News

  Dubai / WAM Dubai’s Roads and Transport Authority (RTA) confirmed that 2,166,821 riders used its public transport, shared mobility means and taxis during the New Year’s Eve 2023. The figure reflects a 33 percent rise from last year’s number, which was 1,632,552 riders. The breakdown of ridership was as follows: Metro: 958,161 riders (compared to 640,175 last year), Tram: ...

  Dubai / Gulf Time The new decade has been incredibly challenging for the world’s economy, regardless of region and industry. And even though some industries have seen recovery and even growth, many are struggling to break even still. Same thing goes for customer demographics: while some have returned to their previous spending habits, some are looking for the best ...

Bloomberg China’s abrupt reversal of its Covid Zero policy pushed economic activity — its service sector in particular — to the slowest pace since February 2020, as the virus swept through major cities and prompted people to stay home and businesses to shut. The official manufacturing purchasing managers index fell to 47 this month from November’s 48, the National Bureau ...

Bloomberg Tesla Inc is starting 2023 as it ended 2022: with incentives aimed at propping up sales in China. The carmaker is offering Model 3 sedan and Model Y sport utility vehicle buyers as much as 10,000 yuan ($1,450) if they take delivery by February 28, according to Tesla’s website. The company is extending a 6,000-yuan subsidy it started offering ...

  Bloomberg The Taiwanese government is planning to deploy NT$380 billion ($12.4 billion) of funds to support the local economy and combat inflation amid global uncertainties, the presidential office said. Some of the funds, which come from higher-than-expected tax revenue this year, will be used to meet a shortfall in the labor and health insurance system and to provide subsidies ...

  Bloomberg South Korea’s exports continued to decline in December in a sign of cooling global demand as higher interest rates weigh on consumption. Overseas shipments dropped 9.5% from a year earlier, compared with economists’ forecasts for an 11.1% decline, according to data by the trade ministry. Imports fell 2.4%. The trade shortfall was $4.7 billion in December, resulting in ...

  Bloomberg Indonesia will do away with indoor mask mandates and remove the requirement to show proof of vaccination when entering buildings, becoming one of the last few countries to completely end Covid-19 restrictions. The decision was taken as almost all of Indonesia’s population had immunity against the virus, said President Joko Widodo. “We once failed in containing Covid, but ...

  Bloomberg Vietnam’s economy grew at the fastest pace in Asia in 2022, signalling momentum just before risks from a global slowdown began to materialise. Gross domestic product rose 8.02% in the year to December, according to official data reported. That was faster than the government’s initial target of 6%-6.5% growth and was aided by a quicker-than-expected 5.92% expansion in ...

Bloomberg UK Prime Minister Rishi Sunak told Britons that the problems bedeviling the country won’t disappear in 2023, a warning that prompted the Labour Party to accuse the government of wrecking the economy. In his first New Year’s address as prime minister, Sunak struck a sombre tone, acknowledging that it had been a difficult year for the country. “I am ...

Bloomberg US labour board prosecutors have concluded that Starbucks Corp illegally forced out a New York barista who has been a key architect of the union campaign that swept through hundreds of its cafes this year. The union leader, Jaz Brisack, resigned her Starbucks position in September, alleging that the company had pushed her out by changing its scheduling policies ...