December, 2019

• 29 December

  Toms Shoes creditors to take over firm to fix debt

  Bloomberg Creditors of Toms Shoes LLC, the popular footwear seller that’s been struggling to weather declining sales amid a pile of looming debt, have agreed to take over the company in exchange for restructuring its debt. The group of creditors, led by Jefferies Financial Group Inc., Nexus Capital Management LP and Brookfield Asset Management Inc. will assume the ownership from ...

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• 28 December

  UAE committed to safety, security of peaceful nuclear programme

  

  VIENNA / WAM The UAE is strictly committed to its nuclear policy principles of transparency, safety and security, sustainability and international cooperation to ensure that its Peaceful Nuclear Energy Programme is developed in line with the highest standards, said Hamad Al Kaabi, Ambassador and Permanent Representative of the UAE to the International Atomic Energy Agency (IAEA). In a statement made ...

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• 28 December

  Dubai’s nine-month non-oil foreign trade hits AED1.02tn

  

  DUBAI / WAM Dubai’s non-oil foreign trade volumes surged to 83 million tonnes in the first nine months of 2019, an increase of 22 percent year-on-year from 68 million tonnes in the corresponding period last year. The volume of re-exports skyrocketed 48 percent to reach 13 million tons. Exports rose by 47% to 14 million tonnes while imports grew by ...

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• 28 December

  UAE condemns terror attack in Mogadishu

  ABU DHABI / WAM The UAE has strongly condemned the terror attack by a car bomb on a security checkpoint in Somalia’s capital, Mogadishu, which resulted in death of numerous innocent civilians and the wounding of others. The Ministry of Foreign Affairs and International Cooperation stressed that UAE strongly condemns these criminal acts and fully rejects all forms of violence, ...

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• 28 December

  Sudan to lift subsidies on fuel in 2020, rise wages

  

  Bloomberg The transitional government in Sudan is planning a set of economic and political reforms, including removing fuel subsidies gradually in 2020, Reuters reported, citing Finance Minster Ibrahim Elbadawi. The subsidies for wheat and cooking gas would be retained to help the poor, he told reporters, Reuters said. Subsidies are a major burden on the government’s finances, which have been ...

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• 28 December

  Oil posts longest run of weekly gains since April on crude draw

  

  Bloomberg Oil posted the longest run of weekly gains since April as prices followed equities higher and a government report showed US crude inventories falling to the lowest in two months. Futures in New York were little changed, clinging to a three-month high. The Energy Information Administration reported that oil inventories fell 5.47 million barrels while supplies at the key ...

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• 28 December

  Iraq shuts oil field over protestors safety worries

  

  Bloomberg Iraq, Opec’s second-biggest producer, halted output from a southern oil field as protesters walked close to installations. Other southern fields will make up the amount from the shutdown, which won’t affect the country’s output. The halt is temporary until the Nasiriya field, which produces 80,000 to 85,000 barrels a day, is clear of protesters. The closure was a precautionary ...

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• 28 December

  UAE extends $300mn of development aid to Jordan

  Abu Dhabi / WAM The Abu Dhabi Fund for Development (ADFD), announced that it is providing $300 million in development aid to the Hashemite Kingdom of Jordan. The Fund said in a statement, “The UAE leadership’s decision reaffirms the commitment to standing alongside the brotherly leadership and people of Jordan, reflecting the nation’s foreign policy that carries the legacy of ...

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• 28 December

  Dubai home to region’s most vibrant creative sector

  

  DUBAI / WAM A new survey on local perceptions of Dubai’s brand has revealed that the city is home to the most vibrant creative sector in the region. The survey, which looked at perceptions of Dubai’s creative sector among UAE-based arts and culture professionals and consumers in comparison to other countries in the region, was commissioned by the Dubai Culture ...

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• 28 December

  Dewa receives International Risk Management Award

  

  LONDON / WAM In recognition of its leadership in business continuity and corporate resilience, Dubai Electricity and Water Authority (Dewa) received the International Risk Management Award from Continuity, Insurance & Risk (CIR). “This award demonstrates the important role of risk management, resilience, and business continuity in realising Dewa’s vision to become a globally leading sustainable innovative corporation. It also supports ...

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