Recent News

UAE’s national digital economy set to grow to $140bn by 2031

Dubai / WAM Dubai Chamber of Digital Economy, one of three chambers operating under Dubai Chambers, has released a report detailing plans to boost the emirate’s digital economy. The report projects the national digital economy will reach $140 billion in 2031 from $38 billion today. The study highlights the importance of the chamber’s efforts and collaboration with stakeholders to establish ...

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Global economic growth to drop to 2.9% in 2023: IMF

  WASHINGTON / WAM The International Monetary Fund (IMF) has forecast that the global economic growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024. The forecast for 2023 is 0.2 percentage point higher than predicted in the October 2022 World Economic Outlook (WEO) but below ...

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AD Ports unit unveils new business line to support healthcare market

  Abu Dhabi / WAM AD Ports Logistics (ADPL), provider of integrated end-to-end business solutions and a subsidiary of AD Ports group’s Logistics Cluster, has announced the addition of a new distribution business line that will see the company secure exclusive distribution rights for a range of healthcare products. The new business line targets the GCC’s fast-growing healthcare and life ...

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Foreigners scoop up shares in China with Jan inflow at record

  Bloomberg Foreigners are returning to China’s stock market with a vengeance, snapping up more shares in January alone than they did for the whole of 2022. Offshore funds have added a net 141.2 billion yuan ($20.9 billion) worth of stocks listed in Shanghai and Shenzhen through trading links with Hong Kong this month, even with a week-long holiday trading ...

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European stocks trim best start of year since 2015 ahead of ECB

Bloomberg European stocks declined on Tuesday, trimming one of the best starts of the year ever, as investors brace for expected interest rate hikes from central banks in the coming days, while also digesting earnings from large lenders. The Stoxx Europe 600 Index was down 0.2% by 9:14 am. Real estate and financial services retreated, while banks outperformed. In a ...

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Adani share sale subscriptions advance

Bloomberg Gautam Adani inched closer to completing his flagship company’s $2.5 billion share sale, a feat that could offer Asia’s richest man some reprieve after his empire was rocked by allegations of fraud by short seller Hindenburg Research. Investors had placed orders for about 85% of the total shares on sale in the follow-on offering by Adani Enterprises Ltd. as ...

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Stocks plunge with eyes on rate hikes; bonds decline

  Bloomberg Shares in Europe declined on Monday along with US equity futures as a note of caution crept in at the start of a week marked by interest-rate decisions and big-name company earnings on both sides of the Atlantic. The Stoxx Europe 600 index dropped about 0.6%, taking some of the luster off what was shaping to be the ...

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Taiwan stocks enter bull market as chip shares extend gains

  Bloomberg Taiwan’s benchmark stock gauge entered a bull market as trading resumed after the Lunar New Year holidays, with a broad rebound in chip shares boosting foreign buying in the market. The Taiwan dollar also strengthened. The benchmark Taiex index rose 3.8% on Monday, its best day since May 2021. That took gains from an October low to 22%. ...

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