News

  Dubai / Emirates Business Dubai Holding, the global investment holding company, announced on Monday its role as a founding entity in Dubai Future Accelerators, the programme by Dubai Future Foundation that focuses exclusively on the identification and deployment of futuristic prototypes and products on a city-wide scale. Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, ...

  Abu Dhabi / WAM Etihad Airways, the national airline of the UAE, signed a new codeshare agreement with kulula, South Africa’s low cost carrier, to build its presence in Africa. The codeshare deal offers Etihad Airways customers flight options to a number of key cities in South Africa, including Cape Town, Durban, George and East London via Johannesburg. Etihad Airways ...

  Abu Dhabi / Emirates Business HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, will head the UAE delegation at the annual meeting of the World Bank Group (WBG) and International Monetary Fund (IMF) in Washington DC from October 07-09. HE Obaid Humaid Al Tayer will hold a series of bilateral meetings aimed at strengthening the UAE’s relations ...

  Birmingham / AFP The pound hit a three-year low against the euro on Monday after Prime Minister Theresa May said Britain will trigger Brexit negotiations by the end of March and her finance minister warned of “turbulence”. Sterling weakened to 87.46 pence against the euro, the lowest level since August 2013, after May’s government gave more details about how ...

  Bloomberg U.K. factories had their best month in more than two years in September as the weaker pound sent export orders surging. IHS Markit’s monthly Purchasing Managers Index jumped to 55.4 from 53.4 in August, capping the industry’s best quarter this year. The reading, the highest since June 2014 and far above economists’ forecast for 52.1, pushes the index ...

  Frankfurt / AFP German Economy Minister Sigmar Gabriel on Sunday lashed out at Deutsche Bank’s handling of its troubles, saying “irresponsible” managers had put thousands of jobs at risk. “I don’t know whether to laugh or cry that the bank, which turned speculation into a business model, is now calling itself a victim of it,” Gabriel told reporters, after ...

  Lisbon / AFP Portugal’s economy will grow by just over one percent this year, Prime Minister Antonio Costa said in an interview published Monday, lowering his government’s initial estimate of 1.8 percent growth. “Everything indicates we will have growth above one percent,” he told daily newpspaper Publico, before adding that the expansion of the economy would not be “much ...

  Washington / AFP Extreme poverty has been falling steadily around the world, but eliminating it by 2030 could be stymied by unequal distribution of the gains of economic growth, the World Bank said on Sunday. Unless the gains of growth are steered better to those at the bottom of a country’s economy, they could be left behind, warned the ...

  Bloomberg Italy’s bond-yield spread to Spanish securities climbed to the highest level in almost two years after the latest poll showed that the constitutional referendum, on which Prime Minister Matteo Renzi’s political fate hangs, is too close to call. Italian 10-year government bonds declined, erasing last week’s gain, after a survey conducted by Ipsos PA for the newspaper Corriere ...

  Washington / AFP The World Bank is indirectly financing a boom in some of Asia’s dirtiest coal-fired power generation despite commitments to end most funding for the sector, a development advocacy group charged on Monday. The power plants, which contribute to climate change and deforestation as well as premature deaths due to illness, are cropping up from Bangladesh to ...