News

  Bloomberg Venezuela’s oil output, already the lowest since 2009, is set to slide further this year as contractors scale back drilling after the cash-strapped country fell more than $1 billion behind in payments. The Latin American nation’s oil production, which generates 95 percent of export revenue, will decline by about 11 percent to 2.1 million barrels a day by ...

  Bloomberg Brazil’s economy is turning sour, but the coffee is sweeter. A drought across robusta plantations this year has raised prices for the bitter-tasting type of coffee that’s usually the cheapest. In some cases, the beans are now more expensive than arabica, the variety preferred for high-end drinks because of its smooth flavor, and roasters are changing their blends. ...

Bloomberg The real joined a selloff in emerging markets as the U.K.’s vote to leave the European Union spurred concern the global economy will weaken at a time when Brazil is already facing its worst contraction in a century. The currency dropped 0.5 percent to 3.3928 per dollar, briefly extending losses after the U.K. was downgraded by S&P Global Ratings. ...

  DUBAI / WAM Emirates Airlin announced that its service between Dubai and Dakar, currently operated by an Airbus A340-300, will be replaced with a Boeing 777-300ER from September 2. The change to the larger Boeing 777-300ER aircraft will offer an enhanced onboard experience for Emirates’ Senegalese customers and those travelling to Dakar from across the airline’s network. The aircraft ...

  DUBAI / WAM Mashreq, one of the UAE’s leading banks, announced on Monday that it will begin construction of its new corporate headquarters later this year. The Bank, which has been headquartered out of Deira since it began operations almost 50 years ago, will now be headquartered in Downtown Dubai. Arabian Construction Company (ACC) will construct the new tower, ...

  DUBAI / WAM The Telecommunication Regulatory Authority (TRA) will launch the 2nd TRA Innovation Camp next month aimed at spreading innovation and creativity culture among young students, through a set of activities and targeted events throughout the UAE. The camp, which will receive children from age 6 years to 17, aims to spread the culture of innovation and creativity ...

  Dubai / Emirates Business The Mohammed bin Rashid Space Centre (MBRSC) and the American University of Sharjah (AUS) have announced the completion of the design and building of the communication Nanosatellite, Nayif-1. The satellite has also successfully passed all stages and tests, and is now ready for launch into space aboard SpaceX’s Falcon 9 Rocket. The UAE’s first Nanosatellite ...

  Dubai / WAM The Telecommunication Regulatory Authority (TRA) will launch the 2nd TRA Innovation Camp next month aimed at spreading innovation and creativity culture among young students, through a set of activities and targeted events throughout the UAE. The camp, which will receive children from age 6 years to 17, aims to spread the culture of innovation and creativity especially ...

  Dubai / WAM The UAE government signed an agreement with the World Economic Forum (WEF) to host the next four editions of the Annual Meeting for Shaping the Future. The first of these meetings will be hosted in Dubai on November 13 and 14 , featuring 50 specialized councils and more than 700 experts with the aim of preparing a ...

    Dubai / WAM Sultan Ahmed bin Sulayem, Group Chairman and CEO of global trade enabler DP World, rang the market-opening bell today to celebrate the listing on Nasdaq Dubai of US$1.2 billion dollar Sukuk. The listing by DP World reinforces Dubai’s status as the global leader for Islamic bond listings, with a total nominal value of US$44.56 billion. The ...