News

  Managua, Nicaragua / AFP The political and economic crises buffeting Brazil and Venezuela are having a big impact in Nicaragua, where the future of billion-dollar projects have been thrown into uncertainty. Venezuela was to have invested $6.5 billion in a petrochemical plant in the Central American country, while Brazil was set to spend $1.1 billion on a hydroelectric facility. They ...

  Bloomberg EIG Global Energy Partners has submitted a new bid for Pacific Exploration & Production Corp. with $830 million in creditor recovery that the private-equity firm argues is “vastly superior” to one selected last month by the board of the Colombia-based oil producer. The new bid comes ahead of a Tuesday court hearing in Canada on Pacific’s restructuring plan. ...

  Caracas, Venezuela / AFP Venezuela’s opposition forces said electoral authorities have tallied 1.5 million signatures seeking to force President Nicolas Maduro from power with a recall referendum. Oil-dependent Venezuela has descended ever deeper into economic turmoil as global crude prices have collapsed, triggering food shortages, rampant inflation and now an electricity crisis. The center-right opposition, which won control of the ...

  Bloomberg Look to the currency market for an early reading on the U.S. presidential election. Six-month options-based measures of exchange-rate volatility now include the Nov. 8 vote, offering traders a way to express views on the outcome, or to hedge against price swings. While neither major political party has formally chosen candidates, Donald Trump is the presumptive nominee for ...

  ABU DHABI / WAM The Abu Dhabi General Services Company (Musanada), in collaboration with the Department of Municipal Affairs and Transport (DMAT), revealed that it has completed 59% of the Mafraq-Ghuwaifat International Highway project, linking western region cities and facilitating commercial transport on the international road. The move is part of the efforts to implement the vision of President ...

  LONDON / Bloomberg Sadiq Khan of Britain’s main opposition Labour Party took over as London’s first Muslim mayor on Saturday, facing down critics who used his religion against him by vowing to “represent every single community” in the capital. Khan’s election is a challenge to the rise of anti-Muslim rhetoric by right-wing politicians including French National Front leader Marine ...

  DUBAI / WAM Mohammed Bin Rashid Centre for Government Innovation(MBRCGI) signed a cooperation agreement with Massachusetts Institute of Technology (MIT) in Boston, USA, to launch a series of knowledge workshops to spread the culture of innovation among employees in the UAE government, and enhance their knowledge in line with the latest global innovation trends. The agreement was signed by ...

  MAPUTO / WAM Businesses from the UAE have expressed their willingness to strengthen business relations with Mozambique and to invest in agriculture and transport, the Mozambique news agency(AIM)has reported. Speaking to reporters in the Mozambican capital, Maputo, after a meeting with Prime Minister Carlos Agostinho do Rosario, the Chairman of the Dubai Chamber of Commerce and Industry, Majid Saif ...

  Dubai / WAM Preparations are underway at the Roads and Transport Authority (RTA), in collaboration with the Dubai Electricity & Water Authority (DEWA), and Emaar Properties, for staging the third edition of the Dubai International Project Management Forum (DIPMF) during October 22-25 under the theme: Shaping the Future. The event culminates the huge success of the second edition of ...

  ALKESH SHARMA / Emirates Business Huge investments in aviation sector in the region, especially in the UAE, will steer the Middle East smart airports market to surpass $850 million within the next three years. Revolutionary concept of smart airport, driven by latest marvels of technology and applications, is all set to enhance traveller’s experience in a big way. The ...