News

  Buenos Aires / AFP General Motors will invest $740 million in its plant in Rosario, Argentina, to produce the Chevrolet Cruze II mostly for export, the US carmaker announced on Thursday. The news came as President Mauricio Macri visited the factory 280 kilometers (174 miles) north of Buenos Aires. The plant expansion will make it possible to produce the Cruze ...

  Bloomberg Oi SA, Brazil’s most indebted phone company, said its first-quarter loss widened as customers jumped ship for bigger competitors in the wireless segment. Oi posted a net loss of 1.64 billion reais, according to a statement sent to Brazil’s securities regulator Thursday. That compares with a loss of 880.7 million reais projected by analysts, the average of three ...

  Bloomberg The Chilean peso weakened the most among emerging-market currencies as international investors offload their positions on the currency following weak data from China. Foreign investors have increased short positions in the Chilean peso forwards market by $1.2 billion in the past week while local investors, mostly pension funds hedging their currency exposure, have refrained from adding to their ...

Bloomberg Treasury 30-year bond returns pushed past 10 percent for 2016 as the U.S. prepares to sell $15 billion of the securities on Thursday. The long bonds yield 2.60 percent, more than any other benchmark maturity in the U.S., the U.K., Germany or Japan. Thirty-year debt is leading a rally in Treasuries as traders push back bets for when the ...

  RIYADH / WAM The UAE has participated in the 26th meeting of the GCC Ministerial Committee for Planning and Development held today in Riyadh. In the meeting the ways to enhance integration and co-ordination in the planning and development fields among GCC member states were discussed. The participants also discussed a number of issues related to joint work and ...

ABU DHABI / EMIRATES BUSINESS Abu Dhabi National Insurance Company (ADNIC) announced on Wednesday its financial results for the first quarter, ended March 31. The Company reported a net profit of AED 39 million for this period, a growth of 670% over the same period of last year. The Company’s net investment income contributed 22.5 million towards the bottom-line profit ...

  Dubai / WAM HH Sheikh Mansour bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai International Marine Club (DIMC) has honoured the top performers in the fourth ‘Consumer Friendliness Index’ of the Department of Economic Development (DED) in Dubai at a special ceremony held on Wednesday. Retailers from seven sectors were honoured along with LuLu Hypermarket and Alshaya Group, ...

  Sharjah / Emirates Business Expo Centre Sharjah, which is spread across 128,000 square metres and houses high-tech exhibition facilities, successfully held a fire and emergency evacuation drill on Wednesday. The drill was aimed at assessing the preparedness and efficiency of the security and safety systems at Expo Centre Sharjah, given that the facility regularly hosts thousands of exhibitors, visitors ...

  Abu Dhabi / WAM The UAE’s Federal Authority for Nuclear Regulation (FANR) on Wednesday hosted a seminar to discuss the 2011 nuclear accident at Japan’s Fukushima Daiichi Nuclear Power Station and the steps taken by the UAE entities to prevent a similar event from happening at the Barakah Nuclear Power Plant, now under construction in the Western Region of Abu ...

  Abu Dhabi / Emirates Business Al Masaood Automobiles, the exclusive distributor of Infiniti in Abu Dhabi and Al Ain, unveiled the two new Infiniti premium crossovers at an exclusive VIP event in Abu Dhabi. The Infiniti QX60 and QX50 were unveiled at the IREDI (Infiniti Retail Environment Design Initiative) Infiniti Centre at Landmark Tower to more than 80 VIP ...