Business

  ADNOC collects $2.84bn through 4% stake sale in ADNOC Gas Abu Dhabi National Oil Company (ADNOC) has successfully completed a significant transaction, raising a total of $2.84 billion through the sale of a 4% stake in its subsidiary, ADNOC Gas. The move comes after ADNOC Gas’s initial public offering (IPO) on the Abu Dhabi Stock Exchange (ADX) in March 2023, a crucial step in ADNOC’s ongoing efforts to diversify its investor base and attract more capital into its energy sector. This offering saw the sale of approximately 3.1 billion shares of ADNOC Gas, with each share priced at AED 3.40. This price marks a notable 43% increase from the original IPO price of AED 2.37 per share, indicating the growing investor confidence in ADNOC Gas’s future prospects. The transaction highlights a robust demand for shares in ADNOC Gas, reflecting the overall positive market sentiment towards the company and its continued potential in the energy market. The offering was met with overwhelming inter...

  Trump Announces New Tariffs on Imports from Canada, Mexico, and China Starting Saturday The White House announced Friday that President Donald Trump will impose a 25% tariff on goods imported from Canada and Mexico and a 10% tariff on products from China, starting Saturday. This decision is expected to raise prices on a wide range of items entering the U.S. from these countries. Trump had previously indicated plans to introduce these tariffs on his first day in office but later shifted the timeline to February 1. White House Press Secretary Karoline Leavitt confirmed Friday that Trump would meet this deadline. Trump stated that the tariffs are a response to two key issues: the influx of fentanyl into the U.S. and the existing trade deficit with Canada, Mexico, and China. The U.S. runs a trade deficit with these nations because it imports more goods and services from them than it exports. These tariffs are likely to affect the cost of numerous products for American consumers and b...