Uncategorized

  ABU DHABI / WAM Abu Dhabi National Oil Company (Adnoc) on Monday announced the award of an AED2.01 billion ($548 million) contract to build a new main gas line at its Lower Zakum field offshore of Abu Dhabi. The award will increase the Lower Zakum field’s gas production capacity from 430 million to 700 million standard cubic feet per ...

  Dubai / WAM Salik Company, Dubai’s exclusive toll gate operator, on Monday announced its intention to proceed with an initial public offering (IPO) and to list its ordinary shares for trading on the Dubai Financial Market (DFM). In a statement on Monday, Salik stated that one billion five hundred million (1,500,000,000) shares each with a nominal value of AED0.01 ...

  DUBAI / WAM The 1 Billion Meals initiative has announced that it distributed 3.6 million meals in refugee camps in Jordan. The meals, in the form of instantly redeemable smart vouchers, were distributed directly to beneficiaries in collaboration with the United Nations’ World Food Programmeme (WFP). The contributions from the 1 Billion Meals initiative, organised by Mohammed bin Rashid ...

  Abu Dhabi / WAM First Abu Dhabi Bank (FAB) on Monday announced its partnership with Silver Birch Finance Limited to offer inventory solutions to their local and international clients. Silver Birch, headquartered in the UK, is a specialist working capital structuring, advisory and execution firm that supports financial institutions by enabling them to offer corporate clients non-debt solutions to ...

  Bloomberg Europe’s energy crisis is getting worse, piling pressure on the commodities industries that provide building blocks for the continent’s economy. Power- and gas-intensive sectors such as steel, fertilisers and aluminum — the most widely used base metal — are being forced to close factories or pass on soaring costs to customers. Even sugar makers are feeling the pinch. ...

Bloomberg Liz Truss won the bitter race to succeed Boris Johnson as UK prime minister, and will take power with the country facing brutal economic headwinds that threaten to plunge millions of Britons into poverty this winter. The foreign secretary, 47, emerged victorious on Monday after a two-month Conservative Party leadership contest that started with 11 candidates and concluded with ...

  Bloomberg An explosion outside the Russian embassy in Kabul killed a senior diplomat and a security guard, Russia said. A Taliban spokesman confirmed the blast. “An unknown gunman detonated an explosive device in the immediate vicinity of the entrance to the consular section of the Russian Embassy in Kabul,” the Russian Foreign Ministry said in a statement Monday. “Two ...

Bloomberg German Chancellor Olaf Scholz’s coalition agreed on a relief plan worth about 65 billion euros ($65 billion) to help millions of households struggling with soaring prices amid Europe’s harshest energy crunch in decades. Key measures include a vow to cap — and even redistribute — huge profits made by energy companies on the back of the current crisis; increased ...

  Bloomberg US employers added a healthy number of jobs in August and a steady stream of people entering the workforce lifted the unemployment rate, suggesting some easing in the tight labor market and offering mixed implications for the Federal Reserve. Nonfarm payrolls increased 315,000 last month following a revised 526,000 advance in July, a Labor Department report showed. The ...

  Bloomberg Toronto home prices fall for a fifth straight month, the longest skid since 2017, as the property market adjusts to sharply higher interest rates from the Bank of Canada. The benchmark price for a home in Canada’s largest city dropped 2.8% in August compared with the month before to reach C$1.12 million ($854,000), according to data by the ...