London, United Kingdom - World stock markets mostly rose Wednesday as investors jockeyed for position before key US inflation data. London equities climbed after the Bank of England announced that all major UK retail lenders passed stress tests to assess their resilience to economic shocks. Frankfurt and Paris also advanced before...

London, Britain - The UK government has announced plans to reform the Consumer Credit Act (CCA) which is expected to benefit the Islamic finance industry. The proposed reform aims to encourage innovation, enhance credit accessibility, and strengthen consumer protections in the credit sector.  Dr Samir Alamad, a leading expert in...

Thames Water, which supplies 15 million homes and businesses in London and elsewhere in southern England, has debts of almost £14 billion.

LONDON, UK - Shell's chief executive told the BBC on Thursday that cutting gas and oil output would be "irresponsible" because it could further lift energy bills and worsen the cost-of-living crisis. Wael Sawan was asked about recent comments from UN head Antonio Guterres, who had declared it was "moral and...

London, United Kingdom - Stock markets retreated Wednesday on poorly-received Chinese data, as investors looked ahead to the reopening of Wall Street after the Independence Day holiday. "There are fresh concerns about the global economy powering down as data from China's service sector underlines how tepid the post-pandemic recovery has become,...

Gerry Murphy is new chairperson of Britain's biggest retailer.

LONDON, UK - Novak Djokovic warned on Saturday that the "integrity and tradition" of tennis must be preserved should the sport strike a tournament deal with Saudi Arabia. Both the ATP and WTA, which run the money-spinning men's and women's tours, have had discussions with Saudi Arabia. The country has been...

London, UK - Masdar, the UAE’s renewable energy company, has committed to invest £1 billion in British battery storage, following its acquisition of Arlington Energy in October 2022.  Masdar has partnered with Octopus Energy to license its technology platform, Kraken, to manage its battery portfolio at low cost and with...

London, Britain - In Britain to attend London Climate Action Week 2023, COP28 President-Designate, Dr. Sultan Al Jaber, urged investors to fund climate technology and also consulted with youth climate advocates to help shape the COP28 agenda. Dr Al Jaber also collaborated with the UK Government on policies which enable greater...

Responding to reports of a possible renationalization, a government statement said Thames Water's present situation was "a matter for the company and its shareholders".

Lucid Group to help make Aston Martin's luxury 'green' cars.

LONDON, UK -  The Bank of England on Thursday lifted its key interest rate by a half-point to five percent to tackle stubbornly high UK inflation despite such a move worsening a cost-of-living crisis. The higher-than-expected hike to a 15-year high was the 13th increase in a row. "There had been...

DUBAI, UAE - Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, inaugurated on Friday a new international representative office in London, UK. The launch of the new office, which is DIC’s first representative office in Europe and 20th globally, marks a significant step in the...

The merger will lead to network investment of £11 billion over 10 years.

Campaign group Global Witness labelled Wednesday's announcement as a "climate-wrecking U-turn", urging it instead to invest far more in cleaner energy.

Stock markets jumped after data showed US inflation slowed further in May, raising hopes the Federal Reserve will pause its interest rate-hike campaign. Wall Street indices advanced at the open while European markets climbed after official figures showed US consumer prices rose by 4.0 percent year-on-year in May, compared to...

The company had failed to secure new funding, the administrators said.

LONDON, UK - Greenpeace slammed Britain's power grid operator on Monday after it requested the reactivation of a coal-fired power station to meet electricity demand during a heatwave. National Grid ESO has asked energy firm Uniper to fire up a coal unit of its power station in Ratcliffe-on-Soar, central England, according...

London, UK-- Saudi Arabia and the UK have held discussions to boost trade and economic partnership between the two countries. The discussions were held during Saudi Arabia’s Minister of Commerce Dr. Majid Al-Qasabi visit to London, where he held a number of meetings with British ministers and leaders of major...

The UK government said it would scrap a windfall tax on the energy sector should oil and gas prices drop to historically-normal levels for a sustained period. The Energy Profits Levy, introduced after Russia's invasion of Ukraine sent oil and gas prices surging, increased tax on profits from North Sea...

The acquisition is expected to complete by early 2024.

"With some hardliners in the Republican party coming out against the agreement (in a vote due Wednesday), its passage through Congress could be bumpy," warned AJ Bell investment director Russ Mould. "Weak Chinese data also contributed to a subdued market mood with Asian stocks a little sickly."

Stock markets wobbled as a deal to hike the US debt ceiling and avoid a painful default goes to a vote in Congress this week. President Joe Biden and House Speaker Kevin McCarthy hammered out an agreement that saw both sides give ground, a week before a June 5 deadline.

LONDON, UK -  British Business and Trade Secretary Kemi Badenoch will hold talks for a modern, comprehensive trade deal as she visits Qatar, Saudi Arabia and the United Arab Emirates this week, according to a press release issued by the UK Embassy in the UAE. Meeting her ministerial counterparts in...

The merged firm will have a combined revenues of $3.4bn.

BT employs 130,000 staff, including contractors.

Aviation sector is flying high after a tumultuous period

Once it is signed by Brussels and London, it will create a framework for voluntary regulatory cooperation in the area of financial services between the EU and the UK.

Major stock markets advanced after President Joe Biden said he was "optimistic" about finding an agreement on averting a first-ever US default. Stock markets in Europe and Asia kicked the week off with gains amid growing hopes the Democrats and Republicans will reach a deal to avert a US government...

The Bank of England lifted its key interest rate to the highest level since the 2008 financial crisis, noting inflation remained stubbornly high but that the economy would now avoid recession this year. The BoE hiked the rate by a quarter-point to 4.5 percent with UK annual inflation stuck above...

The dollar wobbled following strong gains in the wake of Friday's solid US labor market figures, while oil prices dropped on Chinese data suggesting that recovery in the world's number two economy was still taking time. Focus is now on Wednesday's consumer price index report for April and the following...

Abu Dhabi, UAE - Mohamed Ibrahim Al Hammadi, Managing Director and Chief Executive Officer of Emirates Nuclear Energy Corporation (ENEC), has been selected as the Chair Elect of the World Nuclear Association (WNA) Board of Directors. The position sets Al Hammadi on track to take over as the Chairman of...

Wall Street stocks pushed higher despite data that showed US economic growth is slowing, which raised fresh questions about interest rates hikes. The dollar rose against the euro and yen after the data showed US gross domestic product rose at an annual rate of 1.1 percent in the January to...

The bank's profit was boosted by rising interest rates.

The UK's Competition and Markets Authority prevented the deal "over concerns... (it) would alter the future of the fast-growing cloud gaming market, leading to reduced innovation and less choice for UK gamers over the years to come", the CMA said in a final decision on its long-running probe.

London, UK— The UAE is looking to invest US$160 billion in the new economy sectors like renewable energy over the next three decades. This was stated by Abdullah bin Touq Al Marri, Minister of Economy, in his address at the 13th edition of the City Week 2023 Forum, in London,...

LONDON, UK - The UK will conduct its first test of a new emergency alert service on Sunday, with millions of mobile phones set to emit a loud alarm and vibrate at 3:00pm (1400 GMT). The national system, modeled on similar schemes in Canada, Japan, the Netherlands and the United States,...

London, United Kingdom -- From digital bank Revolut to money-transfer group Wise and payments company Checkout, London is Europe's fintech champion and intends on keeping its crown. "Before Brexit, the UK was a great place" for the sector developing financial technology, Revolut's global head of government affairs, Adam Gagen, told UK...

HSBC's largest stakeholder Ping An says the split will improve business.

Move after GSK demerged its consumer healthcare unit.

Stock markets traded mixed as last week's optimism gave way to worries that central banks may wait longer than expected to end their policy of raising interest rates. After the Paris CAC 40 reached a fresh record-high at 7,552 points, profit-taking set in and the French index was flat in...

Equity markets rose, with Paris hitting a record-high, as investors reacted positively to easing inflation, recession concerns and some strong earnings. The dollar hit a year-low against the euro after official data this week showed high inflation slowing in the United States, fanning hopes the Federal Reserve would soon stop...

DUBAI, UAE - A UAE group highlighted its technological programs and initiatives aimed at boosting the educational system and reviewed cutting-edge educational technology (EdTech) solutions in UK. The group took part in the education technology exhibition and conference – the British Educational Training and Technology Show – (Bett) held in...

Manchester United have received a second Qatari bid to buy the English football giants, British media reported. The reports said that Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber AI Thani, the chairman of Qatar Islamic Bank, had placed a second round offer. British billionaire Jim Ratcliffe made a revised...

The firm's revenue rose 14 percent to nearly US$2.4 billion.

Wall Street rose but European stock markets fell as investors brace for US jobs data that they fear could prompt the Federal Reserve to ramp up interest rate hikes. Markets were rocked this week by Fed chief Jerome Powell's warning that interest rates could rise should the economy show no...

US and European stocks dipped as dealers fretted that the Federal Reserve would push interest rates higher than expected and for longer as it battles high inflation. The euro moved up against the dollar as strong inflation data in France and Spain sparked concerns that the European Central Bank will...

Prime Minister Rishi Sunak and European Commission president Ursula von der Leyen adopted the deal at a meeting in Windsor, west of London. The deal follows more than a year of tense talks over the "Northern Ireland Protocol", which has unsettled the province 25 years on from a historic peace...

London, United Kingdom - A consortium led by a Qatari banker announced it had submitted an offer to take full control of Manchester United, with British billionaire Jim Ratcliffe also reported to have lodged a bid. Sheikh Jassim Bin Hamad Al Thani "confirmed his submission of a bid for 100 percent...

LONDON, UK - The independent network Iran International TV said Saturday it had been forced on UK police advice to shut down its London studios, after a "significant escalation in state-backed threats from Iran". "I cannot believe it has come to this," said the network's general manager, Mahmood Enayat, adding that...