Bloomberg Shopify Inc.’s 70 percent plunge has almost single-handedly dragged the Canadian stock market into the red this year, taking the shine off what would otherwise be one of the world’s top-performing major equity benchmarks. The e-commerce software provider has lost C$161 billion ($118 billion) in market value in 2022, causing a 978-point drag on the S&P/TSX Composite Index. ...

  Bloomberg US index futures and European equities rise amid forecasts inflation in the world’s largest economy will post the lowest figure this year, warranting a less hawkish Federal Reserve. Contracts on the S&P 500 and Nasdaq 100 advanced at least 0.1% each after the underlying indexes climbed on December 12 by the most in December. The Stoxx 600 gauge ...

  Dubai / WAM HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, announced that Dubai’s GDP grew 4.6% year-on-year to AED307.5 billion during the first nine months of 2022 compared with the same period last year. HH Sheikh Hamdan bin Mohammed noted that Dubai’s exceptional GDP growth was the ...

  Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a congratulatory message to President William Samoei Ruto of Kenya, on the occasion of his country’s Independence Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, also sent similar message to Kenyan ...

  Abu Dhabi / WAM The central bank announced that the money supply aggregate M1 increased by 0.5%, from AED719.4 billion at the end of August to AED723.0 billion at the end of September. The money supply aggregate M2 increased by 1.1%, from AED1,627.7 billion at the end of August to AED1,645.6 billion at the end of September. The money ...

  Abu Dhabi / WAM Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement of the nation, and Abu Dhabi Commercial Bank PJSC (ADCB) have announced the signing of a memorandum of understanding (MoU) to boost financial inclusion of small-to-medium sized enterprises (SMEs) through a joint credit guarantee scheme. The partnership will enable SMEs ...

  Abu Dhabi / WAM Hub71, Abu Dhabi’s global tech ecosystem, on Monday announced its startup community has raised $1 billion in venture capital collectively since its launch in 2019. The milestone was achieved in a year which has seen Hub71 onboard 53 high growth technology companies each with a proven track record of attracting large-scale investment from leading venture ...

  Sharjah / WAM Sharjah Media City (Shams) has launched a new venture builder called ‘Shams Valley’ to launch startups in the media and technology sectors, create new opportunities for the growing economy of the emirate of Sharjah, and play an active role in enhancing its diversity and competitiveness. Launched in collaboration with leading UAE-based venture building studio Grow Valley, ...

  Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the second phase of the Dubai 2040 Urban Master Plan. Phase II of the plan consists of several projects under ten key initiatives, including Enhancing Urban Centres, Dubai Real Estate Strategy, Urban Farming Plan, ...

  Abu Dhabi / WAM Hub71, Abu Dhabi’s global tech ecosystem, on Monday announced its startup community has raised $1 billion (AED3.7 billion) in venture capital collectively since its launch in 2019. The milestone was achieved in a year which has seen Hub71 onboard 53 high growth technology companies each with a proven track record of attracting large-scale investment from ...