Bloomberg Warren Buffett’s surprise bet on Japan’s trading houses is paying off as the companies expect a record-breaking rebound in profits. The trading companies, known as “sogo shosha” in Japan, boosted their net income outlook after the rebound in prices of everything from crude oil to iron ore. Buffett shocked the world in 2020 when Berkshire Hathaway Inc announced ...

  Bloomberg Oil retreated from a fresh seven-year high as Opec+ agreed to another modest hike in output and Iran said its ready to supply markets quickly if sanctions are removed. West Texas Intermediate edged lower 0.2% after hitting its highest level since 2014 earlier in the session. Global benchmark Brent traded near $89 a barrel, with prices steeply backwardated ...

  Abu Dhabi / WAM The UAE has welcomed the apology made by Mohamed Hussein Roble, Prime Minister of the Federal Republic of Somalia, for the incident that took place at Mogadishu Airport in April 2018, involving seizure of funds and aid sent to support the people of Somalia. The Ministry of Foreign Affairs and International Cooperation said in a ...

  Abu Dhabi / WAM Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (Added), urged Japanese investors and entrepreneurs to benefit from investments opportunities in Abu Dhabi and the suitable business environment to thrive and enhance relations. Bilateral trade between the UAE and Japan reached $30.5 billion last year; UAE exports to Japan rose to ...

  DUBAI / WAM DP World, the leading provider of smart logistics solutions, and the Government of Angola, on Wednesday signed a memorandum of understanding (MoU) with the aim of cooperating to further develop the country’s trade and logistics sector. The MoU was signed in Luanda by Eugenio de Lima Fernandes, National Director for Concession Economics, and Suhail Al Banna, ...

  ABU DHABI / WAM Following receipt of the necessary regulatory approvals, Mubadala Investment Company and Trafigura completed the sale of 100 percent of Spanish mining operation Minas de Aguas Teñidas (Matsa) to the Australian mining and exploration company Sandfire Resources. Matsa owns and operates two mines in the municipality of Almonaster La Real and one mine in the province ...

  Dubai / WAM The number of food establishments in Dubai has been increased by 50% during the past year. Dubai Municipality’s Food Safety Department has registered 1,343 new food establishments in 2021. As a result, the number of inspections also increased by 12% compared to 2020. The department carried out 76,195 inspection visits to food establishments in emirate last ...

  ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Wednesday received members of the Higher Committee of Human Fraternity. During the meeting, held at the Sea Palace in Abu Dhabi, His Highness Sheikh Mohamed commended the committee’s efforts in promoting the ...

  Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Wednesday met Pedro Sanchez, the Prime Minister of Spain, at Expo 2020 Dubai. The meeting was held in the presence of HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime ...

  Abu Dhabi / WAM The Sheikh Zayed Grand Mosque’s main prayer hall housed the world’s largest carpet, a unique masterpiece with dazzling beauty and design. The carpet was hand-knotted by a group of the world’s most skilled artists and weavers. The wool and cotton carpet was hand-crafted by around 1,200 artisans. It is 5,400 square metres, with 40 knots ...