Bloomberg The International Monetary Fund (IMF) has urged the Central Bank of Nigeria to reduce its interventions on the foreign-exchange market and allow banks to set the naira’s conversion rate. This will stop speculation around possible devaluation fuelled by dollar shortages, rising inflation, limited debt servicing capacity and restrictions on dollar transactions, the IMF said after a mission. “These factors ...

Bloomberg Apple Inc is preparing to begin sourcing chips for its devices from a plant under construction in Arizona, marking a major step towards reducing the company’s reliance on Asian production. Chief Executive Officer Tim Cook made the disclosure during an internal meeting in Germany with local engineering and retail employees as part of a recent tour of Europe, according ...

  Bloomberg Fiat, the Italian car brand owned by Stellantis NV, said it will bring the 500e, an electric version of its urban minicar, back to North America in 2024, roughly three years after it yanked the model from US dealerships. The Fiat 500e, which is currently made at its Mirafiori plant in Turin, Italy, has been doing well in ...

  Bloomberg Google agreed to pay a total of $391.5 million to 40 US states to resolve a probe into controversial location-tracking practices that the Alphabet Inc. unit says it already discarded several years ago, in what state officials are calling the largest such privacy settlement in US history. Google will “significantly improve” its location-tracking disclosures and user controls starting ...

  Bloomberg VinFast, an electric vehicle maker backed by Vietnam’s richest man, is weighing whether to hold its planned initial public offering in the US as soon as January 2023. The unit of conglomerate Vingroup JSC could raise at least $1 billion but it could also be more depending on interest, one of the people said, asking not to be ...

  ABU DHABI / WAM The Global Media Congress, which was held under the patronage of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court, has successfully enhanced its stature as a pioneering regional and international platform for the media industry. The event’s first edition, which concluded on November 17 in Abu Dhabi, ...

Abu Dhabi / WAM AD Ports group on Friday announced that it has acquired Noatum, a global integrated logistics platform with a presence in 26 countries and LTM revenue and Ebitda of AED6.91 billion and AED555 million, respectively. The total purchase consideration (enterprise value) for 100 percent ownership amounts to AED2.5 billion, implying an LTM EV/Ebitda of 4.6x. This value ...

  Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to Sultan Haitham bin Tariq Al Said of Oman on the occasion of his country’s 52nd National Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, sent a ...

Abu Dhabi / WAM Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, has partnered with Abu Dhabi Islamic Bank (Adib), Wio Bank, and Rakbank to facilitate knowledge sharing on latest banking developments and support small and medium-sized enterprises (SMEs) with access to key financial services. The announcements were made during the first edition of Abu Dhabi ...

  Abu Dhabi / WAM With the successful closing of the acquisition of Zakher Marine International (ZMI), Adnoc Logistics & Services (Adnoc L&S) continues to grow as a competitive, world-class logistics and services company. The acquisition of ZMI, an Abu Dhabi-based owner and operator of offshore support vessels, with the world’s largest fleet of self-propelled, self-elevating jack-up barges, marks another ...