Bloomberg Bank of Korea (BOK) Governor Rhee Chang-yong highlighted rapidly rising private and public debt and an aging population as threats to South Korea’s economic outlook. Rhee took office on Thursday after being nominated by President Moon Jae-in almost a month ago. He has so far expressed support for higher interest rates to rein in inflationary pressures while pointing ...

  Bloomberg Chinese stocks extended this week’s rout as traders fretted over the economic fallout from the nation’s Covid-Zero strategy, with lower-than-expected policy stimulus adding to their disappointment. The CSI 300 Index slumped 1.8% on Thursday — capping a fifth day of losses — as President Xi Jinping defended China’s lockdown-dependent approach to fighting the Covid-19 pandemic in a speech ...

  Bloomberg US stock-index futures rise amid growing optimism for another strong earnings-reporting season, while a selloff in Treasuries resumed with a debate raging around whether inflation is peaking. June contracts on the Nasdaq 100 and S&P 500 indexes climbed at least 0.6% each after Tesla Inc posted record profits that blew past estimates. Treasury yields advanced, with the 10-year ...

  Dubai / WAM The Government of Dubai Media Office (GDMO), in partnership with Discovery, on Wednesday announced the launch of a two-part documentary Covid-19: Dubai, chronicling Dubai’s journey in combating the Covid-19 pandemic. The documentary, featuring two 45-minute episodes, highlights the emirate’s robust response to the pandemic and its effective health measures, which ultimately enabled the city to contain ...

  Abu Dhabi / WAM The UAE, represented by the Ministry of Finance (MoF) as the Issuer, in collaboration with the central bank of the UAE (CBUAE) as the issuing and paying agent, announced the launch of conventional AED denominated Treasury bonds of the government of the UAE (T-Bonds), with benchmark auction size of AED1.5 billion (circa $400 million). Subject ...

  Abu Dhabi / WAM The Muslim Council of Elders, under the Chairmanship of the Grand Imam of Al-Azhar His Eminence Dr. Ahmed Al-Tayeb, strongly condemned the burning of the Holy Qur’an by far-right extremists in the Swedish city of Malm?, in what can only be described as a deliberate attempt to offend Muslims around the world. In a statement, ...

  Abu Dhabi / WAM Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, held a meeting with Kenji Ota, General Manager, Mitsubishi Corporation Headquarters for the Middle East and Chairman of the Japanese Business Council (JBC) in Dubai; and a number of Council members. The meeting touched on ways to enhance business partnerships between Japanese companies ...

Bloomberg Solar could generate half of the world’s electricity by 2050 and become the cheapest source of energy, Gao Jifan, the chief executive officer of Trina Solar Co., said at the Boao Forum for Asia. Global solar power capacity has the potential to grow to 14,000 gigawatts by the middle of the century from 800 gigawatts at the end of ...

  Ras Al Khaimah / WAM Gulf Pharmaceutical Industries (Julphar) has announced its Strategy 2030 to drive transformation through sustainable growth and deliver enhanced value for all stakeholders. Strategy 2030 is set to triple Julphar’s revenues via six central growth pillars – “Maximising Revenue from Current Product Portfolio,” “New Product Launches,” “Geographical Expansions,” “Strategic Business Initiatives,” “Advanced Specialty Products Initiative”, ...

  SHARJAH / WAM The low-cost carrier Air Arabia has announced the resumption of its direct flights between Sharjah and four cities in the Kingdom of Saudi Arabia; Taif, Al Jouf, Gassim, and Hail, starting April 28. Passengers will enjoy flying directly from Sharjah International Airport to these cities, where the frequencies will increase during summer. Customers can now book ...