May, 2020

• 2 May

  Alphabet makes record stock buybacks

  Bloomberg Alphabet Inc. is defying political taboos with record stock buybacks as mass unemployment and economic uncertainty boosts scrutiny for the long-controversial practice. S&P 500 companies are set to reduce buybacks by an estimated 50% this year, according to Goldman Sachs. Yet, the Google parent company bought $8.5 billion of its own shares in the first quarter alone. That’s the ...

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April, 2020

• 30 April

  568 UAE factories produce 5.96m tonnes of food yearly

  

  DUBAI / WAM The Emirates Food Security Council, in conjunction with the Ministry of Energy and Industry, has revealed that 568 factories in the UAE produce 5.96 million tonnes of food and beverage (F&B) products annually, with 2.3 million tonnes comprising essential food items. Releasing a statement to highlight the efficiency of the UAE’s food production landscape, the council announced ...

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• 30 April

  Oil rises for second day as global output cuts deepen

  

  Bloomberg Oil jumped for a second day as global production cuts deepened and signs of a fledgling demand recovery emerged. Futures in New York rose by as much as 18%. Norway said it will participate in oil-output cuts for the first time since 2002, joining other major producers in reining in supply. Data on Wednesday showed a surprise surge in ...

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• 30 April

  UAE reaffirms position on political solution in Libya

  ABU DHABI / WAM The United Arab Emirates has affirmed its commitment to achieving a political solution in Libya and called for an immediate and comprehensive ceasefire. In a statement issued on Thursday, the Ministry of Foreign Affairs and International Cooperation emphasised the UAE’s support for a political solution to end the ongoing Libyan crisis in line with the outcomes ...

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• 30 April

  China’s oil dream dims as state giants cut Capex by $19 billion

  

  Bloomberg Despite marching orders from China’s top leader Xi Jinping to maximize oil and gas production, the energy sector is bending to the reality of the coronavirus pandemic-fuelled market collapse. The nation’s three biggest state producers will slash their spending plans this year by a combined $19 billion, with PetroChina Co.’s 32% chop leading the way, the fattest among global ...

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• 30 April

  Euro-area economy dips into record contraction

  

  Bloomberg The euro-area economy plunged into a record contraction, an outcome that will only add more urgency to controversial demands for joint government fiscal support. Output in the 19-country region shrank 3.8%, reflecting shutdowns to contain the coronavirus that have pushed businesses close to collapse, sent unemployment surging and forced governments to unleash billions of euros in emergency stimulus. Italy, ...

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• 30 April

  Covid-19: UAE sends medical aid to B’desh

  ABU DHABI / WAM The United Arab Emirates on Thursday sent an aid plane containing seven metric tons of medical supplies to Bangladesh to bolster the country’s efforts to curb the spread of Covid-19. The aid will assist approximately 7,000 medical professionals as they work to combat the virus. Commenting on the aid delivery, Saed Mohammed Al Muhairi, UAE Ambassador ...

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• 30 April

  Taqa shareholders approve ADPower deal

  

  ABU DHABI / WAM Shareholders of Abu Dhabi National Energy Company PJSC (Taqa) have voted at the Company’s Annual General Assembly to approve the transfer of the majority of Abu Dhabi Power Corporation’s (ADPower) water and electricity generation, transmission and distribution assets to Taqa, which is owned by ADQ, one of the region’s largest holding companies. This transaction creates one ...

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• 30 April

  ERC offers Ramadan Mir to Hadramaut residents in Yemen

  

  HADRAMAUT / WAM The Emirates Red Crescent (ERC) has begun its distribution of Ramadan Mir across various districts of the Hadramaut Governorate, targeting underprivileged families, as part of the UAE’s efforts to support the people of Yemen. The ERC responded via its annual Ramadan Mir campaign, which will see 1,000 meals distributed across Hadramaut daily throughout the Holy Month. Hamid ...

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• 30 April

  ‘Employee wages must be safeguarded, paid on time’

  

  ABU DHABI / WAM Private-sector employers must commit to ensuring employee wages are safeguarded and paid on time via the Wages Protection System, said the Ministry of Human Resources and Emiratisation (MoHRE). In a statement, the UAE ministry noted that employers must adhere to Ministerial Decree No. 739 of 2016 concerning the protection of wages, as well as employment contracts ...

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