News

Bloomberg Even though Beijing hasn’t sanctioned American oil imports yet, Chinese buyers aren’t taking any chances. The world’s second largest economy halted purchases of US crude in August for the first time since September 2016, according to US Census Bureau data. In July, Chinese buyers received nearly 12 million barrels of crude from the US. Beijing, once an enthusiastic buyer ...

Bloomberg The European Union is set to offer the UK a free-trade deal deeper than any agreement that’s gone before, but will reject Prime Minister Theresa May’s demand for “frictionless trade,” according to EU diplomats. The EU’s vision for future ties with Britain will contain “about 30-40 percent” of May’s pitch for a wide-ranging trade and security deal, according to ...

Bloomberg Ford Motor Co. has told its 70,000 salaried employees that they will face unspecified job cuts as part of the automaker’s $11 billion restructuring, a bid to reverse its fading fortunes and cope with competitive pressures more nimbly. Morgan Stanley has speculated that Ford may pare more than 20,000 jobs from its global workforce of 202,000, but the automaker ...

Bloomberg Facebook Inc. has become the first big test case for the European Union’s beefed up privacy rules as Ireland’s data watchdog opened a probe into a security breach announced last week that affected as many as 50 million accounts. Ireland’s data protection authority said it has started investigating whether Facebook had “appropriate technical and organizational measures” in place to ...

Bloomberg HP Inc gave an upbeat profit forecast for fiscal 2019, signaling that the world’s largest maker of personal computers will continue to see robust demand for its growing product lineup. Profit, excluding certain items, will be $2.12 a share to $2.22 a share in the year that ends next October, the Palo Alto, California-based company said in a statement. ...

Bloomberg Economic data have returned to the forefront for investors in US Treasuries, and may be turning the market around. Ten-year Treasury yields staged their strongest single-day upswing since November 2016, driving the rate to the highest since 2011. The surge followed a record-high reading on activity in the US services sector and stronger-than-anticipated gains in a private employment survey. ...

ABU DHABI / WAM UAE Federal ministries have reported total revenues of AED39 billion during H1 2018, with implementation at 75.9 percent of the total actual budget of AED51.388 billion, according to the general budget implementation financial perfor- mance report released by the Ministry of Finance. Expenditures amounted to AED33.2 billion, with the ministries recording 64.6 percent of implementation, achieving ...

ABU DHABI / WAM The UAE has been once again ranked as the largest donor of emergency humanitarian assistance to Yemen in the world for 2018. According to the Financial Tracking Service (FTS), a centralised source of information on humanitarian funding flows, the UAE is also the second-largest source supporting the 2018 Yemen Humanitarian Response Plan (YHRP), following Kingdom of ...

ABU DHABI / WAM Etihad Airways has launched a contemporary airport lounge brand in partnership with No1 Lounges. To be known as ‘The House’, the project is the result of a unique collaboration between the airline and award-winning lounge provider, which will operate the new brand. The project begins at London Heathrow, where Etihad Airways’ lounge will be rebra-nded ‘The ...

ABU DHABI / WAM Abu Dhabi based investment company (Sanad AD) on Wednesday announced a minority investment in local food and beverage company, Slices. The strategic new partnership is expected to help Slices in its continuing crusade to provide wholesome, nutritious meals within the education sector, across schools in Abu Dhabi, Al Ain, Dubai and Sharjah —improving the health of ...