News

Bloomberg Swiss watch exports gained for a third time in four months as Chinese demand strengthened and the UK attracted buyers with its weak currency. Shipments climbed 5.3 percent to 1.7 billion francs ($1.8 billion) in June, the Federation of the Swiss Watch Industry said in a statement that underpinned signs of a rebound from the longest slump on record. ...

Bloomberg Elenia Oy’s owners are preparing to kick off a sale that could value Finland’s second-largest power distributor at as much as 3 billion euros ($3.5 billion), restarting a process that was delayed last year, people with knowledge of the matter said. The utility has sent out teasers and senior executives are planning to meet with potential suitors in Asia ...

Bloomberg Hydro One Ltd. fell the most in eight months after agreeing to buy US power supplier Avista Corp. in a $3.4 billion deal that analysts said is too costly and exposes the Canadian energy company to regulatory hassles. The merger will add Avista’s energy production and distribution operations in Washington, Idaho, Oregon and Alaska to Hydro One’s transmission network ...

DUBAI / WAM Saeed Mohammed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority (DEWA), confirmed that the authority made significant progress on the supply, extension and commissioning of 25km of major water transmission pipelines across various parts of Dubai. This supports DEWA’s strategy to enable the comprehensive development of electricity and water for the Dubai Plan ...

Manila / WAM The economic growth prospects for development in Asia in 2017 have improved on the back of stronger-than-expected export demand in the first quarter of the year, according to a new report from the Asian Development Bank (ADB). In a supplement to its ‘Asian Development Outlook 2017’ report, ADB upgraded its growth outlook for the region from 5.7 ...

Al HAMMAM AREA / WAM His Highness Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, along with a few dignitaries, attended the opening ceremony of the Mohamed Naguib Military Base, west of Alexandria, Egypt. The programmes at the ceremony included a documentary about the late Egyptian president Mohamed Naguib, followed ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (ADNOC) recently announced the expansion of its strategic partnership model, as well as the more active management of its portfolio of assets. Following the launch of this new initiative, Dr Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of ADNOC met last week with both potential and ...

ABU DHABI / WAM The Abu Dhabi Fund for Development (ADFD) participated at the official cornerstone-laying ceremony of Guinea’s National Dispatch Centre in the presence of Alpha Conde, President of Guinea, and Mamady Youla, Prime Minister of Guinea. ADFD allocated US$18 million for the construction and operation of the centre from the US$90 million Abu Dhabi Government grant earmarked for ...

Dubai / Emirates Business The Dubai Gold and Commodities Exchange (DGCX) and its CCP subsidiary, Dubai Commodities Clearing Corporation (DCCC) has been recognised as a remote Exchange and Clearing House by the Financial Services Regulatory Authority (FSRA), the regulatory authority for the Abu Dhabi Global Market (ADGM), enabling ADGM companies to access its trading and clearing platforms. The recognition status ...

ABU DHABI / WAM The Abu Dhabi Quality and Conformity Council (QCC) carried out a series of inspections in the first half of 2017 to verify the accuracy of legal measuring instruments and pre-packaged products used in the Abu Dhabi market and ensure their compliance with the applicable standards. As part of the drive, the council inspected over the past ...