News

  Bloomberg Dollar bonds of China’s largest developer have returned an eye-watering 404% the past month, highlighting the reversal of fortunes in the country’s property sector as policy shifts have brightened investor sentiment. Country Garden Holdings Co notes started slumping in mid-September, just as another round of worry about real estate firms’ liquidity took hold. A dollar bond maturing in ...

Bloomberg Tesla Inc plans to lower production at its Shanghai factory, according to people familiar with the matter, in the latest sign demand in China isn’t living up to expectations. The output cuts will take effect as soon as this week, said the people, who asked not to be identified because the information isn’t public. They estimate the move could ...

  Bloomberg Oyo Hotels said it’s cutting 600 jobs in its corporate and technology departments, or about a sixth of its total workforce. An Oyo spokesman provided the numbers but wouldn’t elaborate on future cuts or restructuring. The company had 3,700 employees before the reduction. SoftBank Group Corp is the largest shareholder in the hotel-booking firm. Oyo last month reported ...

Bloomberg The Opec+ alliance decided to maintain production at current levels, pausing to take stock of a global oil market that’s roiled by uncertainty over Chinese demand and Russian supply. The outcome of the brief online meeting on Sunday reflects the unpredictability of supply and demand in the coming months, and the wild gyrations in prices of the past week. ...

  Abu Dhabi / WAM HH Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in the Al Dhafra Region, and Chairman of the Emirates Red Crescent, affirmed that the UAE is witnessing steady growth in promoting volunteer work, thanks to the directives and initiatives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan. HH Sheikh Hamdan said that the ...

  Dubai / WAM HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council and Chairman of the Board of Trustees of the Dubai Future Foundation, witnessed the signing of three partnership agreements by Dubai Future Labs (DFL), an initiative of Dubai Future Foundation (DFF), with Emirates Airline, DP World, and dnata. ...

  Brussels / WAM In 2021, the EU spent $12.43 billion (€11.8 billion) on imports of non-plug-in hybrid cars (41% of total extra-EU imports of hybrid and electric cars), €11.4 billion on full electric cars (39%) and €5.9 billion on plug-in hybrid cars (20%), according to figures published by Eurostat, the statistical office of the European Union. For all three ...

  Dubai / WAM Dubai’s Roads and Transport Authority (RTA) has awarded contracts for constructing three all-inclusive Truck Rest Stops in partnership with the private sector. The first contract was made with Abu Dhabi National Oil Company (Adnoc), and two contracts with Almutakamela vehicle testing and registration. The contracts provide for the construction of three integrated truck rest stops over ...

  Abu Dhabi / WAM The Abu Dhabi Space Debate kicks off in Abu Dhabi. The two-day event, to be held under the patronage of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, will witness the attendance of 300 decision-makers and representatives from 47 international space institutions and agencies. The Abu Dhabi Space Debate is a unique platform for ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, chaired the UAE cabinet meeting at Al Zorah Natural Reserve in Ajman, in the presence of HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; and ...