DUBAI / WAM   Dubai Financial Market (DFM) announced its consolidated financial results for the first quarter of the year ending on March 31 posting a 30% increase in its net profit to AED35.6 million, compared to AED27.5 million during the corresponding period of 2022. DFM’s total consolidated revenue has increased by 13% to AED88.9 million in Q1 of 2023, compared ...

DUBAI / WAM  In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Decree No 21 of 2023 appointing His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum as First Deputy Ruler of Dubai and His Highness Sheikh Ahmed bin Mohammed bin Rashid Al ...

BLOOMBERG  US employment costs accelerated by more than forecast at the start of the year, underscoring persistent inflationary pressures that will keep the Federal Reserve on track for another interest-rate hike next week. The employment cost index, a broad gauge of wages and benefits, increased 1.2% in the first quarter, according to Labor Department figures. It was the first quarterly ...

BLOOMBERG  Intel Corp shares jumped after the embattled chipmaker promised a recovery in the second half, leading investors to look past a disappointing profit-margin forecast in the current quarter. The company predicted that gross margins — a closely watched measure — would begin to widen again in the back half of 2023. Intel is returning to full manufacturing capacity, and ...

BLOOMBERG US equity futures retreated as a rally in tech stocks lost steam and persistent inflationary pressures cemented expectations for higher rates in the US and Europe. Treasuries advanced. Contracts on the S&P 500 and the Nasdaq 100 slipped as Amazon.com Inc’s warning after the market close on growth in its key cloud computing business soured the mood. Treasuries recouped ...

BLOOMBERG Apple Inc and Microsoft Corp have never held more sway over the S&P 500 Index, leaving some investors on edge over the gauge’s increasingly top-heavy nature. The world’s two most-valuable companies saw their combined weightings in the benchmark jump to a record 14% after strong earnings reports from Microsoft and others fuelled a rally in technology stocks. When you ...

ABU DHABI / WAM Abu Dhabi-based manufacturer Monarch Holding and Chinese company EHang Holdings, a leading autonomous aerial vehicle (AAV) technology platform company, have signed a partnership agreement to establish the first facility in the Middle East and North Africa to manufacture and operate sustainable, electric-powered aircraft and drones for passengers and cargo transportation in Abu Dhabi. The announcement aligns ...

ABU DHABI / WAM Borouge announced its financial results for the three-month period ending on March 31, with revenues of $1.38 billion and adjusted EBITDA of $460 million. The company’s value enhancement programme has already delivered a significant impact of more than $100 million in efficiencies and revenue optimisation. Hazeem Sultan Al Suwaidi, Chief Executive Officer of Borouge, commented, “We ...

ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a letter to Macky Sall, President of the Republic of Senegal, which included an official invitation to COP28, which will be held in Dubai Expo City this November. The message was delivered by Sultan Ali Al Harbi, UAE ambassador to the Republic of Senegal, ...

APIA / SAMOA/ WAM Abdullah Ali Ateeq Al Sabousi, UAE ambassador to Australia, presented his credentials as Non-Resident ambassador to Samoa to Afioga Tuimalealiifano Vaaletoa Sualauvi II, President of the Independent State of Samoa, during an official reception ceremony at the Presidential House in the capital, Apia. During the meeting, Al Sabousi conveyed to the President of Samoa the greetings ...