News

  Bloomberg The Bank of England is likely to keep interest rates in painful territory through this year or longer even as the economy falls into recession. Inflation is running five times above the BOE’s target, and Governor Andrew Bailey is concerned that worker shortages are feeding wage pressures. The market is betting on another 1 point increase in the ...

  Bloomberg Alphabet Inc.’s Google has cut most of the jobs at Area 120, its in-house incubator for new projects, as part of a broad wave of layoffs across the company. Three projects in the incubator will “graduate” later this year, meaning they will be folded into Google, a company spokesperson said Friday. “We have made the difficult decision to ...

  Bloomberg EG Group is exploring a merger of its petrol forecourts with Asda Group Ltd. to create a business valued at more than £10 billion ($12 billion), according to the The Times. The Issa brothers and London-based TDR Capital are considering the combination with the supermarket chain to help refinance £7 billion of debt due in 2025, the paper ...

  Bloomberg The US and other industrialized countries may be able to bring inflation down without triggering the huge jumps in unemployment that economists may have predicted prior to the pandemic, according to new research from the Federal Reserve Bank of Chicago. If correct, that might improve the chances for a soft landing of the US economy as the Fed ...

Bloomberg UK Prime Minister Rishi Sunak will look to begin closing a series of pay deals with trade unions, as the government enters 10 days of crunch talks ahead of coordinated strike action planned for early February. Members of the Cabinet have told Sunak he must act fast to avoid a week of strikes that threaten to bring the country ...

  Bloomberg Auto supplier ZF Friedrichhafen AG and Wolfspeed Inc. plan to build a $3 billion wafer factory in Germany’s Saarland to make chips for electric vehicles and other applications, a boon for a region dependent on combustion-engine components, said people familiar with the matter. The go-ahead for the project is subject to commitments on subsidies amounting to a quarter ...

Abu Dhabi / WAM Masdar has demonstrated its commitment to helping African nations in their clean energy transition by signing agreements at Abu Dhabi Sustainability Week (ADSW) 2023 with three countries – Angola, Uganda and Zambia – to develop renewable energy projects with a combined capacity of up to 5 gigawatts (GW). The agreements were signed under the umbrella of ...

  Abu Dhabi / WAM Abu Dhabi Health Services Company (Seha) on Friday inaugurated the third Abu Dhabi Integrated Mental Health Conference, which is taking place till January 21 at the Abu Dhabi National Exhibition Centre (Adnec). Held in cooperation with the Department of Health Abu Dhabi (DoH), the conference is part of the capital’s efforts towards driving mental health ...

  Abu Dhabi / WAM Abu Dhabi National Energy Company (Taqa) announced on Friday that it has entered into the Operations and Maintenance (O&M) of the Taweelah B Independent Power and Water Plant (Taweelah B IWPP) and acquiring an additional stake in the plant. As part of a transaction valued at $65 million (approx. AED239 million), Taqa has completed its ...

Abu Dhabi / WAM Building on its ongoing efforts to improve the healthcare ecosystem from all aspects, the Department of Health – Abu Dhabi (DoH), the regulator of the healthcare sector in the emirate, signed a strategic memorandum of understanding (MoU) with the Geneva Sustainability Centre (GSC). The GSC is an organisation powered by the International Hospital Federation (IHF) focused ...