News

  Dubai / WAM The Road and Transport Authority (RTA) Licensing Agency has recently launched the second phase of its ‘Online Vehicle Mortgage Addition’ service, the ‘Vehicles Mortgage Addition/Redemption’ scheme. The first phase of the scheme, ‘Online Vehicles Mortgage Redemption,’ was launched in 2013. Ahmed Bahrozyan, CEO of the RTA Licensing Agency, said, “The RTA constantly seeks to adopt the world’s ...

  Dubai / Emirates Business The Telecommunications Regulatory Authority (TRA) participated in the recently concluded 25th GCC Ministerial Committee for Post and Telecommunications, chaired by Dr Mohamed Bin Ibrahim Al-Swail, Minister of Communications and Information Technology of Saudi Arabia, held in Riyadh, Kingdom of Saudi Arabia. The meeting focused on the recommendations raised by the GCC Committee for Undersecretaries of ...

  Dubai / Emirates Business The Kempinski Hotel Mall of the Emirates, a leading luxury destination for fine dining and leisure, was recognised for its excellence in guest comfort at the Middle East Hotel Awards 2016, winning the trophies for the Best Room Refurbishment and the Best Hotel Suite. Taking place at Palazzo Versace Hotel in Dubai, the awards gala ...

  Dubai / Emirates Business Global shipping, logistics and marine services provider GAC announced an exclusive partnership between its bunker fuels trading arm GAC Bunker Fuels (GBFL) and ENOC Global Marine. Under the agreement, which was announced during the Posidonia international shipping event in Athens, GBFL has been appointed as ENOC’s exclusive sales agent and distributor, for marine lubricants in ...

  Bloomberg The World Bank cut its outlook for global growth as business spending sags in advanced economies including the U.S., while commodity exporters in emerging markets struggle to adjust to low prices. World gross domestic product will grow by 2.4 percent this year, an “insipid” pace that’s unchanged from 2015 and down from the 2.9 percent estimated in January, ...

  Bloomberg The World Bank forecast Brazil’s recession will extend into a third consecutive year, while Venezuela takes the world’s deepest plunge in 2016. The two will drag Latin America into back-to-back economic contractions for the first time in more than three decades. Brazil will contract 4 percent in 2016 and 0.2 percent next year, with the 2017 outlook revised ...

  Bloomberg Brazil’s Senate confirmed Ilan Goldfajn as the country’s next central bank chief, putting him in charge of controlling above-target inflation without exacerbating the worst recession in over a century. Senators voted 56 to 13 in favour of the former chief economist at Itau Unibanco Holding SA. Goldfajn won’t participate in the rate decision on Wednesday during which economists ...

  Bloomberg Soc. Quimica & Minera de Chile SA, the world’s most profitable major chemicals company, risks fines and losing permits after Chilean authorities said it breached environmental rules. The environmental regulator is charging SQM with setting up water pumps in parts of the Llamara salt-flats where it didn’t have permission, failing to monitor the site as agreed and failing ...

  Bloomberg Yahoo! Inc. is exploring the sale of more than 3,000 patents as part of an effort begun earlier this year to look into ways to monetize its intellectual property. The company has extended efforts on the divestiture of patents and pending patents held by its Excalibur LLC unit that include search, advertising and cloud-based technology, the company said. ...

  BLOOMBERG U.S. gasoline consumption is set to climb to a record this summer as the lowest pump prices in more than a decade encourage Americans to take to the roads. Demand, which typically peaks between the Memorial Day holiday in late May and Labor Day in early September, will average a record 9.5 million barrels during the second and ...