News

Bloomberg Sun Life Financial Inc., one of Canada’s biggest life insurers, sees the country’s pension risk-transfer market growing to as much as C$5 billion ($3.9 billion) this year as more companies look to divest retirement plans. The Canadian group annuity market will probably reach at least C$4.5 billion this year, up from C$2.7 billion in 2016, Brent Simmons, senior managing ...

Bloomberg The US said it will begin imposing 25 percent duties on an additional $16 billion in Chinese imports in two weeks, escalating a trade war between the world’s two biggest economies. Customs will begin collecting the duties on 279 product lines, down from 284 items on the initial list, as of August 23, the US Trade Representative’s Office said ...

Bloomberg Salesforce.com Inc., a maker of cloud-based customer-relations software, is the latest technology company to embrace the idea of having two chief executives, by promoting Keith Block to run the company alongside co-founder Marc Benioff. Block started with the San Francisco-based company in 2013, became chief operating officer in 2016 and also serves as vice chairman. He’ll remain a director, ...

Bloomberg Dry, hot and windy conditions are threatening to expand California’s largest wildfires, which so far are burning in largely rural areas, muting their economic impact. The fires, which have killed 12 people and burned an area almost as big as Rhode Island, have hit the tourism industry around Yosemite National Park but left agricultural areas mostly unscathed. “While the ...

Dubai / Emirates Business Peru’s Trade, Tourism and Investment Office has revealed that exports from Peru to the UAE have risen by almost 10,000 percent in seven years. Exports from Peru to the Emirates increased from $6 million in 2011 to $600 million last year thanks to increasing demand from consumers and the ongoing work of the Trade, Tourism and ...

DUBAI / WAM DP World on Tuesday announced the signing of the acquisition of 100 percent of the Unifeeder Group for euros 660 million (AED2.8 billion) from Nordic Capital Fund VIII and certain minority shareholders. Based in Aarhus, Denmark, Unifeeder operates the largest and most densely connected common user container feeder and an important and growing shortsea network in Europe, ...

ABU DHABI / WAM The energy sector is constantly evolving, transforming and experiencing a rapid pace of change across all sectors, said the Abu Dhabi Department of Energy Under-Secretary. “It’s the new normal,’ said Mohammed Juma Al Falasi, adding that the development of energy resources will drive the country’s economy for decades to come. Commenting on the upcoming Singapore International ...

CAIRO / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Abdel Fattah el-Sisi, President of Egypt, have discussed the relations between the UAE and Egypt and means of strengthening them, as well as regional and international issues of mutual interest. The discussion, which took ...

ABU DHABI / WAM Dr. Al Hassan Al Taher, Governor of Hodeidah, has warned of an Iranian plan to create a maritime crisis in the Strait of Hormuz and Bab Al Mandeb, in order to avoid an internal crisis and halt the re-imposition of sanctions. In his statement to the Emirates News Agency (WAM), Al Taher stressed that the end ...

DUBAI / WAM The Dubai Financial Services Authority (DFSA), in collaboration with 11 other financial regulators and associated organisations from around the world, on Tuesday, issued a discussion paper announcing the establishment of a Global Financial Innovation Network (GFIN) and consulting on its proposed functions. The GFIN is a network of leading global regulators, which will seek to conduct joint ...