News

Bloomberg Nike Inc., which was cited in the so-called Paradise Papers for funneling billions of dollars into offshore tax havens, is now facing a push by organised labour to stop the practice. The AFL-CIO, a federation of 56 unions that represent 12.5 million workers, said it sent a shareholder proposal to the company. The document asks the world’s largest sports ...

Bloomberg UK unemployment held at a 42-year low in the third quarter but there are signs that the labour market is slowing as the number of people in work fell for the first time in a year. The jobless rate averaged 4.3 percent between July and September, the Office for National Statistics said. But employment fell by 14,000, the first ...

Bloomberg BMW AG’s plan to switch exclusively to green electricity finds it tapping some unusual power sources, including a South African biomass plant that runs on cow dung and chicken droppings. The arrangement is part of the carmaker’s bid to shift all its external power purchases to renewables by 2020, up from 63 percent last year, head of procurement Markus ...

ABU DHABI / WAM Baroness Rona Fairhead, UK Minister of State for Trade and Export Promotion at the Department for International Trade (DIT) told Emirates News Agency (WAM) that the UAE is to invest 1.5 billion Pounds (AED7.5billion) in the UK in areas of renewable energy. “Brexit will help the UK pursue a more open economic policy. We are accelerating ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (ADNOC) announced a significant investment to upgr-ade its Bab field, re-energising one of its largest onshore producing assets to sustain and enhance output. This is an important step towards delivery of the ADNOC group’s 2030 smart growth strategy that seeks to increase its crude oil production capacity and reduce cost, ...

DUBAI / WAM Aviation District, the integrated aerospace ecosystem within Dubai South, has added another phase, a Suppliers Complex, to the development of its world leading ‘Aerospace Supply Chain’, offering maintenance and manufacturing solutions to meet all the practical aspects of the aviation and aerospace industries. The Dubai South Aerospace Supply Chain is a landside free zone development of multi-purpose ...

ABU DHABI / WAM The latest edition of the OPEC World Oil Outlook predicts oil will remain the world’s largest source of energy over the next two decades, despite the increasing importance of renewables. Released in an exclusive briefing to senior industry executives at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), the latest edition of the World Oil ...

ABU DHABI / WAM Abu Dhabi Ship Building (ADSB) announced that it has expanded its services portfolio to the oil and gas industry. This is the company’s first foray outside of the naval, marine and defence sector, as it opens up to opportunities beyond its traditional industries of focus. Marking its business success and new direction, the company also revealed ...

DUBAI / WAM Dubai International Financial Centre (DIFC) announced the launch of a $100 million FinTech-focussed fund to accelerate the development of financial technology by investing in start-ups from incubation through to growth stage, in the presence of HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC. The fund was announced during ...

DUBAI / Reuters The United Arab Emirates’ military said on Tuesday it was buying laser guided bombs from US missile maker Raytheon Co. in a deal worth AED2.5 billion ($684.4 million). The GBU-10 and GBU-12 Paveway laser guided bomb kits were the largest part of AED3.34 billion in deals announced by the US ally at the Dubai Airshow. The UAE ...