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Dubai / WAM DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has signed an agreement with the United States’ Brooklyn Chamber of Commerce that will see the two entities work together on a number of beneficial initiatives to promote trade and support the international expansion of American businesses through ...
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June, 2022
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11 June
Edge’s Halcon to showcase advanced manufacturing capabilities at Dubai show
ABU DHABI / WAM Edge group entity, Halcon, is marking its first appearance at the Middle East Coatings Show Dubai, and is set to exhibit an advanced range of turnkey manufacturing solutions. Halcon, a regional developer and producer of autonomous and unmanned systems in defence, aerospace and beyond, will be showcasing their Special Manufacturing Division. Equipped with the latest ...
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11 June
One billion Adnoc Rewards points redeemed in 1 month
Abu Dhabi / Gulf Time Customers of Adnoc Distribution, the UAE’s largest fuel and convenience retailer, have redeemed more than 1 billion Adnoc Rewards points in a single calendar month. The milestone, which was achieved last April, is the latest of the loyalty program; the first of its kind to launch in the UAE in November 2019, delivering on ...
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11 June
SZBA invites submissions for 17th edition
ABU DHABI / WAM The Sheikh Zayed Book Award (SZBA) has opened submissions for its 17th edition, which will close on October 1. This announcement follows the success of the 16th edition, which received largest number of submissions across its nine categories since its inception, with more than 3,000 submissions from 55 countries, including 20 Arab nations and 35 ...
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11 June
Dubai Chambers joins Dubai Can sustainability initiative
Dubai / WAM Dubai Chambers has announced its participation in the Dubai Can sustainability initiative by launching a special campaign for its employees to reduce the use of single-use plastic water bottles at the organisation’s headquarters. The announcement was made during a staff gathering event hosted by the chamber. It was attended by Yousuf Lootah, Executive Director, Tourism Development & ...
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11 June
US’ solar-panel makers scorn ‘pittance’ of aid in Biden plan
Bloomberg President Joe Biden’s plan to kick-start domestic solar-panel manufacturing depends for now on a federal fund with less than a half billion dollars that’s already being tapped to pay for products including military drones and baby formula. That funding—even if fully dedicated to solar production—would only be enough to open a few factories capable of cranking out a ...
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11 June
Brazil’s Eletrobras share sale raises $6.9b in equity deal
Bloomberg The stock offering for Brazilian power company Eletrobras raised $6.9 billion, becoming the world’s second-largest equity deal of 2022, while also privatising Latin America’s biggest utility in the process. Eletrobras and state-run development bank BNDES sold a combined 697,476,856 shares at 42.00 reais ($8.56) a piece, a discount of about 2.4%, according to a filing, confirming an earlier ...
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11 June
US may never build new refinery with surging gas prices: Chevron
Bloomberg There may never be a new refinery built in the US despite surging gasoline prices as policymakers move away from fossil fuels, according to Chevron Corp. “We haven’t had a refinery built in the United States since the 1970s,†Chief Executive Officer Mike Wirth said in an interview on Bloomberg TV. “My personal view is there will never ...
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11 June
Eskom’s wage talks raise unions’ ire
Bloomberg Talks between South Africa’s beleaguered power utility Eskom Holdings SOC Ltd and its biggest labor unions on wages have reached a stalemate, the latest crisis for the utility that’s struggling to boost electricity supply. The unions “responded with dismay†after negotiations failed to reach a conclusion during the final round. That’s when Eskom highlighted that it was unprofitable ...
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11 June
Trafigura profit surges despite war raising trading risks
Bloomberg Trafigura Group posted record first-half profit, even after Russia’s invasion of Ukraine forced the commodities giant to pare back its activities as trading risk soared. Wild swings in prices and arbitrage opportunities helped to deliver net profit of $2.7 billion in the six months through March, Trafigura said in a report. At the same time, the war sharply ...
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