News

  Bloomberg As if managing the Brexit crisis weren’t enough, the U.K. government also needs to find £100 bn ($132 bn) to keep the lights on nationwide after 2020. With more than a dozen power plants due to close in the next decade, PM David Cameron’s government has been working to lay out incentives that will draw in money for ...

  Bloomberg The U.S. and Mexico will commit to joining Canada in boosting their use of wind, solar and other carbon-free sources of electricity, helping North America meet an ambitious goal of generating at least 50 percent of its energy from “clean” sources by 2025. The pledge is set to be made as part of a trilateral summit of North ...

  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 ...