Bloomberg Hungarian Prime Minister Viktor Orban used his emergency powers to publish decrees on a sweeping set of windfall taxes and to order about $6.1 billion in spending cuts for this year and next. The measures, which will hit industries from banking to energy and airlines to telecommunications, underscore the extent of the budget imbalance that has spooked investors ...

  Bloomberg European semiconductor stocks have gotten swept up in the sell-everything-tech environment even as the industry enjoys red-hot demand that’s bolstering this year’s earnings, because investors are already looking ahead to a tougher 2023. The region’s biggest chip-related companies, ASML Holding NV and Infineon Technologies AG, have lost a quarter of their value this year and are trading at ...

Bloomberg Bank stocks down under have seen about $32 billion of market capitalisation erased this week on growing concerns that faster monetary policy tightening might increase housing-market risks and pressure valuations. Shares of the country’s four largest lenders will struggle to outperform given elevated price-earnings ratios and downside risks from the macro-economy, UBS Group AG analyst John Storey wrote in ...

  Bloomberg US-listed Chinese stocks rallied for a third day after China approved a second batch of video games this year, marking a further softening in the country’s stance towards internet firms. The Nasdaq Golden Dragon China Index gained 5.7%, hitting a three-month high and extending an 8.9% rally across the previous two sessions. Tech giant Alibaba Group Holding Ltd. ...

  ABU DHABI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, affirmed that the UAE begins a new era of prosperity and growth, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan. HH Sheikh Mohammed added that the vision of the UAE ...

  Bloomberg Oil extended gains from the highest close in three months as the US summer driving season ramps up and China emerges from virus lockdowns. West Texas Intermediate futures rise above $120 a barrel, trading near a three-month high. Inventories at the nation’s biggest storage hub at Cushing, Oklahoma, falls 1.59 million barrels last week, according to an Energy ...

  Abu Dhabi / WAM The Ministry of Human Resources and Emiratisation announced the start of mid-day break for labourers at project, construction sites from 12:30 until 15:00 from June 15 to September 15. An administrative fine will be imposed on establishments that violate midday break amounting to AED5,000 for each worker and a maximum of AED50,000 in case multiple ...

  Sharjah / WAM Abdulaziz Ahmed Al Shamsi, Director-General of the Sharjah Real Estate Registration Department, said that Sharjah’s real estate sector is seeing considerable growth, thanks to the great support shown by HH Dr Sheikh Sultan bin Muhammed Al Qasimi, Supreme Council Member and Ruler of Sharjah. In his statement to the Emirates News Agency (WAM), Al Shamsi noted ...

  Abu Dhabi / WAM Abu Dhabi Global Market (ADGM) and First Abu Dhabi Bank (FAB) have signed a memorandum of understanding (MoU) to further support the growth needs of the commercial and financial community in Abu Dhabi. The MoU aims to increase collaboration between ADGM and FAB and initiate preferential banking services, such as fast and efficient bank account ...

  Dubai / WAM Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank (EDB), has called on the local and regional banking community to increase access to corporate finance and accelerate the UAE’s economic recovery. Speaking on the opening day of Bonds, Loans & Sukuk Middle East 2022, Al Naqbi highlighted the role of financial markets in driving ...