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Bloomberg A record number of Canada’s largest businesses are seeking protection from creditors, a testament to the strains companies are under because of the coronavirus pandemic. In the three months through June, 27 firms were granted protection under Companies’ Creditors Arrangement Act (CCAA), a federal law that gives insolvent corporations that have debt of more than $3.7 million an opportunity ...

Bloomberg The European Union (EU) praised “good progress” in tackling risky suppliers of core fifth-generation mobile network equipment and called on other member states to follow suit. With countries in the region under intensifying US pressure to ban China’s Huawei Technologies Co., the bloc published a report that assessed how well governments were reducing security risks in the shift to ...

Dubai / WAM Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, on Wednesday rang the market-opening bell at Nasdaq Dubai to celebrate the listing of a $750 million conventional bond. The capital raised will assist the activities of Emirates NBD. The perpetual bond is callable after six years and pays a coupon of 6.125 percent. The ...

Dubai / WAM Dubai Islamic Bank (DIB) on Wednesday announced its net profit reached AED 2.12 billion during the first half of the year, as it continues to demonstrate healthy profitability whilst ensuring prudence in growing the balance sheet. According to financial results for the period ending June 30, the bank’s total income reached AED 6.82 billion whilst net operating ...

Abu Dhabi / WAM The Abu Dhabi Department of Education and Knowledge (Adek) has issued holistic guidelines to reopen private schools with safety measures in place for the new academic year. Adek has worked extensively over the last few months with schools, parent representatives, teachers and the relevant authorities to make these policies as comprehensive as possible. The policies are ...

Bloomberg For the first time since the West’s five energy supermajors were created in the early 2000s, all of them are set to post a quarterly loss. Once a money-making machine, Big Oil is now relying on ever-increasing amounts of debt, raising the pressure on highly prized dividends. BP Plc may cut its payout for the first time since the ...

Bloomberg China vowed retaliation after the US forced the closure of its Houston consulate, prompting stocks to fall in one of the biggest blows to diplomatic ties between the two countries in decades. The US government gave China three days to close its consulate in America’s fourth-most populous city in an “unprecedented escalation,” Chinese Foreign Ministry spokesman Wang Wenbin told ...

Abu Dhabi / WAM Etihad Cargo, the cargo and logistics arm of the Etihad Aviation Group, is set to streamline regulatory compliance screening processes for shipments via a new partnership with E2open, a leading provider of intelligent supply chain solutions. Scheduled to be fully operational by November, the E2open application implementation will enable Etihad Cargo to automate cargo screening against ...

ABU DHABI / WAM The Department of Culture and Tourism – Abu Dhabi, DCT Abu Dhabi, has launched ‘Picture Yourself in Abu Dhabi’ initiative in order to take full advantage of the current proliferation of remote communication and video conferencing applications due to the Covid-19 pandemic. The initiative, which has been rolled out for Abu Dhabi Government entities, gives users ...

Dubai / WAM The Dubai Gold and Commodities Exchange (DGCX) announced that it has partnered with American University of Sharjah (AUS) to foster the next generation of professionals across the finance sector. Through the collaboration, the DGCX will offer AUS undergraduate students the opportunity to participate in an internship programme and educate them about how the DGCX operates and the ...