News

Bloomberg Renesas Electronics Corp., the second-biggest supplier of semiconductors used in cars, plans to acquire Integrated Device Technology (IDT) Inc. for about $6.7 billion to expand beyond the automotive sector into data centres and communications devices. The Japanese company will pay $49 a share, it said in a statement, about a 16 percent premium to the US company’s Monday close ...

Bloomberg Volvo Car Group will temporarily idle its brand new car factory in South Carolina after Hurricane Florence spurred orders to evacuate areas in the path of the Category 4 storm. “We have decided to shut down our plant tomorrow in light of the evacuation order that’s now in place for Charleston, Dorchester and Berkeley counties,” Stephanie Mangini, a Volvo ...

Bloomberg UK wage growth accelerated over the summer amid the lowest jobless rate in more than four decades. Earnings excluding bonuses rose an annual 2.9 percent in the three months through July, more than the 2.8 percent economists forecast. In July alone, basic wages rose 3.1 percent, the most since 2015, and vacancies are at record levels, the Office for ...

Bloomberg American carmakers are losing ground in a shrinking Chinese market, and their problems are mostly tied to a lack of competitiveness rather than the trade war, an industry body said. The market share of US brands fell to 10.7 percent in the first eight months of 2018 from 12.2 percent a year earlier, according to the China Association of ...

Bloomberg Europe’s space champions are urging buyers at home to favor their technology over that of foreign rivals, as competition intensifies from the likes of Elon Musk’s Space X. As executives from the space industry meet in Paris this week for the World Satellite Business conference, French satellite operator Arianespace is calling on Europe to translate its space sovereignty ambitions ...

ABU DHABI / WAM First Abu Dhabi Bank (FAB), has been named ‘Most Innovative Investment Bank from the Middle East’ for the third consecutive year at The Banker’s 2018 Investment Banking Awards. Andy Cairns, FAB’s Senior Managing Director and Head of Global Corporate Finance, received the award at a ceremony in London. In their 12th year, the awards celebrate innovation ...

ABU DHABI / WAM The UAE’s economic sectors have continued their growth since the start of the current year, according to a digital review of relevant indicators, which encouraged the banking system to fund the activities of various sectors that support the national economy. Statistics issued by the Central Bank of the UAE show that ten vital economic sectors witnessed ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) announced, on Monday, major development plans for Ruwais City, a 6.9-square kilometer community near the Ruwais Industrial Complex, in Abu Dhabi’s Al Dhafra region. The project will see the city’s population nearly double, over the next 15 years, to more than 50,000 people, as well as the creation of ...

Paris / WAM Yahsat, a leading global satellite operator based in the UAE and wholly owned by Mubadala Investment Company, and Hughes Network Systems (Hughes), a subsidiary of EchoStar Corporation, on Monday announced an agreement to enter into a joint venture to provide commercial Ka-band satellite broadband services across Africa, the Middle East and southwest Asia. This new venture combines ...

DUBAI / WAM Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, stressed the importance of providing opportunities for Emirati youth and encouraging them to develop new skillsets associated with Artificial Intelligence (AI) technologies. Al Olama’s statement came on the back of signing a strategic partnership agreement with Mohammed Amin, Senior Vice President, Middle East, Turkey and Africa ...