分类: business

  • US ends penny-making run after more than 230 years

    US ends penny-making run after more than 230 years

    The United States is bidding farewell to the penny, a one-cent coin that has been in circulation for over 230 years. The Philadelphia Mint will produce its final batch of pennies on Thursday, marking the end of an era. While the coins will remain in circulation, businesses are already adjusting prices as pennies become increasingly scarce. The decision to halt production is driven by economic considerations, with the government estimating annual savings of $56 million. President Donald Trump, who first announced the plans in February, framed the move as a step toward eliminating waste in the national budget. Pennies, which honor Civil War president Abraham Lincoln and are made of copper-plated zinc, now cost nearly four cents each to produce—more than twice the cost a decade ago. The rise of electronic transactions has further diminished the penny’s relevance, with the Treasury Department noting that approximately 300 billion pennies remain in circulation, far exceeding commercial needs. A 2022 government analysis revealed that about 60% of all coins in circulation, equivalent to $60-$90 per household, are stashed away at home, deemed not worth trading in. However, the phase-out may have unintended consequences for consumers. A study by the Richmond Federal Reserve estimates that businesses rounding up prices could cost shoppers $6 million annually. The US is not alone in this trend; countries like Canada, Australia, and New Zealand have also phased out their lowest-value coins. Attention in the US has now shifted to the nickel, which costs nearly 14 cents to produce despite its five-cent face value. Retiring the nickel could have a more significant financial impact, potentially costing consumers $55 million annually.

  • Talent plan launched in Shanghai to boost global green transition

    Talent plan launched in Shanghai to boost global green transition

    Shanghai has taken a significant step toward fostering global green transition with the launch of the ‘Industrial Green-Collar Talents Initiative.’ This groundbreaking program, unveiled during the G20 Entrepreneurship Roundtable 2025 held from November 4 to 5, aims to cultivate talent and promote synergistic development in the green supply chain industry. The initiative is a collaborative effort between Tsinghua University’s Entrepreneurship Research Center on G20 Economies and Horen Group, a leading smart logistics packaging solutions provider based in Shanghai.

  • UAE-UK flights: Advisory issued for Emirates, Etihad passengers flying to Manchester

    UAE-UK flights: Advisory issued for Emirates, Etihad passengers flying to Manchester

    In a significant operational update, UAE-based carriers Emirates and Etihad Airways are set to transition their services to Terminal 2 at Manchester Airport. This move, announced by the UK airport, will see Etihad Airways relocating from November 12, followed by Emirates on November 18, 2025. Both airlines operate direct flights between their respective hubs in Abu Dhabi and Dubai to Manchester, a city renowned for its industrial heritage and vibrant cultural scene.

    The shift is part of Manchester Airport’s broader £1.3 billion Transformation Programme, initiated in 2015, aimed at enhancing passenger experience. Terminal 2, which already hosts several international carriers including Gulf Air, British Airways, and Turkish Airlines, will now accommodate these two prominent UAE airlines. Check-in facilities for Terminal 2 are located on the upper level of the terminal.

    Manchester Airport has assured passengers that all airlines will directly communicate the details of the transition, with airport staff available to assist during the move. This change underscores the airport’s commitment to improving service quality and operational efficiency.

    Emirates has further bolstered its presence in Manchester by deploying its newly retrofitted Airbus A380 aircraft, featuring Premium Economy cabins. Since June 6, the airline has expanded its Premium Economy offering to nearly 5,000 weekly seats on flights to and from the UK. This upgrade aligns with Emirates’ strategy to enhance passenger comfort and cater to the growing demand for premium travel options.

    Manchester, known for its iconic football teams and legendary music scene, continues to attract international travelers, making it a key destination for UAE carriers. The relocation of Emirates and Etihad to Terminal 2 is expected to streamline operations and provide passengers with a more seamless travel experience.

  • Call for entries issued for the 2026 Middle East & North Africa Stevie® Awards

    Call for entries issued for the 2026 Middle East & North Africa Stevie® Awards

    The Stevie® Awards, renowned for hosting the world’s premier business awards programs, has officially opened submissions for the 2026 Middle East & North Africa (MENA) Stevie Awards. This seventh annual edition, presented in collaboration with the RAK Chamber of Commerce & Industry, celebrates innovation in the workplace across 18 MENA nations, including Algeria, Bahrain, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Syria, Tunisia, Türkiye, the United Arab Emirates, and Yemen. The awards are open to all organizations—public or private, for-profit or non-profit, large or small—with no entry fees required. Winners of Gold, Silver, and Bronze awards may opt to pay a nominal fee to maintain their winner status. Nominations can be submitted online through two deadlines: December 3, 2025, for reduced winners’ fees, and January 21, 2026, as the final deadline. Winners will be announced on April 16, 2026, and honored at a gala event on May 14, 2026, at the InterContinental Hotel in Istanbul, Türkiye. The 2026 competition introduces new categories, such as AI Innovation Awards and Public Sector Innovators, reflecting the region’s rapid advancements in technology and modernization. Maggie Miller, President of the Stevie Awards, emphasized the program’s role as a leading platform for showcasing business excellence and innovation. A new website and entry system have been launched to streamline participation, offering multilingual support and seamless nomination management. The 2025 winners included prominent organizations like Abu Dhabi Customs, Deloitte & Touche, and Saudi Aramco, among others. Over 150 global professionals will judge the 2026 entries. For more details, visit: https://mena.stevieawards.com/Judges/you-be-the-judge.

  • China’s Singles’ Day online shopping bonanza’s sales slow as shoppers opt for more affordable deals

    China’s Singles’ Day online shopping bonanza’s sales slow as shoppers opt for more affordable deals

    China’s Singles’ Day, the nation’s largest online shopping festival, recorded a 17.6% increase in sales this year, reaching an estimated 1.7 trillion yuan ($238 billion). However, the growth rate slowed compared to previous years, reflecting cautious consumer spending amid economic headwinds. The prolonged property market slump, stagnant wages, and high youth unemployment have led shoppers to prioritize affordability over extravagance.

  • UAE: Etihad Rail could have a stop at Dubai’s new Al Maktoum International Airport

    UAE: Etihad Rail could have a stop at Dubai’s new Al Maktoum International Airport

    The UAE’s ambitious Etihad Rail project is set to revolutionize transportation by potentially integrating with Dubai’s Al Maktoum International Airport at Dubai World Central (DWC). This strategic move could allow passengers to check in directly from train stations, enhancing convenience and efficiency. Paul Griffiths, CEO of Dubai Airports, revealed in an interview with Flight Global that the planned Etihad Rail network is expected to include a stop at DWC, fostering a seamless travel experience. The passenger train service, scheduled to launch in 2026, is projected to accommodate approximately 36.5 million passengers annually by 2030. The rail network will connect key cities across the UAE, including Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah, Fujairah, Al Ain, Ruwais, Al Mirfa, Al Dhaid, Ghuweifat (bordering Saudi Arabia), and Sohar in Oman via the Hafeet Rail project. Additionally, a new high-speed electrified line between Abu Dhabi and Dubai will feature six stations, including one near Al Maktoum Airport, reducing travel time between the two cities to just 30 minutes. This development aligns with Dubai’s broader strategy to expand its transport infrastructure and accommodate growing passenger demand. In April 2024, the Dubai government announced plans to transfer all operations from Dubai International (DXB) to Al Maktoum International (DWC), which will boast a new Dh128-billion passenger terminal capable of handling 260 million passengers annually. This transition is expected to be completed within a decade, addressing DXB’s capacity constraints. Griffiths emphasized the goal of creating a frictionless airport experience, leveraging artificial intelligence to optimize aircraft scheduling and passenger connections. As Dubai continues to innovate, the integration of Etihad Rail with Al Maktoum International Airport marks a significant milestone in the region’s transportation evolution.

  • Global shares advance after the Dow hits a fresh record

    Global shares advance after the Dow hits a fresh record

    Global stock markets experienced a broad-based rally on Wednesday, with European and Asian indices climbing higher following a record-breaking performance by the Dow Jones Industrial Average. The resurgence in technology stocks, particularly those tied to artificial intelligence (AI), has fueled investor optimism after last week’s volatility. In Europe, France’s CAC 40 rose 0.5% to 8,193.98, while Germany’s DAX surged nearly 1.1% to 24,357.28. The UK’s FTSE 100 edged up 0.1% to 9,906.82. Futures for the S&P 500 and Dow Jones also indicated positive momentum, gaining 0.4% and 0.2%, respectively. In Asia, Japan’s Nikkei 225 advanced 0.4% to close at 51,063.31, despite SoftBank Group’s shares dropping 3.5% after the company disclosed the sale of its entire $5.83 billion stake in Nvidia, a leading AI chipmaker. Hong Kong’s Hang Seng rose 0.9%, while the Shanghai Composite remained nearly flat. The U.S. bond market was closed for Veterans Day, and concerns persist over the Federal Reserve’s ability to navigate economic challenges amid a government shutdown that has delayed critical economic data. Meanwhile, oil prices dipped slightly, with U.S. crude falling to $60.70 a barrel and Brent crude dropping to $64.85. The U.S. dollar strengthened against the Japanese yen but weakened slightly against the euro.

  • FTSE 100 closes at record high on rate cut bets; AstraZeneca shines

    FTSE 100 closes at record high on rate cut bets; AstraZeneca shines

    The FTSE 100 index soared to a record high for the second consecutive session on Tuesday, driven by growing expectations of a Bank of England (BoE) rate cut in December and a stellar performance by pharmaceutical giant AstraZeneca. The blue-chip index closed up 1.2% at 9,899.6 points, while the mid-cap FTSE 250 also saw gains of 0.8%. AstraZeneca, Britain’s largest listed company by market value, surged 2.6%, extending its momentum from last week’s impressive quarterly results. The optimism for a rate cut was fueled by recent labor market data showing unemployment in the UK rising to 5%, the highest level in four years, alongside a continued slowdown in wage growth. Deutsche Bank’s chief economist, Sanjay Raja, noted that the cooling labor market and decelerating pay momentum should encourage the BoE’s Monetary Policy Committee to consider easing rates. In the currency market, the pound initially dipped against the dollar but later stabilized. The pharmaceutical and healthcare sectors were among the top performers, with GSK and Haleon rising 3% and 3.2%, respectively. Energy companies also saw gains, with Shell and BP climbing 2.2% and 2.6%, supported by higher oil prices due to U.S. sanctions on Russian oil. Vodafone surged 8.3% to a two-year high after raising its annual profit forecast and increasing dividends for the first time in eight years. Oxford Instruments, a scientific tools maker, experienced its largest single-day gain in nearly four years, soaring 14.9%. However, not all companies fared well; Hilton Food plummeted 22.7% to a decade-low after warning of challenging profit growth in the upcoming financial year.

  • How Dubai’s luxury hotels continue to redefine hospitality

    How Dubai’s luxury hotels continue to redefine hospitality

    Dubai’s luxury hotels are leading a transformative wave in the hospitality industry, driven by surging travel demand and evolving guest expectations. In 2025, these establishments have not only contributed to the city’s tourism success but have become its driving force. According to recent data from Cavendish Maxwell, five-star hotels in Dubai have shown remarkable growth across all hospitality metrics. Between January and August, the city’s total room supply exceeded 152,000 across over 800 properties, with luxury hotels accounting for more than 54,000 rooms. The average occupancy rate reached 78.5%, solidifying Dubai’s position as a global leader in dynamic and resilient hospitality markets. Beyond the impressive statistics, Dubai’s luxury hotels are redefining the essence of luxury. Today’s guests seek more than opulent rooms and flawless service; they crave meaningful experiences that reflect a sense of place, identity, and purpose. At IHG Hotels in Dubai Festival City, this trend is evident as travelers prioritize authenticity, connection, and thoughtful design alongside comfort and convenience. Dubai’s unique ability to blend scale with soul has transformed its five-star hotels into curators of unforgettable experiences. Guests can seamlessly transition from attending a business conference in the morning to exploring local art in the afternoon and indulging in award-winning dining in the evening. This integration of business, culture, and leisure epitomizes modern hospitality in Dubai. The city’s events landscape has also played a pivotal role in this growth, with international conferences, concerts, and incentive programs driving demand for premium accommodations. Sustainability has emerged as a cornerstone of luxury, with guests increasingly valuing eco-conscious practices. IHG DFC, for instance, emphasizes energy efficiency, responsible sourcing, and community impact. As Dubai’s hospitality sector looks to the future, the five-star segment will remain its foundation. The city’s continued success hinges on balancing innovation with authenticity and technology with the human touch. While guests may initially be drawn to Dubai’s iconic architecture and skyline, it is the enduring sense of belonging and connection that keeps them returning. Dubai has demonstrated that luxury and meaning can coexist, and its mission is to continue crafting experiences that inspire, delight, and leave a lasting impression on every visitor.

  • Adnic posts 15%  profit surge as strategic partnerships drive growth

    Adnic posts 15%  profit surge as strategic partnerships drive growth

    Abu Dhabi National Insurance Company (Adnic), a leading multi-line insurer in the UAE, has announced a robust financial performance for the first nine months of 2025, with a 15.3% surge in net profit before tax, reaching Dh395 million. This growth is attributed to the company’s strategic partnerships, operational efficiency, and sustained expansion across its core business segments. Gross written premiums also saw a significant increase of 17.4% year-on-year, totaling Dh7.21 billion, reflecting strong performance across all business lines. Adnic maintained a combined ratio of 93.2%, showcasing its disciplined underwriting practices and operational excellence. A key development during the third quarter was Adnic’s long-term collaboration with Allianz Trade in the Middle East, aimed at enhancing access to Trade Credit Insurance for UAE businesses. This partnership leverages Adnic’s local expertise and Allianz Trade’s global capabilities in credit risk management, enabling businesses to safeguard cash flows, mitigate payment default risks, and pursue growth opportunities with confidence. Aligning with the UAE’s vision for an innovation-driven economy, Adnic has invested in integrating artificial intelligence into its operations to improve efficiency, streamline processes, and elevate customer experience. Additionally, Adnic reinforced its social impact initiatives through a partnership with the Sheikh Zayed Housing Program (SZHP), offering specialized life insurance solutions to eligible UAE nationals, thereby supporting financial security and national housing priorities. Sheikh Mohamed bin Saif Al Nahyan, Chairman of Adnic, emphasized the company’s resilience and commitment to sustainable value creation, stating, ‘Adnic’s strong results reflect our prudent risk management and role as a key enabler of the UAE’s economic growth.’ Charalampos Mylonas, CEO of Adnic, highlighted the company’s focus on innovation and customer-centric growth, noting that the partnership with Allianz Trade and digital transformation efforts have significantly enhanced operational efficiency and customer satisfaction. For the first nine months of 2025, Adnic’s total insurance revenue reached Dh6.1 billion, a 16.1% increase year-on-year, while net insurance service results rose by 23.9% to Dh382.3 million. Investment income also grew by 10.4% to Dh223.3 million, and profit after tax stood at Dh354.7 million. As of 30 September 2025, Adnic’s total assets amounted to Dh10.6 billion, with shareholders’ equity at Dh3.6 billion.