News

Bloomberg Shares of German shipping line Hapag-Lloyd AG plunged as much as 22 percent after the company cut its profit forecast for the year, as overcapacity in the industry combined with rising fuel costs to put a squeeze on profit. Danish rival A.P. Moller-Maersk A/S also fell on Hapag-Lloyd’s surprise profit warning. Container-shipping capacity has been growing faster than trade ...

Bloomberg The UK construction industry fared far better than previously thought during a snow-blighted first quarter, giving an unexpected boost to the economy. Building output fell 0.8 percent from the fourth quarter instead of the 2.7 percent drop estimated last month, the Office for National Statistics said. Overall economic growth was revised to 0.2 percent from 0.1 percent. Separate figures ...

Bloomberg German unemployment fell for the 12th consecutive month in June, suggesting that companies in Europe’s largest economy are relatively optimistic that the current slowdown won’t worsen. The number of people out of work declined by a seasonally adjusted 15,000 to 2.342 million, the Federal Labor Agency in Nuremberg said. Economists in a Bloomberg survey had predicted a drop of ...

Bloomberg In imposing sweeping tariffs, President Donald Trump is betting he can give domestic companies a boost while beating back foreign competitors. The problem is figuring out which one is which. About 40 percent of the cars and trucks that General Motors Co. sells in the US this year, for example, will be imported, according to researcher LMC Automotive. The ...

DUBAI / WAM Dubai Gold and Commodities Exchange (DGCX) recorded its best H1 ever in its 13-year history, trading over 11,300,000 contracts so far in 2018, up 44 percent year-on-year (y-o-y). Traded value for the first six months of 2018 breached $250 billion for the first time too. The exchange’s record-breaking performance was sealed following a robust month of trading ...

ABU DHABI / WAM ADIB Securities, the brokerage subsidiary of Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has laun- ched services for clients to trade equities on US markets, including the New York Stock Exchange and NASDAQ. The new offering will enable customers to buy and sell Sharia’a-compliant stocks through ADIB Securities’ leading digital and traditional trading channels. ...

ABU DHABI / WAM The Abu Dhabi City Municipality (ADM) revealed that it has saved AED1.058 billion as a result of applying sustainability standards to various types of infrastructural projects. The achievement is marked by the implementation of the standards of value engineering and sustainability during the initial designs phases of the municipal projects. The ADM started implementation of sustainability ...

DUBAI/ WAM The DP World is planning to set up a logistics facility in Ethiopia to facilitate transport of goods to landlocked countries in Africa, revealed Sultan bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation. “We are planning to set up a logistics complex in Ethiopia where goods can be transported ...

BENGALURU / WAM As part of his official visit to India, His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and his delegation met H. D. Kumaraswamy, Chief Minister of the Indian State of Karnataka, on Saturday. The meeting saw discussions on friendship and cooperation ties in the areas of the economy, commerce, investment, ...

HODEIDAH / WAM The Emirates Red Crescent (ERC), distributed 3,000 food parcels and basic food items to the population in the Moshaj and Al Wa’rah areas, Khokha District in Yemen’s Hodeidah Governorate. They will help 21,000 Yemenis, including 15,000 children and 3,000 women. The assistance is part of the UAE’s support for Yemen and its continuous campaign to provide relief ...