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ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic), has reported on Sunday its financial results for the first quarter ended March 31. Adnic delivered solid performance and growth across key financial metrics, with a net profit of AED122.6 million, a 133.1 percent increase compared to the same quarter last year. Adnic’s performance was driven by ongoing commercial momentum ...

DUBAI / WAM The Commercial Compliance & Consumer Protection (CCCP) sector in Dubai Economy has implemented a new inspection campaign for shops and commercial establishments during the current phase of market reopening in the emirate. All 474 businesses inspected were found to be fully compliant with reopening guidelines, with no fines or closure orders issued, while 14 outlets were warned ...

ABU DHABI / WAM The UAE Minister of Economy, Sultan bin Saeed Al Mansouri, has participated in the extraordinary G20 Digital Economy Ministerial Meeting, which was attended by economic ministers of all G20 member states. The meeting was held virtually, under the presidency of the Kingdom of Saudi Arabia, which is also the host of G20 meetings this year. During ...

ABU DHABI / WAM The UAE has strongly condemned the attack on an armoured vehicle in North Sinai, Egypt that resulted in the death and wounding of a number of soldiers. In a statement, the Ministry of Foreign Affairs and International Cooperation emphasised that the UAE utterly condemns these criminal acts and rejects all forms of violence and terrorism aimed ...

Bloomberg Singapore’s government outlined a plan to expand healthcare facilities for foreign workers as coronavirus cases in the city-state jumped, reversing a downward trend. The Ministry of Health confirmed an additional 932 cases, the vast majority of whom are work permit holders residing in foreign worker dormitories. Five are Singaporeans or permanent residents. That brings total confirmed cases to almost ...

Bloomberg India’s top carmakers couldn’t ship a single vehicle to dealers in April as they shut production after Prime Minister Narendra Modi announced the world’s biggest stay-at-home restrictions to stop the coronavirus from spreading. Maruti Suzuki India Ltd, which produces about half the cars on India’s roads, and Mahindra & Mahindra Ltd, the nation’s biggest SUV maker, recorded no sales ...

Bloomberg Norway’s $1 trillion sovereign wealth fund has been bulking up on stocks that got hammered during March’s historic market decline, adding to stakes in companies such as Carnival Corp. and Royal Dutch Shell Plc. The fund has acquired holdings of 5% or more in seven US-traded companies since mid-March, according to filings by Oslo-based Norges Bank. The list includes ...

Bloomberg Zero-percent financing deals hit a record last month as carmakers kept the US auto market from collapsing. More than one in every four new vehicles sold in April did so with 0% loans, according to market researcher Edmunds. By opening up the lending spigots, the US avoided a reprise of the almost 80% drop automakers experienced in China in ...

Bloomberg Calogero Lo Vetro couldn’t wait to get back to work, describing the scene he saw on his return as “something from a sci-fi movie,” with health monitors decked out like space men checking staff at Fiat Chrysler Automobiles NV’s Mirafiori plant during its preliminary reopening. Lo Vetro, a quality-control officer at the Turin area factory whose models include Fiat’s ...

Bloomberg North Korean troops fired at their South Korean counterparts on Sunday in the demilitarised zone that divides the two countries, a move that comes as its leader Kim Jong-un reappeared in public following an unexplained three-week absence. North Korea fired “several times” at a South Korean military guard post at about 7:41 am, and was met with retaliatory shots ...