BLOOMBERG FedEx Corp reported profit below analyst expectations as cost cuts weren’t enough to make up for volume declines at the air-freight unit amid a lingering cargo recession. The company lowered its sales forecast for the fiscal year ending on May 31. Adjusted earnings were $3.99 a share, the Memphis, Tennessee-based company said in a statement. Analysts had expected $4.19. ...

AJMAN/ WAM H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, has issued Emiri Decree No.14 of 2023, transitioning Ajman University from a for-profit entity to a non-profit institution. This Decree aims at enhancing the University’s academic and research mission, ensuring its financial independence, and providing educational opportunities to students worldwide. According to the Decree, ...

ABU DHABI/ WAM The United Arab Emirates has dispatched an aid plane carrying 100 tons of power generators to assist civilians affected by the ongoing crisis in Ukraine, aiming to help them cope with harsh winter conditions. The aid includes 1,640 household power generators, each with a capacity ranging from 3.5 kW to 8 kW, designed to provide electricity to ...

RAFAH/ WAM The United Arab Emirates’ “Gallant Knight 3” humanitarian operation has successfully completed the pumping of desalinated water to Palestinians in Rafah, within the Gaza Strip. The water is being pumped from UAE-built desalination plants in Egyptian Rafah through a newly installed 900-metre pipeline. The Palestinian Water Authority in Rafah then takes over the water distribution within the Gaza ...

ABU DHABI/ WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to His Highness Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, Emir of the State of Kuwait, on the occasion of assuming power in the State of Kuwait. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai and ...

ABU DHABI/ WAM Abu Dhabi Islamic Bank (ADIB) has arranged an AED 1 billion sustainable bilateral facility for Aldar Properties PJSC (Aldar). The financing takes Aldar’s total ESG financing facilities to AED 4.8 billion as the company transitions towards sustainable financing for its projects and investments. The transaction underscores both entities’ commitment to supporting environmentally beneficial projects aligned with the ...

ABU DHABI/ WAM In the presence of H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, Sheikh Salem bin Khalid Al Qassimi, Minister of Culture, on Tuesday, honoured 24 winners of the 17th edition of Al Burda Award. The award ceremony, held at Louvre Abu Dhabi, celebrated Islamic arts highlighting the exceptional talents that have enriched the legacy ...

BLOOMBERG Apple Inc’s plan to halt online sales of its smartwatch before Christmas to comply with a regulator’s order shows that it’s in a legal jam. The company has known for almost two months that a ban imposed by the International Trade Commission (ITC) would take effect from December 25 unless it persuaded the Biden administration to intervene — or ...

BLOOMBERG Japan’s benchmark government bond yield fell to the lowest since late July and the Nikkei 225 stock gauge rose to within a whisker of a 33-year high as traders trimmed bets for an interest rate hike in the next few months. The rally in sovereign debt sent the 10-year yield tumbling as much as 8.5 basis points to 0.55%, ...

BLOOMBERG Bond yields across the euro region fell on Wednesday as worsening economic data and slowing inflation underscored expectations for interest-rate cuts next year. Germany’s 10-year yield dropped below 2% for the first time in nine months after a report showed producer prices fell more than expected in November. The Stoxx Europe 600 index reversed an early gain to trade ...