The consensus is that the US consumer is still strong enough to propel the economy forward even though the manufacturing sector has weakened. This view underpins expectations for improved corporate earnings in 2020. But the hard economic data strikes a discordant note. In particular, growth in industrial production on a year-over-year basis remains in a decisive downturn, sliding deeper into ...

Being a shopping-mall landlord is a risky business in the age of e-commerce, even in retail-crazy Singapore. So it’s only sensible that CapitaLand Mall Trust is merging with CapitaLand Commercial Trust, which owns offices. The $6.2 billion deal between the two sister real estate investment trusts, or REITs, will create a property owner of some heft. The combined entity will ...

ABU DHABI / WAM First Abu Dhabi Bank (FAB), on Tuesday reported its full year financial results for 2019, announcing a net profit of AED12.5 billion, up 4% from AED12.0 billion in 2018. Commenting on the results, HH Sheikh Tahnoun bin Zayed Al Nahyan, Chairman of FAB, said, “2019 marked another year of growth for FAB, despite challenging market conditions ...

ABU DHABI / WAM The Emirates Nuclear Energy Corporation (Enec), and its subsidiary Nawah Energy Company (Nawah) announced that an extensive operational readiness assessment performed by an international team of nuclear industry experts from the Atlanta Centre of the World Association of Nuclear Operators (WANO), concluded that Unit 1 of the Barakah Nuclear Energy Plant in Abu Dhabi is ready ...

ABU DHABI / WAM The National Central Cooling Company (Tabreed), on Tuesday released its audited financial results for 2019, reporting an 11% increase in net profit to AED472.5 million for full year, adding 51,336 Refrigeration Tonnes (RT), of new customer connections, resulting in the delivery of 1,182,715 RT of cooling capacity. Tabreed’s Board of Directors recommended a cash dividend for ...

Bloomberg Oil traded near the lowest close since mid-October as the market was dominated by alarm that the deadly coronavirus will hurt economic activity in China and beyond. Futures held near $53 a barrel in New York after losing 9% during five straight days of declines on concern reduced travel will hit jet fuel demand in the world’s biggest oil ...

SHARJAH / WAM Bee’ah, the award-winning UAE-based sustainability and environmental services pioneer, has been appointed as the waste management partner for Egypt’s new Administrative Capital, which is being developed by the Administrative Capital for Urban Development and is one of the largest urban development projects in the world. Bee’ah, the six-time winner of Waste Management Company of the Year in ...

DUBAI / WAM Burj Al Arab has been recognised as the ‘Best Hotel in the World’ as well as the ‘Best Hotel in the Middle East’ at the prestigious ‘Ultimate Luxury Travel Related Awards’, ULTRAs, for the second year in a row. Jumeirah Group, a global hotel company and a member of Dubai Holding, has announced that its iconic flagship ...

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, stated that the UAE has prioritised its relations with African countries based on mutual respect and common interests, to achieve the aspirations of their peoples for development, progress and prosperity. The UAE has made ...

Abu Dhabi / WAM In an effort to reinforce the commitment of the Central Bank of the UAE (CBUAE), to achieving the national agenda of Emiratisation and increasing the Emirati workforce, the bank is taking a leading role in Tawdheef, by aiming to recruit 50 UAE nationals by the end of 2020. As a central pillar of reference to the ...