Bloomberg Stocks declined on Tuesday after a profit warning from Snap Inc weighed on technology shares and fuelled concerns about risks to economic growth. Tech shares were among the worst performers in Europe’s Stoxx 600, while Nasdaq 100 futures tumbled more than 2% and Chinese tech stocks by more than 4%. S&P 500 futures fall, just as the benchmark ...

Bloomberg The selloff in equities will reach a bottom once the Federal Reserve signals the end of tightening, which may not happen until recession is apparent, according to Goldman Sachs Group Inc. “It may be necessary for the market to become more confident than it is that financial conditions tightening has been sufficient and that the Fed has delivered and ...

  DUBAI / WAM A UAE high-level delegation, encompassing UAE ministers, government officials and private sector leaders, is attending the World Economic Forum (WEF) annual meeting in Davos, taking place until May 26, to share the UAE’s vision and future directions in vital sectors and draw the features of agile partnerships in line with the new global changes. The meeting ...

  Abu Dhabi / WAM Khalifa Al Qabisi, Deputy Director-General of ADFD, hosted Shaukat Ali Soudhan, Ambassador of Mauritius, at the fund’s headquarters in Abu Dhabi, where the parties explored expansion of cooperation that would bolster crucial sectors in Mauritius. Al Qabisi said that the meeting was part of periodic interactions that are held to discuss cooperation over mutual interests ...

  ABU DHABI / WAM Emirates Global Aluminium (EGA), the largest industrial company in the UAE outside oil and gas, and GE Gas Power signed an agreement to upgrade four existing GE 9F gas turbines at EGA’s Al Taweelah power plant, reduce greenhouse gas emissions intensity, and contribute to the UAE’s Net Zero by 2050 Strategic Initiative. GE’s Advanced Gas ...

  Ajman / WAM Ajman Free Zone signed a memorandum of understanding (MoU) with Zajel- a specialised company in the field of logistics and transport. The agreement was signed by Ali AlSuwaidi, Director-General of Ajman Free Zone and Yousuf Alkhaja, CEO of Zajel. Under the agreement, Zajel will provide smart and efficient delivery services to free zone business partners, including ...

  DUBAI / WAM Emirates Post, the official postal operator and leading express provider in the UAE, has been awarded the “Amazon Best Carrier of the Year 2021” in the Middle East and North Africa (Mena) region by Amazon, the company’s last-mile delivery solution partner. The award recognises Emirates Post’s service, performance, collaboration, transpar- -ency and ease of communication between ...

  Dubai / WAM Enoc group on Monday announced the launch of its compact station in the Dubai Airport Freezone (Dafza), offering customers accessible and convenient refuelling services. The station is designed to cater to fuelling needs for the entire Dafza region where major logistics offices are located. The economic zone is home to over 1,600 international firms from various ...

  Dubai / WAM Dubai Chamber of Commerce – one of three chambers operating under Dubai Chambers – revealed that its membership increased 55.4% in April, while member exports and re-exports grew by 16.7%, compared to the same period last year. The new member companies joining Dubai Chamber of Commerce in April 2022 reached 3,056, bringing the chamber’s total membership ...

  Abu Dhabi / WAM Abu Dhabi National Oil Company (Adnoc), together with its long-standing partner Borealis AG, on Monday announced the offer price for the initial public offering (IPO) of Borouge plc, their petrochemicals joint venture, on the Abu Dhabi Securities Exchange (ADX). The price per share for the offering has been set at AED2.45, implying an equity value ...