Bloomberg The US Transportation Department is awarding some $450 million in grants for port-related projects to bolster capacity and improve the movement of goods as the US economy continues to be affected by congested supply chains, senior Biden administration officials say. “We’re proud to announce this funding to help ports improve their infrastructure — to get goods moving more ...

  Bloomberg United Parcel Service Inc lost a court fight for about $2 billion in compensation over the European Commission’s 2013 botched veto of its takeover bid for TNT Express. The European Union’s General Court on Wednesday dismissed the challenge, deciding that UPS failed to show how it had suffered damage. The dispute kicked off soon after UPS scrapped its ...

Bloomberg Germany’s economy minister said the country could do without Russian gas. But that won’t be easy. Europe’s industrial powerhouse currently relies on Russia’s Gazprom PJSC for more than half its gas. And if anything, demand will only grow as the country phases out nuclear and coal-fired electricity. No. 2 supplier Norway is already pumping at full tilt, and Germany ...

  Bloomberg Munich Re more than doubled profits last year as the German reinsurer bounced back from the Covid-19 crisis with the highest gross premiums in its history. Net income rose to 2.9 billion euros from 1.2 billion euros the previous year, according to a statement from the Munich based company on Wednesday. It had forecast profit of 2.8 billion ...

  Bloomberg The European Union unveiled new rules that will make it easier for users to transfer data generated from products like Amazon.com Inc.’s Alexa or a Tesla Inc. vehicle. The European Commission’s Data Act will set rules on how companies can access so-called non-personal data, or data that does not contain any information that identifies an individual. The proposal ...

  Bloomberg European equities rose with US futures on Wednesday as investors assessed limited initial Western sanctions against Russia amid the Ukraine standoff. The Stoxx 600 Europe Index and S&P 500 futures both added about 0.8% while contracts on the Nasdaq 100 gained more than 1%. The mood was brighter, when the S&P 500 fell into a technical correction after ...

  Bloomberg Russian markets have taken historic losses this year and the message coming from traders is that more declines may be ahead for the ruble. Options pricing suggests there’s a 50% chance the ruble will sink to a record low against the dollar within the next two months — dipping below levels from 2016 when the economy was mired ...

  Bloomberg Sri Lanka’s stock market trading was halted twice on Wednesday after a gauge of blue-chip shares tumbled more than 8%, highlighting the mounting economic crisis prompted by a shortage of dollars and surging inflation. The benchmark Colombo All Share Index settled 2.7% lower at 11,285.37 after a slide in a measure of the nation’s top 20 stocks by ...

  ABU DHABI / WAM The United Arab Emirates has strongly denounced the terrorist Houthi militia’s attack on King Abdullah bin Abdulaziz Airport in Jizan with a bomb-laden drone, which was intercepted by the Coalition Forces. In a statement issued on Tuesday by the Ministry of Foreign Affairs and International Cooperation (MoFAIC), the UAE affirmed that the thwarted attack on ...

  Abu Dhabi / WAM Singapore-based Princeton Digital Group (PDG) has closed an equity investment from Mubadala Investment Company (Mubadala) as a lead investor for $350 million. Both existing shareholders in PDG, Warburg Pincus and Ontario Teachers’ Pension Plan Board (Ontario Teachers’), also invested in this round, with the total exceeding half a billion dollars. Established in 2017, PDG is ...