News

  ALKESH SHARMA / Emirates Business The economy of UAE — the world’s eighth largest oil producer — fundamentally remains shielded from the global slowdown, thanks to its 300,000 small and medium-sized enterprises (SMEs) that contribute nearly 60 percent to the Gross Domestic Product (GDP). Minister of Economy HE Sultan bin Saeed Al Mansouri has said he expects the contribution ...

  RITIKA SHARMA / Emirates Business From tourism to education and health to bio-diversity, UAE has made considerable strides in diversifying its economic prospects. Medical tourism is one such sector that is helping UAE to add to its highly regarded image of being a shopping or luxury holiday destination. Medical tourism has considerably added to the overall tourism sector of ...

  Dubai / Emirates Business This football season, become a part of Dubai’s biggest indoor viewing venue and support your favourite European team, while enjoying the unique atmosphere of the Dubai Sports City and ENG’s Football Fest and celebrate football with other fans from across the UAE . Showcasing a football tournament which witnesses the clash of the European football ...

  Dubai / Emirates Business Emirates Green Building Council (EmiratesGBC), an independent forum aimed at conserving the environment by strengthening and promoting green building practices, has further strengthened its participatory role in setting the global agenda for sustainable built environments. This was underlined with Habiba Al Marashi, EmiratesGBC co-founder, board member and treasurer, being appointed to the Membership Committee of ...

  Bloomberg Argentina’s President Mauricio Macri will send a public private partnership bill to Congress in the coming weeks that will increase the country’s financing capacity by as much as $90 billion, according to his top adviser on foreign investment. The bill will allow the government to speed up its investment in infrastructure while providing legal guarantees for private sector ...

  Bloomberg Last week’s tepid jobs report may have dominated financial headlines in the U.S., but the oil market quietly had some better news for the American economy. The U.S. petroleum trade deficit, the gap between the value of imports and exports, shrank to a seasonally adjusted $3.13 billion in April, the Census Bureau said on June 3. That left ...

  Bloomberg YPF SA, Argentina’s state-controlled energy firm, named Total SA managing director Ricardo Darre as chief executive officer to lead the country’s biggest company. Darre, the head of the U.S. exploration and production unit since August 2014 at France’s largest oil company, will start July 1, according to an e-mailed statement from Buenos Aires-based YPF. “With the incorporation of ...

  Bloomberg Brazil’s interim government is seeking a market-driven approach for the electricity industry amid waning power demand, growing debt and consecutive losses at the country’s largest power company. The administration of Acting President Michel Temer will scale back heavy-handed policies in the power industry and reduce dependence on state development bank BNDES for financing, said Paulo Pedrosa, executive secretary ...

  Venezuela / AFP Venezuelans facing severe food shortages might have been expected to welcome heavily subsidized bags of rice, milk and other staples — but the controversy didn’t take long to set in. The bags, distributed to poor families every three weeks, represent President Nicolas Maduro’s latest plan to combat the increasingly desperate economic crisis that has taken hold ...

  Beijing / AP China agreed to try to slash excess output of steel, avoid competitive devaluations of its currency and to wind down unprofitable “zombie enterprises,” US Treasury Secretary Jacob Lew said on Tuesday as the two countries wrapped up annual high-level meetings in Beijing. The commitment to persist with reforms to make China’s economy more balanced included specific steps ...