August, 2022

• 9 August

  Adnoc Distribution reports AED1.56bn net profit in H1

  

    Abu Dhabi / WAM Adnoc Distribution reported strong first half results for 2022, recording an Ebitda of AED1.99 billion and net profits of AED1.56 billion. Adnoc Distribution witnessed year-on-year growth in total fuel volumes, up 9% in H1 2022 compared to H1 2021, while the company’s corporate fuel volumes recorded sustained growth with a 27% year-on-year increase, underpinned by ...

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• 9 August

  Foreign ministry, ECI ink deal to promote UAE’s trade, investment

  

    Abu Dhabi / WAM The Ministry of Foreign Affairs and International Corporation (MoFAIC) and Etihad Credit Insurance (ECI), the UAE’s federal export credit company, signed a memorandum of understanding (MoU) to promote increased global trade and investment. Both entities agreed to work together to position the UAE as an ideal destination for trade and investment, highlighting its stable and ...

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• 9 August

  New campaign launched to encourage Emiratis to take up private sector jobs

    Abu Dhabi / WAM The Emirati Talent Competitiveness Council (ETCC), chaired by His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of the Presidential Court, and ETCC Board Chairman, on Monday launched the “NAFIS..Your Way” campaign. The campaign aims to highlight the success stories of talented Emiratis in the private sector and the benefits of working ...

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• 9 August

  BPGIC continues to operate its facilities in Fujairah in full capacity

  

    Fujairah / Gulf Time BPGIC FZE, a bulk storage provider situated in the Fujairah Oil Industrial Zone and next to the Port of Fujairah, reported that its terminal in Fujairah was not being affected by the recent adverse weather conditions and no damages to the infrastructure were reported. The award winning terminal facilities, which are mainly automated, are designed ...

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• 9 August

  DIFC launches global family business, private wealth centre

  

    DUBAI / WAM The Dubai International Financial Centre (DIFC) announced the launch of the first Global Family Business and Private Wealth Centre (Centre) in the region and worldwide. DIFC is the first financial centre in the world to create a unique offering at a time when an estimated AED3.67 trillion ($1 trillion) in assets will be transferred to the ...

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• 9 August

  Why British Conservatives went cold on Rishi Sunak

  

  A year ago, Rishi Sunak was the runaway favourite to be the next Tory leader, with Liz Truss polling only a third of his support. He started the contest in front in surveys of members and won the parliamentary stage of the race comfortably. Polls now put Truss miles ahead. And while the voting by Conservative Party members, less than ...

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• 9 August

  Alibaba shows it’s tough to quit habits

  

  Slowing growth and a rise in corporate spending have spurred global technology companies to boost revenue from non-consumer offerings. Apple Inc, Microsoft Corp, Amazon.com Inc and Taiwan Semiconductor Manufacturing Co are among those who’ve built solid business models around the rise in cloud services. Alibaba Group Holding Ltd has failed to follow the trend, and looks unlikely to do so ...

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• 9 August

  Where did all oligarchs’ yachts and assests go?

    Tourism in wartime has created a new kind of beach activity — tracking superyachts linked to Russian wealth. These temples of conspicuous consumption, which got a huge boost in orders during the pandemic, are symbols of the new geopolitical order dominating soft-power travel hot spots like the French Riviera. Boats linked to Russian oligarchs not known for their discretion ...

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• 9 August

  US military faces no shortage of ‘new’ crises

  From the Suwalki Gap to the Taiwan Strait, the US military faces no shortage of potential crises. But perhaps its biggest challenge lies close to home: A dwindling number of Americans are able and willing to serve in uniform. To maintain the military’s edge, the Pentagon needs to rethink how it recruits and retains troops — while also preparing to ...

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• 9 August

  Rolls-Royce’s exiting CEO posts earnings miss as long-haul lags

  

  Bloomberg Rolls-Royce Holdings Plc CEO  Warren East unveiled lackluster first-half results in his final earnings presentation while saying a mounting recovery in long-haul travel means the jet-engine maker should still hit its full-year financial targets. The UK engineering giant posted an underlying operating profit of 125 million pounds ($152 million) for the first six months, down from 307 million pounds ...

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