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Markets

2,639.48 0.41%
Volume
140,767,639
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0.41%
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4,068
24
Up
3
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4
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Traded stocks 31
4,974.84 1.27%
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51,478,607
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2,879
17
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NBF
4.75
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0.8
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1.21
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3.83
ADNIC
3.06
DNIR
4
Methaq
0.64
Al Madina
0.22
FAB
14.82
DIB
5.13
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4.34
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8.49
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0.34
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0.59
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0.2
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0.88

Emirates Business


New York passes its own version of Green New Deal with aggressive goals

Bloomberg New York’s Senate has passed the state’s own version of the Green New Deal — a climate bill that will set the most aggressive clean energy target in the country, more than triple the state’s solar capacity and unleash wind power off the coast.The legislation, which was approved 41-21 and is expected to clear the Democratic-led Assembly, would boost the amount of solar power in New York to 6 gigawatts by 2025 from about 1.7 gigawatts currently. It also calls for 9 gigawatts of offshore wind power by 2035. None of the state’s electricity currently comes from offshore wind.The...

Adobe sales up 25% to $2.74 billion in Q2

Bloomberg Adobe Inc. reported quarterly revenue that topped Wall Street estimates, signalling the Photoshop maker’s expanding prod-uct suite is continuing to fuel growth.Sales increased 25 percent to $2.74 billion in the fiscal second quarter from a year earlier, the San Jose, California-based company said in a statement. Analysts, on average, projected $2.7 billion.For more than a decade, Chief Executive Officer Shantanu Narayen has sought to diversify the company known for creative software. Adobe made two big-ticket acquisitions in the past year, Magento, an e-commerce company, and Marketo, which sold marketing software, and is now working to integrate its bigger line...

PG&E reaches $1 billion wildfire settlement with local agencies

Bloomberg PG&E Corp., the California utility giant that went bankrupt five months ago amid crippling wildfire liabilities, has reached a $1 billion settlement with local government agencies that were harmed by blazes its equipment ignited.The company has been juggling the interests of wildfire victims, activist investors and state lawmakers and regulators as it tries to come up with a restructuring plan.The deal between PG&E and 14 public entities includes a settlement for the town of Paradise, which was destroyed in November’s Camp Fire — the deadliest in California history. The agreement doesn’t affect lawsuits filed by individual homeowners and businesses...

Trudeau okays Trans Mountain crude oil pipeline expansion

Bloomberg Prime Minister Justin Trud-eau’s government decided to proceed with the construction of a major crude oil pipeline, saying the project has met strict requirements on safety and consultation with Canadian indigenous groups.Trudeau’s cabinet approved the expansion of Trans Mountain, a state-owned pipeline that runs from Alberta to Vancouver. The project will add 590,000 barrels of daily shipping capacity, a 15 percent boost to Western Canada’s current 4 million. Trudeau said the corporation responsible for building the pipeline hopes to have shovels in the ground in the current construction season.“Take a look at my record, and you’ll see that I’ve...

Sanad Aerotech grows global footprint with Europe pacts

ABU DHABI / WAM Abu Dhabi-based maintenance, repair and overhaul (MRO) provider, Sanad Aerotech, has announced its expanding its international customers network in Eastern Europe, signing two maintenance agreements with Russian Nordwind and Bulgarian BH Air.The partnership agreements come after Sanad Aerotech and Rolls-Royce announced a landmark $6.5 billion engine maintenance agreement including component repair to operators globally over a nine-year period and signify Sanad Aerotech’s collaboration with leading operators in Eastern Europe for the first time.Sanad Aerotech CEO, Mansoor Janahi said, “We’re thrilled to increase our global footprint into the Eastern European region, expanding our work with leading operators...

UAE draws AED111.7 billion of FDI flows in three years

ABU DHABI / WAM The United Arab Emirates drew up to AED111.7 billion in FDI flows during the period from 2016 through 2018, bringing its overall volume of foreign investments to circa AED511 billion.According to the World Investment Report 2019, released by the United Nations Conference on Trade and Development, the UAE ranked 27th globally in attracting FDI flows in 2018, three positions up from its 2017’s classification by UNCTAD.

Oil advances on optimism for economic stimulus, Opec meet

Bloomberg Oil rose, reversing earlier declines, as the European Central Bank said it may pump more stimulus into the region’s economy and the Organization of Petroleum Exporting Countries (Opec) and its allies made progress in setting a date to discuss extending supply cuts.Futures gained as much as 4.5 percent in New York. The Organization of Petroleum Exporting Countries and its allies have shifted their focus to mid-July for the next meeting to discuss extending production cuts, after talks between Russia and Iran made some progress towards resolving a standoff over the date.“Europe sold oil this morning on a stronger dollar,...

Abu Dhabi non-oil foreign trade surges 3.1% to AED51.8bn in Q1

ABU DHABI / WAM The value of non-oil foreign merchandise trade through Abu Dhabi ports increased to as much as AED51.8 billion from January to March 2019, 3.1 percent up from AED 50.2 billion in the comparable period last year, according to figures released by Abu Dhabi Statistics Centre (SCAD).This was the result of a 37.7 percent increase in re-exports from AED9.5 billion to an amount of AED 13.1 billion, while the value of imports and non-oil exports decreased by 7.7 percent and 0.2 percent in the same period.Total trade decreased by 11.8 percent in March 2019 as compared with...

Abu Dhabi, IEA sign partnership pact

Abu Dhabi / WAM The Abu Dhabi Department of Energy (DoE) has signed a strategic partnership with the International Energy Agency (IEA) in order to promote knowledge exchange and resource development with a focus on training, capacity building and participation in international events and conferences.A memorandum of understanding (MoU) signed by the two parties focusses on one of the areas where both of them can collaborate, as well as the executive procedures that will be undertaken to achieve the desired results.

UAE pharma market to top $4.5b

Abu Dhabi / Emirates Business The importance of the regional pharmaceutical market will be discussed at the global pharmaceutical event CPhI Middle East and Africa, when it returns to Adnec in September, as the UAE’s pharmaceutical market is expected to increase in value to $4.5 billion by 2021.The event will tackle growing trend to import majority of pharma products to region and how local manufacturing can help meet growing demand.Cara Turner, Brand Director – Pharma, UBM EMEA, the organisers of the event. Said, “In 2016, UAE pharmaceutical market was worth $3.17 billion, however in last three years we have seen...

SRTI Park launches Sharjah innovation economy report

Sharjah / WAM The Sharjah Research Technology and Innovation Park (SRTI Park) launched the Sharjah Innovation Economy Report at a special ceremony on Monday.The event, held under the patronage of HH Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, took place at Al Jawaher Reception and Convention Centre.Based on a series of events and joint efforts between Sharjah stakeholders and the British Government represented by Future Cities Catapult, the report highlights the next steps to be taken by SRTI Park to support the Emirate of Sharjah’s journey towards establishing a knowledge economy and becoming...

Trump curbs might cut Huawei revenue by $30b

Bloomberg Huawei Technologies Co founder Ren Zhengfei expects US sanctions to curtail its revenue by about $30 billion over the coming two years, wiping out the networking giant’s growth by withholding critical American technology.Sales at China’s largest technology company will likely remain stagnant at about $100 billion in 2019 and 2020, the billionaire said during a panel discussion, quantifying for the first time the hit from a plethora of Trump administration restrictions. Huawei however will aim to maintain its research and development budget and refrain from layoffs or major asset sales. The sale of a majority slice in Huawei Marine...