ABU DHABI / WAM The newly established Abu Dhabi Exports Office (Adex), and the Abu Dhabi Chamber of Commerce and Industry (Abu Dhabi Chamber), signed a Memorandum of Understanding (MoU), to cooperate on a series of initiatives. Through the partnership, the two entities aim to leverage the innovative financial products and services offered by the Adex to elevate the international ...

DUBAI / WAM DP World’s parent company Port and Free Zone World has offered to acquire the 19.55 percent of DP World’s shares traded on Nasdaq Dubai, returning the company to private ownership. According to a statement released by the company, the move will enable DP World to focus on its medium-to-long-term strategy of “transforming from a global port operator ...

MUNICH / WAM Dr Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, emphasised the UAE’s support for a political solution to the Libyan crisis and highlighted in this regard Germany’s efforts through the Berlin track, considering it the only manner of achieving security and stability in Libya. In his speech before the first meeting of the International Follow-Up ...

Bloomberg Oyo Hotels & Homes, the Indian lodging startup, reported a four-fold increase in revenue for the year ending in March 2019, a dated but detailed disclosure of results at the controversial company backed by SoftBank Group Corp. The six-year-old Oyo increased revenue to $951 million for the fiscal year 2019, from $211 million for the previous year. Losses climbed ...

Bloomberg Most US factories in China’s manufacturing hub around Shanghai will be back at work this week, but the “severe” shortage of workers due to the coronavirus will hit production and global supply chains, according to the American Chamber of Commerce in Shanghai. While about 90% of the 109 US manufacturers in the Yangtze River delta expect to resume production ...

Bloomberg China’s annual auto show, which was scheduled to be held in Beijing in April, will be pushed back because of the novel coronavirus outbreak. The new date for the Beijing International Automotive Exhibition, originally scheduled for April 21-30, will be announced at a later date, the organiser said. The postponement of the show in the world’s largest auto market ...

Bloomberg India, the world’s second-most populous nation, is facing the ripple effects of shutdowns in China with production of medicines to mobile phones being hit as supply chain disruptions prolong. Prices of paracetamol, the most commonly used analgesic, have jumped by 40% in India, while the cost of azithromycin, an antibiotic used for treating a variety of bacterial infections, has ...

Bloomberg China’s provinces are facing the economic fallout from the coronavirus with depleted ammunition, given they were already bracing for a deterioration in public finances before the outbreak hit. More than half of mainland provinces expect slower expansion of revenue in 2020 than last year’s average local income growth, according to their budgets published before the disease outbreak became widespread ...

Bloomberg Indonesia’s exports slumped in January just as the coronavirus began spreading, with Finance Minister Sri Mulyani Indrawati warning of a hit to global trade. Exports fell 3.7% from a year ago versus a median estimate for a surplus of 1.2% in a Bloomberg survey of economists, the statistics office said on Monday. Imports declined 4.8%, resulting in a trade ...

Bloomberg Infraestructura Energetica Nova SAB said a draft proposal by Mexico’s energy regulator to modify some transmission permits would make it impossible to supply power to new partners or carry out any expansion plans. In a letter posted in response to the draft proposal, the Mexican subsidiary of the US’s Sempra classifies it as “high regulatory impact” and argues that ...