June, 2020

• 16 June

  UAE-Australia non-oil trade reaches AED14.5b

  

  ABU DHABI / WAM The non-oil trade exchange between the UAE and Australia totalled AED14.5 billion in 2019, a 17.4 percent increase compared to 2018, reflecting the increasing trade between the two countries, as per a recent report issued by the “Commercial Policies and International Organisations Department” of the Ministry of Economy. The report was issued as part of the ...

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• 16 June

  UAE, US review regional and global developments

  

  ABU DHABI / WAM His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, reviewed ways of fostering the bilateral relations between the UAE and the United States, in a video call with John Rakolta Jr., US Ambassador to the UAE. His Highness Sheikh Abdullah and Ambassador Rakolta discussed the importance of boosting joint cooperation ...

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• 16 June

  Injazat, Hub71 to give UAE startups greater access

  

  ABU DHABI / WAM Injazat, the UAE-based leader in digital transformation and a Mubadala-owned company, and Hub71, Abu Dhabi’s Tech Startup ecosystem, have formed a new partnership to support the commercial development of local startups and to accelerate the adoption of advanced technologies by large enterprises in the UAE. In a joint statement on Tuesday, the companies said that under ...

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• 16 June

  DIB lists $1b sukuk on Nasdaq Dubai

  

  Dubai / WAM Nasdaq Dubai, the region’s international financial exchange, announced it has welcomed the listing on Tuesday of a $1 billion Sukuk by Dubai Islamic Bank (DIB) the largest Islamic bank in the UAE. In a statement, Nasdaq Dubai added that the Sukuk was nearly 4.5 times subscribed with a profit rate of 2.95 percent per annum, with nearly ...

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• 16 June

  Strata completes construction of its JV facility with Solvay

  

  AL AIN / WAM Strata Manufacturing, the advanced composite aero structures manufacturing company wholly-owned by Mubadala Investment Company, has announced the completion of works on the Strata Solvay Advanced Materials (SSAM) high-tech facility in Al Ain, a joint venture with Solvay, Belgium’s materials and chemicals company. The completion of the SSAM facility heralds the beginning of Strata’s diversification journey, with ...

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• 16 June

  Emirates Post resumes postal services to India

  

  DUBAI / WAM Emirates Post has re-started operations to India for all services including Economy Mail, Standard Mail, Registered Mail, Standard Packets, Standard Parcels and Express Parcels, after a period of limited operations in the wake of restrictions imposed on the travel and transport. The reopened channel provides UAE’s large Indian expat population a way to send shipments, including household ...

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• 16 June

  BP writes off billions as Covid redraws ‘rules’

  

  Bloomberg BP Plc will make the biggest writedown in a decade on the value of its business, as the British oil major predicts the coronavirus pandemic will hurt long-term demand and accelerate the shift to cleaner energy. The company sees oil and gas being about 20% to 30% cheaper than before in the coming decades, and expects the cost of ...

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• 16 June

  China likely to ease coal mine closures to meet rising needs

  

  Bloomberg China will likely ease the pressure on local governments to shut older, inefficient coal mines as it seeks to meet rising demand of the most-polluting fuel to spur its economic recovery. Government officials are in the midst of preparing the country’s all-important five-year-plan, the guiding document for policy and industrial development from 2021 to 2025. Unlike the previous edition, ...

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• 16 June

  When an economist from Soviet saw future

  

  Can Nikolai Kondratieff save us — or destroy us? You say: Nikolai who? Kondratieff was a young Russian economist who died in prison in 1938. He developed an economic theory that purportedly explains both the dynamism and the destructiveness of the capitalist economic systems. The source of this explanatory power, he contended, was the existence of “long waves” or “long ...

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• 16 June

  JC Penney faces a tricky rescue

  

  A familiar band of fixers may be coming to JC Penney’s rescue. Can they do it again? Major mall operators Simon Property Group Inc. and Brookfield Property Partners LP, along with Authentic Brands Group LLC, are in talks to buy the bankrupt department store chain, Bloomberg News reported. This coalition has taken similar action before, rescuing teen clothing retailer Aeropostale ...

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