Bloomberg Mercedes-Benz, which has fixated for years on leading the auto industry in luxury-vehicle sales, will put less emphasis on volume and restructure its operations to be more profitable in the midst of a costly shift to electric cars. Daimler AG’s main division will aim for a return on sales in the mid to high single-digit range by 2025, even ...

TEL AVIV / WAM The UAE’s General Civil Aviation Authority (GCAA) signed an air transport services agreement with the Civil Aviation Authority of Israel, to strengthen the bilateral air transport relations between the two countries. Abdulla bin Touq Al Marri, UAE Minister of Economy and Chairman of the Board of Directors of GCAA, and Israel Katz, Minister of Transport of ...

Abu Dhabi / Emirates Business Etisalat group on Wednesday announced its consolidated financial statement for the third quarter of this year ending on September 30. The company reports six per cent increase in profit to AED2.4 billion in third quarter and said its group’s revenue stood at AED13 billion during period with 149 million subscribers. In the third quarter, consolidated ...

Abu Dhabi / WAM National Central Cooling Company (Tabreed) on Wednesday announced that it has successfully raised AED1.8 billion with a 7-year, 2.5% coupon bond issuance. With orders coming from around 140 high quality local and international investors, the issuance was oversubscribed almost 5 times at its initial size of $400 million, demonstrating strong investor confidence in Tabreed’s solid credit ...

Dubai / WAM The Federal Authority for Government Human Resources has announced that Thursday, October 29, will be a public holiday for federal government employees to mark the birthday of the Prophet Mohammed. A circular issued by the Federal Authority for Government Human Resources on Wednesday added that work will resume on Sunday, November 1.

Bloomberg Oil dropped after an industry report pointed to a surprise increase in American crude stockpiles, countering optimism over a potential US stimulus agreement. The American Petroleum Institute (API) reported crude inventories climbed by almost 600,000 barrels last week, according to people familiar with the data. That contrasts with a stockpile decline forecast in a Bloomberg survey. Brent crude futures were ...

Abu Dhabi / WAM Dr Omar Abdulrahman Al Hammadi, Official Spokesman of the UAE government, revealed statistics that reflect the health situation in the country while Dr Farida Al Hosani, Official Spokesperson of the Health Sector, highlighted the progress in vaccine production, its objectives and the differences between various vaccines. This came during the media briefing held periodically by the ...

SHARJAH / WAM His Highness Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, inaugurated the Al Subaihiya Suburb Council in Khorfakkan on Wednesday morning. After unveiling the official plaque to announce the inauguration of the council, the Ruler of Sharjah toured the building’s majlises, offices and halls. His Highness was also briefed on the ...

Brasilia / WAM The Governor of Brasilia Province, Ibaneis Rocha, has praised the humanitarian and medical aid provided by the UAE to Brazil, which contributed to strengthening the efforts of medical professionals as they work to combat the spread of Covid-19. This came during his meeting with the UAE Ambassador to Brazil, Saleh Ahmad Salem Al Suwaidi, wherein they discussed ...

ABU DHABI / WAM Emirates Global Aluminium (EGA) on Wednesday announced that its employee-led continuous improvement programmemes have delivered almost AED60 million in cost savings since the start of the year. Since January, EGA employees also submitted 18,400 ideas through the company’s suggestion scheme to solve operational, safety and environmental challenges, with cost savings of over AED28 million. EGA’s ‘Tamayaz’ ...