News

  Bloomberg State Farm Mutual Automobile Insurance Co., the largest U.S. property-casualty insurer, said annual profit fell 94 percent on car insurance claims costs. Net income dropped to $400mn from $6.2bn in 2015, when results included one-time gains in the stock portfolio tied to pharmaceutical deals, the Bloomington, Illinois-based firm said. The underwriting loss from auto insurance widened to $7bn ...

  Bloomberg The European Union will for the first time bring its military operations under a single command in a symbolic move that signals the bloc’s renewed push to cooperate on defense matters. EU governments are showing a readiness to pull together military resources and decision-making capabilities as statements from the US have called into question American commitment to European ...

  JAKARTA / WAM The UAE participated in the Indian Ocean Rim Association (IORA) Leaders’ Summit and other related meetings that took place in the Indonesian capital, Jakarta, from March 5-7 under the slogan “Strengthening Naval Cooperation to Achieve Peace, Stability and Welfare in the Indian Ocean”. The IORA Summit marked the occasion of the association’s 20th year and is ...

  ABU DHABI / WAM The inflation rate in consumer prices for the first two months of 2017 was 2.0 percent as compared to the same period of last year, as shown by the increase in the Consumer Price Index (CPI) to 107.7, up from 105.6 during the same period of 2016. The Abu Dhabi region contributed 54.6 percent of ...

  ABU DHABI / WAM The Executive Team of the National Index (net flow of Foreign Direct Investment to GDP) held its first meeting at the headquarters of the Ministry of Economy in Dubai. The meeting was presided over by Juma Mohammed Al Kait, Assistant Under-Secretary for Foreign Trade Affairs and Head of the Executive Team, under the framework of ...

  Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of UAE and Ruler of Dubai, on Tuesday visited Middle East Rail 2017, organised by the Federal Transport Authority – Land and Maritime, in cooperation with the Ministry of Infrastructure Development. During his visit to the two-day event, which is being held at the Dubai World ...

  Abu Dhabi / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved on Tuesday Law No. (1) of 2017 on facilitating speedy rulings on minor cases outside the court. He also approved an initiative to provide ‘one-day-resolution of cases’. The move forms part of implementing Dubai Plan 2021’s objectives of improving ...

  Sharjah / WAM Improving Sharjah’s business links with Macedonia was the topic of discussion at a recent roundtable meeting hosted by Sharjah Investment and Development Authority (Shurooq). The event, one in a series of meetings being undertaken by the authority throughout the year, explored initiatives that would lead to mutual benefits for countries that have allied themselves to Sharjah and ...

  Dubai / WAM More than 600 companies from 75 countries are participating at the 22nd edition of the Dubai International Pharmaceuticals and Technologies Conference and Exhibition (DUPHAT), which opened on Tuesday. Held under the patronage of H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and President of the Dubai Health Authority, the ...

  Abu Dhabi / WAM The Abu Dhabi National Oil Company (ADNOC), one of the world’s largest oil and gas companies, is exploring new strategic, value-add partnerships to support its long-term growth plans, as it responds to increasing global energy demand and growing market competition. Addressing industry peers and policy makers at CERA Week, one of the world’s leading energy conferences, ...