News

Bloomberg The co-founder of China’s SenseTime Group Ltd was visiting New York to encourage more collaboration with the US on artificial intelligence when he heard the news: The Trump administration had blacklisted his company. So much for more cooperation. Xu Bing, the 29-year-old co-founder, knew SenseTime was at risk given rising tensions between China and the US, but the timing ...

Bloomberg Pakistani traders and top opposition political parties are protesting separately against prime minister Imran Khan’s move to raise taxes, including by monitoring some transactions. Traders and retailers closed shops and businesses nationwide as part of the two-day strike, after talks with the federal authority over tax measures failed, local television channels reported. All businesses in port city of Karachi ...

Bloomberg Vietnam’s exports dropped 0.8% in October compared to the prior year far below expectations for 10% growth in a Bloomberg survey of economists as shipments of phones, crude oil and coffee fell, according to data from the General Statistics Office in Hanoi. Overseas coffee sales in October were 100,000 tons, down 27% from a year ago, as farmers held ...

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 ...