News

Bloomberg The Philippine economy fell back into contraction in the second quarter compared to the previous three months, as elevated numbers of Covid cases and extended lockdowns place the nation among Asia’s laggards. Gross domestic product (GDP) shrank a seasonally adjusted 1.3% in April-June from the previous quarter, the country’s statistics agency said, compared to the 1.1% contraction expected by ...

Bloomberg Renault SA signed an agreement with Geely Holding, China’s largest privately owned auto group, to help the French carmaker reestablish a presence in the world’s biggest vehicle market. The companies will jointly introduce Renault-branded hybrid vehicles in China, according to a statement. They’ll also explore selling cars based on Geely’s Lynk & Co vehicle platforms in South Korea, where ...

Bloomberg Indonesian President Joko Widodo ordered law enforcement and local officials on the nation’s outer islands to take immediate actions, including restrictions on movements and isolation for infected people, to stem an increase in Covid-19 cases. As of last week, new infections in areas outside Java and Bali accounted for 54% of the nationwide total, up from 44% at the ...

Bloomberg UpGrad has raised $185 million from Temasek Holdings Pte and other investors over a span of a few months this year, garnering a valuation of $1.2 billion that ranks it as India’s third-largest edtech unicorn. The higher education startup doubled in valuation within 60 days of its first financing round of $120 million from Temasek, later adding another $65 ...

Bloomberg India’s National Stock Exchange of India Ltd said it will start trading in select US stocks through its wholly-owned subsidiary, NSE IFSC. “The offering will be in the form of unsponsored depository receipts,” the National Stock Exchange said in a statement. “NSE IFSC will announce the operational details shortly and will launch the product at the earliest possible time.” ...

Bloomberg Singapore will recalibrate its foreign worker policies to strike a balance between accepting overseas workers and addressing the economic and social concerns of its citizens, Prime Minister Lee Hsien Loong said. The government is aware such anxieties over the foreign worker population have worsened because of uncertainties caused by the Covid-19 pandemic, and authorities are addressing them, Lee said ...

ABU DHABI / WAM The Department of Community Development in Abu Dhabi (DCD) and Statistics Centre — Abu Dhabi (SCAD) signed a cooperation agreement that will allow the two entities to accurately measure the quality of life for workers in Abu Dhabi. The aim is to activate their role within a set of future programmes that will help them to ...

Bloomberg Oil plunged to an 11-week low, extending losses after the worst week since October, as new waves of Covid-19 threatened fuel demand. Futures fell below $66 a barrel in New York, while wilting timespreads showed the market is faltering. Goldman Sachs Group Inc downgraded its economic growth forecast for China as the country imposed measures to contain virus flare-ups, ...

ABU DHABI / WAM President HH Sheikh Khalifa bin Zayed Al Nahyan has sent congratulatory messages to kings, presidents and emirs of the Arab and Islamic countries on the advent of new Hijri year 1443. President His Highness Sheikh Khalifa bin Zayed wished them good health and happiness, further progress and prosperity for their people and dignity and glory for the ...

ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic), a multi-line insurance providers for both corporates and individuals, reported net profit for the six-month period ended 30th June 2021 increased by 31.1 percent to AED248.7 million, compared to AED189.7 million for the same period in 2020, driven by outstanding performance in both underwriting and investment activities. Gross written premiums ...