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ABU DHABI / WAM Shareholders of Abu Dhabi National Energy Company PJSC (Taqa) have voted at the Company’s Annual General Assembly to approve the transfer of the majority of Abu Dhabi Power Corporation’s (ADPower) water and electricity generation, transmission and distribution assets to Taqa, which is owned by ADQ, one of the region’s largest holding companies. This transaction creates one ...

HADRAMAUT / WAM The Emirates Red Crescent (ERC) has begun its distribution of Ramadan Mir across various districts of the Hadramaut Governorate, targeting underprivileged families, as part of the UAE’s efforts to support the people of Yemen. The ERC responded via its annual Ramadan Mir campaign, which will see 1,000 meals distributed across Hadramaut daily throughout the Holy Month. Hamid ...

ABU DHABI / WAM Private-sector employers must commit to ensuring employee wages are safeguarded and paid on time via the Wages Protection System, said the Ministry of Human Resources and Emiratisation (MoHRE). In a statement, the UAE ministry noted that employers must adhere to Ministerial Decree No. 739 of 2016 concerning the protection of wages, as well as employment contracts ...

DUBAI / WAM The Zayed Higher Organisation for People of Determination (ZHO) on Thursday signed a Memorandum of Understanding (MoU) with Microsoft to enhance its remote learning initiative and ensure continuity in education, the development of skills and social empowerment of people with disabilities. The MoU was signed between Abdullah Al Humaidan, General-Secretary at ZHO, and Sayed Hashish, General Manager ...

Bloomberg The French and Spanish economies plunged into record contractions and German unemployment climbed more than expected amid virus shutdowns that are pushing Europe into its deepest recession of the post-war era. France shrank 5.8%, the most since 1949, with Spain suffering a 5.2% drop in GDP. The figures highlight the dramatic effect of government-ordered shutdowns as just two weeks ...

Bloomberg A gauge of Russian manufacturing slumped to the lowest level since records began in 1997 as lockdowns across Europe choked demand. The Manufacturing Purchasing Managers’ Index (PMI) fell to 31.3 in April, down from 47.5 in March, IHS Markit said on Thursday. The median estimate of eight economists surveyed by Bloomberg was for 40.5. “Output and new orders contracted ...

Bloomberg The euro-area economy plunged into a record contraction, an outcome that will only add more urgency to controversial demands for joint European fiscal support. Output in the 19-country region shrank 3.8%, reflecting shutdowns to contain the coronavirus that have pushed businesses close to collapse, sent unemployment surging and forced governments to unleash billions of euros in emergency stimulus. As ...

Bloomberg President Donald Trump is facing a turning point in his bid for re-election, betting that a handful of Southern and Midwestern states can reopen their economies without triggering an even deeper public health crisis. If it works out, Trump can claim he was right all along about quickly lifting stay-at-home restrictions that are damaging the economy. If it doesn’t ...

ABU DHABI / WAM Abu Dhabi Power Corporation (ADPower) announced the world’s lowest tariff for solar power. This came as ADPower’s subsidiary, Emirates Water and Electricity Company (EWEC), delivered a virtual read-out of five consortia’s technical and commercial bids for the 2 GW Solar Photovoltaic (PV) Independent Power Producer (IPP) project – to be located in Abu Dhabi. The project ...

FUJAIRAH / WAM Oil product stockpiles at Port of Fujairah rose 6.1 per cent week on week to 24.65 million barrels, marking the highest level in two weeks, according to data exclusively obtained by S&P Global Platts on Wednesday. The gains were led by light distillate stocks jumping 24 per cent week on week to 7.466 million barrels, an eight-week ...