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Bloomberg Prime Minister Narendra Modi has vowed India will defend its sovereignty in his first public statement since deadly clashes along its contested border with China resulted in the deaths of 20 Indian troops and an unknown number of Chinese casualties. “India wants peace,” Modi said in a televised address on Wednesday. “But when provoked India will and is capable ...

Bloomberg Chancellor Angela Merkel’s cabinet signed off on plans to raise another 62.5 billion euros ($70 billion) in debt to finance the country’s largest stimulus program in recent history. The proposal has yet to be approved by parliament and would increase net borrowing to 218 billion euros this year. In March the Bundestag, or lower house, had already authorised a ...

Bloomberg UK inflation slowed to just a quarter of the Bank of England’s (BOE) target in May, boosting the case for policy makers to add to their stimulus plan at their meeting this week. Consumer prices increased just 0.5% from a year earlier, the weakest since 2016, amid falling prices of auto fuel and recreational goods. The core rate, which ...

Bloomberg Alternative assets such as infrastructure and real estate have been a popular way for Nordic pension funds to pump up returns. But the latest crisis just exposed how risky many corners of the asset class are, when liquidity suddenly dries up. As the chief investment officer of Ilmarinen Mutual Pension Insurance Co., Mikko Mursula oversees about 46 billion euros ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...