News

Bloomberg China’s third-quarter slowdown continued into October, with only a few signs of stabilisation evident amid the weakest pace of expansion in almost thirty years. Bloomberg Economics’ gauge aggregating the earliest available indicators from financial markets and businesses showed the economy cooling for a sixth month, with indicators for trade, factory prices, iron ore and copper all worsening. Easing tensions ...

Bloomberg Singapore’s resilient labour market is starting to come under strain as the trade-reliant economy struggles in the face of global pressures. Retrenchments are rising, companies are more cautious raising wages, and it’s getting harder for those who lose their jobs to find new work. While the central bank is optimistic of some recovery in the economy in upcoming quarters, ...

Bloomberg Canaan Inc, the world’s second-largest maker of Bitcoin mining machines, filed for a US initial public offering. The Hangzhou, China-based company listed its offering size as $400 million in its filing with the US Securities and Exchange Commission. The amount is typically a placeholder that is likely to change. Canaan attempted a Hong Kong listing last year before letting ...

Dubai / WAM Emirates NBD delivered a strong set of results with net profit up 63 percent y-oy to AED12.5 billion in the first nine months of 2019. The results include an AED4.4 billion impact from the Network International transaction. Post DenizBank acquisition, Core Operating Profit grew 5 percent y-o-y, supported by a 17 percent increase in net interest income ...

DUBAI / WAM Dubai Financial Market (DFM), on Monday launched the Dubai Financial Market Sharia Index (DFMSI). According to a DFM statement, the index is first index of its kind in the UAE. It highlights DFM’s efforts to attract more Islamic investments, and is seen as a step forward by providing market participants with a benchmark to measure performance of ...

Abu Dhabi / WAM The total recorded re-exports of the United Arab Emirates amounted to AED 1.046 trillion over the past three years, which accounted for 25 percent of the UAE’s total trade volume during the same period, valued at AED4.141 trillion, according to official statistics revealed by the Federal Competitiveness and Statistics Authority. The FCSA’s figures indicated an upward ...

Bloomberg Oil was steady after the biggest weekly advance in more than a month on signs of progress in the prolonged US-China trade spat. Futures were little changed in New York after capping a 5.4% weekly gain. The US said it was close to finalising the first phase of a trade deal with China, while Beijing said parts of the ...

Dubai / WAM Gulfood Food Manufacturing 2019, the sixth edition of the Mena region’s largest F&B manufacturing and processing forum, opens on Tuesday, to showcase the latest processing technology, as well as address concerns over food safety and food waste, and the need to drive innovation and transform the industry. As the UAE and other GCC economies seek to further ...

Abu Dhabi / WAM The Abu Dhabi General Services Company (Musanada) begun constructing two schools in the Ain Al Fayda area in Al Ain City, occupying a total area of more than 76.2 thousand square metres at a cost of approximately AED289.5 million. The two schools are envisaged to accommodate up to 4,050 male and female students in 135 classrooms. ...

ABU DHABI / WAM Dubai Financial Market (DFM), on Monday launched the Dubai Financial Market Sharia Index (DFMSI). According to a DFM statement, the index is the first index of its kind in the UAE. It highlights the DFM’s efforts to attract more Islamic investments, and is seen as a step forward by providing market participants with a benchmark to measure ...