

SHARJAH / WAM The Sharjah Chamber of Commerce and Industry (SCCI) held discussions with a delegation from Lombardy in Italy on opportunities to enhance economic and trade relations between the investment companies and institutions that operate in Sharjah and their counterparts in Italy, and reviewed ways to support partnerships between the two sides in various economic sectors and fields. The ...

ABU DHABI / WAM The Abu Dhabi Global Market (ADGM), the award-winning International Financial Centre in the capital of the UAE, successfully concluded the first phase of the industry electronic-Know-Your-Customer (e-KYC) utility project. The Financial Services Regulatory Authority (FSRA) of ADGM, in collaboration with its project advisor KPMG has published a high-level summary of the project scope and the key ...

DUBAI / WAM The Dubai Chamber of Commerce and Industry participated in a seminar organised as part of the Interregional Export Forum in Perm, Russia, where participants were briefed on the various competitive advantages that Dubai offers to Russian exporters, companies and investors. During the forum, Sanan Nasibli, Head of Dubai Chamber’s Azerbaijan office, delivered a detailed presentation titled “Doing ...