News

  Bloomberg Consumer price inflation accelerated to a four-decade high, adding pressure on the Bank of Canada to deliver more aggressive interest rate hikes in the coming weeks. Annual inflation rose to 7.7% last month, up from 6.8% in April, Statistics Canada reported in Ottawa. That’s the highest since January 1983 and well above economist expectations for a 7.3% increase. ...

  Bloomberg New York’s biggest mall has reached a deal with lenders to avoid a default after the pandemic and years of retail turmoil left it deeply underwater on its mortgages. Destiny USA, a 2.4 million-square-foot (223,000-square-meter) shopping center in Syracuse, owed $430 million on two mortgage-backed securities that missed a June 6 repayment deadline. The mall’s owner, Pyramid Management ...

  Bloomberg Euro area economic expansion slowed sharply as surging prices curbed the rebound from pandemic restrictions and factories continued to suffer from supply snarls. An indicator for economic activity by S&P Global falls to a 16-month low in June, driven by rampant inflation, concerns over energy and rising borrowing costs. While the overall gauge still signals modest expansion, manufacturing ...

Bloomberg German business confidence unexpectedly deteriorated on mounting fears over energy supplies from Russia that are raising the prospect of a recession in Europe’s biggest economy. A gauge of expectations by the Munich-based Ifo Institute fell to 85.8 in June from 86.9 in May, defying analyst predictions that two months of gains would continue. An index of current conditions edged ...

  Abu Dhabi / WAM The Abu Dhabi Securities Exchange (ADX) on Thursday announced that Abu Dhabi National Energy (Taqa) PJSC has made a secondary listing on the ADX of nine bonds with a total value of $8.25 billion, maturing between 2023 and 2051. The bonds were largely issued as part of Taqa’s Global Medium Term Note Programme and are ...

  ABU DHABI / WAM The Federal Government of the UAE, represented by the Ministry of Finance, has announced the plan to issue a Dual-tranche USD Benchmark Size Bonds with a ten-year tranche and a 30-year Formosa tranche. The ten-year tranche will be listed on London Stock Exchange (LSE) and Nasdaq Dubai, and the 30-year tranche will be listed on ...

  Dubai / WAM The Romanian government has signed an agreement with Dubai’s Ports, Customs and Free Zone Corporation (PCFC) and DP World to develop new infrastructure at the Port of Constanta. The agreement with the Dubai entities will help modernise and turn the Port of Constanta into one of the Black Sea’s most important cargo and vehicle hubs. The ...

Kuwait / WAM / Kuna The United Arab Emirates has received a 41 percent share of foreign direct investment projects Arab countries attracted between 2003 and 2021. According to the Arab Investment Export Credit Guarantee Corporation (Dhaman), Arab countries have attracted 14,443 foreign projects with a total capex of $1.3 trillion over the last 19 years. The corporation said in ...

  Abu Dhabi / WAM Emirates International Gas (EIG), a subsidiary of EHC Investment, has signed a memorandum of understanding (MoU) with Q Properties, a subsidiary of Q Holding, to supply gas to Q Properties projects. Under the MoU terms, EIG will provide the development company with a range of services related to the supply of gas to properties, including ...

Abu Dhabi / Agencies Under the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, an air bridge carrying food and medical supplies has begun operating to Afghanistan, and a medical team and field hospital have been dispatched. The aid shipment comes as part of the UAE’s efforts to address the current situation in Afghanistan and its effective ...