July, 2022

• 28 July

  Tabreed reports net profit of AED240.4 million in H1 2022

  

    Abu Dhabi / WAM The UAE district cooling company Tabreed has released its consolidated financial results for the first six months of 2022, reporting a net profit of AED 240.4 million – an increase of 3% compared to its H1 2021 performance. The company practically doubled the size of its concession capacity in Oman with the acquisition of the ...

  Read More »
• 28 July

  UAE ministry amends provisions of Wages Protection System

  

    Abu Dhabi / WAM Dr Abdulrahman Abdulmannan Al Awar, Minister of Human Resources and Emiratisation, has issued Ministerial Resolution No. 346 of 2022 regarding the amendment of certain provisions of Ministerial Resolution No. 43 of 2022 on the Wages Protection System (WPS). Under the new resolution, the Ministry of Human Resources and Emiratisation (MoHRE) will implement a series of ...

  Read More »
• 28 July

  Emirates adds second daily flight to Tel Aviv

    Dubai / WAM Emirates has announced plans to boost connectivity and increase travel options for customers flying between Dubai and Tel Aviv with a second daily flight, starting October 30. The additional morning frequency is in response to high demand for travel to/from Israel, and builds on the success of Emirates’ existing operation, as the airline reaffirms its commitment ...

  Read More »
• 28 July

  EDB offers free consultancy to SMEs

    ABU DHABI / WAM Emirates Development Bank (EDB) has announced a new drive to offer free expert guidance to its manufacturing customers. EDB is partnering with Future Factory to offer SMEs within EDB’s portfolio practical advice and consultancy services at no charge. The initiative is in line with EDB’s strategy, which revolves around progressing the economic development of the ...

  Read More »
• 28 July

  Over 10mn people visit U.AE in first six months of ’22

  

    Abu Dhabi / WAM The Telecommunications & Digital Government Regulatory Authority (TDRA) announced that more than 10 million people visited the Official Portal of the UAE government (U.AE) during the first half of 2022, an increase of 26% against the same period of last year. Visits to U.AE amounted to approximately 16 million, through which more than 24 million ...

  Read More »
• 28 July

  Boris Johnson isn’t going away and Tories know it

  

  At a Commonwealth summit in Rwanda back in June, Boris Johnson was asked if he’d want to serve a second term in office. “At the moment, I am thinking actively about the third term,” he quipped. That would take him into the mid-2030s, he noted for any who couldn’t do the math. There is little doubt that, even now, Johnson ...

  Read More »
• 28 July

  Has China locked in EV supply chain?

  

    The world’s biggest battery company is turning to abundantly available materials as it looks to upgrade power packs for electric vehicles. While that stands to bring down costs and raise efficiency as raw material shortages abound, it’s an opportunity for countries like India and Brazil to take their chunk of the increasingly lucrative EV supply chain before it gets ...

  Read More »
• 28 July

  UBS just doesn’t want to be Goldman Sachs!

    So that’s clear then. UBS Group AG isn’t trying to build its investment bank just for the sake of “being an investment bank” — the message from Chief Executive Officer Ralph Hamers as he explained the Swiss firm’s poor second-quarter performance versus Wall Street peers. A more selective approach to investment banking may make sense. But investors need to ...

  Read More »
• 28 July

  EU is faking solidarity, and Putin knows it

    The 27 national leaders of the European Union (EU) love to extol the solidarity that binds their countries together. Even the words signal destiny. “Union” comes via French from the Latin unus for “one,” and solidarity from solidus for “firm, whole and undivided.” Like a good marriage, the bloc is meant to be a solidarity union. In reality, it ...

  Read More »
• 28 July

  Lufthansa passengers face day of turmoil as staff strike

  

  Bloomberg Deutsche Lufthansa AG passengers in Frankfurt and Munich faced an almost complete shutdown of operations on Wednesday as a walkout by ground crew forced Europe’s largest airline group to cancel more than 1,000 flights at its two busiest German hubs. The airline axed the services at short notice, slamming unions for causing major damage by escalating a wage dispute ...

  Read More »