News

Dubai / WAM Passenger traffic at Dubai International (DXB), reached 7.6 million in April, according to the monthly traffic report issued by operator Dubai Airports on Sunday. The monthly traffic in April totalled 7,613,155, remaining virtually flat compared to 7,622,946 passengers recorded during the same month in 2017, a marginal contraction of 0.1 percent. The year to date traffic reached ...

Dubai / WAM Emirates NBD, a leading financial institution in the Middle East, has won global recognition for its retail banking leadership at the 33rd annual Retail Banker International (RBI), Global Awards. At a ceremony held in London, the bank was recognized as the Middle East Retail Bank of the Year for its exceptional performance in 2017. The bank’s retail ...

Abu Dhabi / WAM Dubai Municipality and the UAE Food Bank have signed a special partnership agreement with Careem, a transportation network company, for the adoption of a community initiative. Under the special sponsorship agreement, Careem will provide food collection and delivery services during the Holy Month of Ramadan, and on specific days. The logistics company will collect surplus food ...

Abu Dhabi / WAM Climate change can have a devastating impact on the environment, land and daily life, and that is what Professor Taoufik Ksiksi, in the Department of Biology at the United Arab Emirates University’s (UAEU) College of Science, is setting out to prove. His project on the impact of climate change on land use in Abu Dhabi looks at ...

Bloomberg Beleaguered CEFC China Energy Co. is set to meet an interest payment on a dollar bond, just days after defaulting on a separate debt obligation in the domestic market and as more of the once-promising energy conglomerate’s ambitious deals fail. Bank of Communications Trustee Ltd., the trustee for the $250 million of dollar bonds issued by CEFC Shanghai International ...

Bloomberg Total SA will take 10 percent stake in a multibillion dollar liquefied natural gas project in Russia’s frozen north from Novatek PJSC. Total is aiming to become a key global LNG player, competing with Royal Dutch Shell Plc and Exxon Mobil Corp., after it snapped up assets from Engie SA last year. The world’s biggest oil companies are also ...

Bloomberg The US and China’s on-again, off-again trade dispute is casting a shadow over Asia-Pacific nations’ efforts to further open up global trade, a senior Australian government official said. Delegates at an Asia-Pacific Economic Cooperation forum in Port Moresby this weekend pledged to keep pursuing a free and fair international trading regime, in the face of rising protectionist sentiment. The ...

Bloomberg Profit growth at Chinese industrial companies accelerated, snapping a streak of slowing expansion since October, as factory output remained robust. Industrial profits advanced 21.9 percent in April from a year earlier, versus a 3.1 percent increase in March and 16.1 percent in January and February combined. Total profits for the month were 576.03 billion yuan ($90.1 billion), the National ...

Bloomberg Prem Watsa, the billionaire head of Fairfax Financial Holdings Ltd., sees plenty of opportunities for investment in the US and his native India. He’s less interested in the other Asian powerhouse. “In China, we are less invested,” Watsa said in an interview with BNN Bloomberg Television. “We like democracy. We like business-friendly policies.” Watsa, who emigrated from India 46 ...

Bloomberg Leverage on buyout loans in Asia is climbing close to levels last seen before the global financial crisis as the region’s lenders stomach higher risk in their pursuit of yield. While the typical senior leverage ratio for Asian LBO loans was 3.5 to 4 times earnings, multiples of 4.5 to 5.5 are becoming more common, said Adnan Meraj, Hong ...