ABU DHABI / WAM Borouge, a leading petrochemical company that specialises in innovative and distinctive polyolefin solutions, held its inaugural Annual General Meeting (AGM) on Monday. Shareholders voted to approve a final dividend of $650 million for the fiscal year 2022, approximately 7.9 fils per share, which brings the total post-IPO dividend paid (June-December 2022) for the year to $975 ...

ABU DHABI / WAM Iva Hamel, the World Bank Representative in the UAE, has praised the UAE for being the most progressive country in the Middle East and North Africa in terms of women’s empowerment. She commended the UAE’s commitment to supporting women’s role in the community and increasing their economic opportunities. In her statement to WAM, Hamel said that, ...

ABU DHABI / WAM Adnoc Gas stocks increased their gains and capital profits to more than AED33.8 billion on the first day of trading after the company’s initial public offering (IPO) at the Abu Dhabi Securities Exchange (ADX). The company’s market capital rose from AED181.9 billion to AED215.6 billion by the end of Monday’s trading session, closing at AED2.81 per ...

BLOOMBERG Russia remains India’s main source of weapons even as the nation has drastically trimmed purchases, highlighting the challenge for Prime Minister Narendra Modi of recalibrating New Delhi’s dependence on Moscow, while its borders with both China and Pakistan remain tense. Russian weapon imports dropped by 19% for the five year period starting 2018 compared to a similar time frame ...

BLOOMBERG Xi Jinping started an unprecedented third term as China’s president with fresh vows to ensure stability and strengthen party leadership, as he faces a future of slower growth and greater confrontation with the US. “Security is the foundation for development, and stability is the precondition for prosperity,” Xi said on Monday to close out the annual National People’s Congress ...

BLOOMBERG Pakistan’s former premier Imran Khan is requesting the courts to hear his cases in a high-security judicial complex in the country’s capital after he skipped a lower court proceeding where he would have been formally indicted. The legal tussles over Khan’s appearance in various court cases adds to the political turmoil that has gripped the South Asian nation since ...

BLOOMBERG Chinese President Xi Jinping and Ukrainian leader Volodymyr Zelenskiy plan to speak by video link in what would be their first conversation since Russia’s invasion, a Ukrainian official familiar with the preparations said. No date has yet been set for the conversation, the person said, speaking on condition of anonymity to discuss matters that aren’t yet public. There was ...

LATAKIA / WAM The UAE’s “Bridges of Goodness” relief campaign launched on Monday in Latakia, Syria, in support for the quake victims as part of the Operation “The Gallant Knight 2”. The campaign is organised by the Emirates Red Crescent (ERC) in collaboration with the Syrian Arab Red Crescent (SARC). Engineer Amer Ismael Hilal, Governor of Latakia, along with a ...

BLOOMBERG General Electric (GE) Co jumped the most in more than two years after forecasting continued expansion of profit margins at its aviation division as an independent business. The GE Aerospace business, which now primarily makes and services jet engines, should also see revenue growth at a mid- to high-single-digit rate and generate free cash flow “in line with net ...

BLOOMBERG Gap Inc shares tumbled after the retailer reported quarterly sales that missed Wall Street’s estimates, an indication that it struggled to attract shoppers during the holiday season despite deep discounts. Comparable sales, a key gauge for retailers, fell 5% in the fourth quarter ended on January 28, compared with analysts’ average estimate of a 2.7% decline. Gap expects the ...