News

Bloomberg Bankrupt contractor Carillion Plc was taking about four months to pay its suppliers before its January collapse. The minister respo- nsible for small firms says 30 days should become the national norm. The government must “make it unacceptable for big business to finance their cash flow from small business,” Small Business Minister Andrew Griffiths said in an interview. They ...

Bloomberg German exports fell the most in more than five years at the start of 2018, holding back growth in Europe’s largest economy. A breakdown of first-quarter gross domestic product data showed foreign sales fell 1 percent, the most since 2012. Imports also declined, and net trade knocked 0.1 percentage point off GDP. “The drop in exports could be a ...

Bloomberg The UK should reduce its reliance on huge cables that carry electricity to and from Europe to ensure that the lights stay on. The government is overlooking the risks of relying on supplies that may not materialise, according to a report by Oxford, England-based Aurora Energy Research Ltd. Electricity on interconnector cables flows to where prices are more expensive, ...

DUBAI / WAM The UAE’s General Civil Aviation Authority (GCAA) denied on Wednesday the news of what is being circulated about an attempt to hijack a plane belongs to the national carrier flydubai in Iranian airspace. Saif Al Suwaidi, Director General of the GCAA, emphasised that flight No. FZ301, which was heading from Dubai to Kabul, has returned to Dubai ...

ABU DHABI / WAM The Abu Dhabi Fund for Development (ADFD) on Wedne-sday announced that it had financed 11 development projects worth AED1.4 billion in 2017, benefitting nine developing countries. Totalling more than AED646 million, four of the 11 projects were allocated as concessionary loans to Egypt, Antigua and Barbuda and the Maldives, whereas the remaining seven projects were funded ...

FUJAIRAH / WAM Oil product stocks in the Middle East’s key oil hub of Fujairah rose 11.1 percent in the week to Monday, with inventory levels up across all reported categories. Total oil product stocks in Fujairah were 19.379 million barrels, up 1.93 million barrels from a week earlier, according to data from the Fujairah Energy Data Committee, or FEDCom. ...

DUBAI / Emirates Business Etisalat Digital on Wednesday announced that it has signed strategic partnerships with four scale-ups as part of the ‘Dubai Future Accelerators Program,’ the world’s largest government supported accelerator. The 4th cohort of the ‘Dubai Future Accelerators’, launched in March this year with the participation of Etisalat Digital and other government bodies and in cooperation with the ...

Bloomberg US President Donald Trump said a trade agreement with China may be “too hard to get done” and that the world’s two largest economies may need to change their framework for a deal. “Our Trade Deal with China is moving along nicely, but in the end we will probably have to use a different structure in that this will ...

DUBAI / WAM The Commercial Compliance and Consumer Protection (CCCP) sector in the Department of Economic Development saw a 30 percent increase in consumer complaint during the first quarter (Q1) of 2018 compared to the same period last year as more and more consumers continued to come forward and raise their concerns with the authorities as well as merchants. CCCP, ...

DUBAI / WAM Dubai Airports, in partnership with Samsung Electronics and AirportLabs has achieved another first in the region by rolling out an advanced cloud-based Flight Information Display solution along with System on Chip (SoC) display technology at Dubai International (DXB) and Dubai World Central (DWC) airports. The upgrade is the result of an initiative undertaken by Dubai Airports in ...