News

  Bloomberg Electricity prices from Boston to Dallas sank to their lowest levels ever in 2016, presenting new challenges for generators more than a decade after the industry was deregulated. Power prices plunged this year as cheap natural gas cut fuel costs, and wind and solar alternatives came online. Consumers also used less electricity for the second straight year, despite ...

  Bloomberg US Steel Corp. said it will restart production at an idled plant and call back employees following an agreement to supply iron-ore pellets to third-party customers. The Pittsburgh-based steelmaker said in a statement that it will restart the Keetac plant in Keewatin, Minnesota, more than 18 months after the company idled the facility amid rising steel imports and ...

  DUBAI / WAM Dubai Financial Market (DFM) announced that the value of shares bought by foreign investors, or non-UAE nationals, this week reached about AED1.016 billion, while value of stocks they sold stood at AED1 billion, with net foreign investment on the market reaching AED15.4 million during the period, as aggregate buy. Value of shares bought by foreigner investors ...

  Dubai / AFP Dubai-based port operator DP World said on Thursday it has acquired an additional 23.94 percent stake in South Korea’s Pusan NewPort Company, giving it a majority shareholding. The purchase from Samsung Corporation brings to 66.03 percent DP World’s stake in PNC, which operates the largest terminal at the port of Pusan, the company said in a ...

  DUBAI / WAM In a bid to strengthen its network of relations with various stakeholders and regional and international entities, the Ministry of Finance (MoF) received a delegation from Kuwait Capital Markets Authority on its premises in Dubai. The visit aimed to review the ministry’s experience in risk management and internal audit in government financial work. Faisal Al Mansouri, ...

  RIYADH / WAM Saudi Minister of Energy, Industry and Mineral Resources, Khalid bin Abdulaziz Al-Faleh, met Yemeni Minister of Electricity and Energy, Abdullah Al-Akwa’, and his accompanying delegation. According to the Saudi Press Agency, SPA, the meeting touched on means of boosting bilateral cooperation between Saudi Arabia and Yemen, and the mechanism for the implementation of bilateral connection between ...

ABU DHABI / WAM Twofour54, the commercial arm of Abu Dhabi’s Media Zone Authority, and Abu Dhabi Fund for Development (ADFD), the national organisation owned by the Abu Dhabi government, have signed a memorandum of understanding (MoU) to promote their co-operation, exchange of information and media expertise. Under the agreement, the fund will receive technical support for its services and its ...

  Dubai / Emirates Business Azizi Developments – a leading UAE-based real estate developer with global reach into international markets – met with the Dubai Land Department on Thursday, following their recent announcement of 50 new projects for the coming year. The developer discussed Dubai’s economic situation, the current market conditions and predictions for the upcoming year as well as ...

  Abu Dhabi / WAM The Organising Committee of Sheikh Zayed Heritage Festival has extended the festival’s activities for three more weeks to celebrate its remarkable success and notable public turnout. The event started on December 1 and will run till New Year’s Day, 2017, in Al Wathba, Abu Dhabi, under the theme “The UAE a crossroads of civilisation.” The announcement ...

  Dubai / WAM Dubai Silicon Oasis Authority (DSOA), the regulatory body of Dubai Silicon Oasis, DSO, the integrated free zone technology park, has organised two fire drills for the seventh consecutive year. Arranged in collaboration with Dubai Civil Defence, Dubai Police, and Dubai Corporation for Ambulance Services, the exercises took place on two separate days. Conducted at the DSOA headquarters ...