July, 2022

• 23 July

  Abacus joins e-Empower initiative of Khalifa Fund

  

    Abu Dhabi / WAM Khalifa Fund for Enterprise Development has welcomed Abacus, a leading vendor of business management solutions, as the latest e-Empower partner. Abacus, the official Sage provider in the Mena region, will offer Khalifa Fund applicants specialised packages to enhance their digital capacities. Within the agreement, Abu Dhabi entrepreneurs will have access to awareness sessions on digital ...

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• 23 July

  Emirates to operate third flight to London Gatwick

  

    Dubai / Gulf Time Emirates will increase the frequency of its services to/from London Gatwick airport with the addition of a third daily flight, effective July 27 until August 3. This third daily flight will help serve high demand from customers travelling to and from London this summer. It will also provide additional seats to accommodate Emirates passengers affected ...

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• 23 July

  FTA’s inspection visits up 104% in H1 2022

    ABU DHABI / WAM The Federal Tax Authority (FTA) significantly expanded its efforts in collaboration with various government departments, ministries and authorities to protect consumers from non-compliant products, combat tax evasion, and ensure compliance with tax legislations and procedures. During the first half of this year, the FTA carried out 9,948 inspection visits in local markets across the country ...

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• 23 July

  Reduction of single-use plastic bags made positive impact

  

    DUBAI / WAM Dr Suhail Al Bastaki, Director of Happiness and Marketing Department at Union Coop, confirmed that consumers had interacted positively with the decision to limit single-use plastic bags since its implementation on July 1. He added that consumers are using recyclable and environmentally friendly bags that can be used multiple times while making a purchase. He pointed ...

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• 22 July

  Global oil map seen shifting as industry embraces renewables

  

    Bloomberg The world’s oil map is being redrawn as the industry becomes increasingly intertwined with renewables, according to consultancy Wood Mackenzie Ltd. Oil majors that want to reduce their carbon footprint will have to shift their activities to energy basins where drilling rigs can be powered by renewables and which have ample space for carbon sequestration, said Andrew Latham, ...

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• 22 July

  Surging energy prices to push one in three UK homes into fuel poverty

  

    Bloomberg Surging energy prices are projected to push one in three British households into fuel poverty by October, intensifying the cost-of-living crisis and heaping pressure on the new prime minister to take swift action. The number of homes spending more than 10% of total income on energy will jump to 8.2 million that month, when bills are set to ...

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• 22 July

  Gas turbine for Gazprom’s Nord Stream 1 still in transit in Germany

  

  Bloomberg A gas turbine for the operation of Gazprom PJSC’s Nord Stream 1 pipeline that’s the main route of gas transport from Russia to Germany is held up in transit after maintenance in Canada, the latest twist in an ongoing spat between the two countries. The turbine is currently stranded at an undisclosed location in Germany because Russia hasn’t provided ...

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• 22 July

  Hindustan Zinc weighs expansion

    Bloomberg Hindustan Zinc, a unit of billionaire Anil Agarwal’s Vedanta, is considering expanding overseas as a way to profit from growth opportunities in Europe. “There is a strategic thought that we could venture into the international market,” Hindustan Zinc Chief Executive Officer Arun Misra said in a phone interview. “Europe provides us with an opportunity, the make or break ...

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• 22 July

  Alcoa warns 20% of aluminum capacity is unprofitable

  

    Bloomberg Alcoa Corp warned that surging costs around the globe have rendered as much as 20% of aluminum-production capacity unprofitable. Despite rising worldwide aluminum demand, Alcoa will be pinched by escalating costs for energy and raw materials, Chief Executive Roy Harvey said during a call with analysts. “Based on June’s average prices, we estimate that between 10% to 20% ...

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• 22 July

  The populist experiment in Italy has failed, finally!

  

  Italy is back in crisis, unsurprisingly. The political cycle that started with a populist earthquake in 2018, bringing together fringe forces of the left and right in an unusual coalition, has ended the same way it started — with a bitter shock to the system and market turbulence over the future of Italy. Along the way, it has fuelled the ...

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