News

Bloomberg BMW AG said it was raided by European Union antitrust watchdogs as the EU ramped up a probe into the German car industry following reports that carmakers colluded on technology for decades. News of the search marks the latest development in a probe sparked earlier this year. Daimler AG reported a possible cartel as part of the EU’s leniency ...

Bloomberg Technology companies including Facebook Inc. and Amazon.com Inc. spent more than $10 million on federal lobbying in the third quarter, as Washington ratcheted up pressure on issues ranging from child trafficking to Russia’s alleged meddling in the 2016 election. Amazon spent $3.41 million—its biggest quarter in at least nine years—on tax policy, cloud security and computing, and others, according ...

Bloomberg Economists are coming full circle on their view of the US economy’s performance last quarter. After cutting growth estimates in early September in anticipation of extensive damage from hurricanes Harvey and Irma, they’ve turned more optimistic as recent data have been fairly decent. Michael Gapen, chief US economist at Barclays Plc, raised his forecast to 2.5 percent, returning it ...

ABU DHABI / WAM Louvre Abu Dhabi on Wednesday signed the first exclusive platinum partnership with Etihad Airways, at the museum’s dome. As a Platinum partner, Etihad will work closely with Louvre Abu Dhabi on areas of brand partnership, marketing, social media, public and media relations, events and exhibitions, cultural exchanges, cargo support, inflight programming, and travel trade support. Etihad Airways’ ...

ABU DHABI / Emirates Business Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for corporates and individuals, announced on Wednesday its expansion into the UK market with the opening of a representative office in London, under the name ADNIC International Limited. The office will facilitate reinsurance across industrial sectors including Energy (Upstream and Downstream), ...

DUBAI / Reuters Abu Dhabi’s state fund Mubadala Investment Company said it has launched a venture capital arm that will oversee an early growth fund set up with Japan’s SoftBank, and a fund of funds focusing on emerging fund managers. A ventures investment team will be based in San Francisco, the first Mubadala office in the United States, it said ...

ABU DHABI / WAM Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, extended a $50 million (AED183.65 million) concessionary loan to the Maldivian government to develop the Velana International Airport in Male. The development project includes the construction of a new 3,400-metre runway with a breakwater and rehabilitation of the old runway. In addition, the ...

ABU DHABI / WAM The Abu Dhabi Water and Electricity Authority (ADWEA), and the Abu Dhabi Future Energy Company, Masdar, discussed the latter’s participation in the Abu Dhabi Sustainability Week (ADSW), as well as strengthening their mutual cooperation and coordination. Their discussion took place during a meeting with Abdullah Ali Musleh Al Ahbabi, Chairman of the Board of Directors of ...

SHARJAH / WAM Sharjah Archaeology Museum in partnership with Institut Francais in the UAE, and support of UNESCO on Wednesday opened an exhibition that celebrates a 40-year partnership with French archaeologists to unearth the hidden secrets of the UAE’s past. The exhibition was inaugurated by HH Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, ...

RAS AL-KHAIMAH / WAM Ras al-Khaimah is edging closer to its 900,000 visitor target for 2017, after producing record arrivals in the first nine months of this year. The latest results released by Ras al-Khaimah Tourism Development Authority (RAKTDA) show a nine-month growth in key categories including arrivals, hotel occupancy, guest nights and length of stay, with international arrivals registering ...