Dubai / WAM During the month of April, the Dubai Gold and Commodities Exchange (DGCX) registered a monthly Average Open Interest (AOI) of 179,554 contracts. The DGCX’s Indian Rupee Quanto Futures Contract recorded a year-on-year (Y-O-Y) Average Daily Volume (ADV) growth of 562% during the month, as market participants looked to hedge their risk amid market volatility. Additionally, the DGCX’s ...

Abu Dhabi / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has said that supporting and advancing the UAE Armed Forces and defence industries will remain a strategic priority. In a statement to mark the 45th anniversary of the Armed Forces Unification Day, carried by the ‘Nation Shield’ journal, His Highness Sheikh Khalifa bin Zayed paid tribute to ...

ABU DHABI / WAM The Ministry of Health and Prevention (MoHAP) conducted 204,724 additional Covid-19 tests over the past 24 hours, using state-of-the-art medical testing equipment. In a statement, the ministry stressed its aim to continue expanding scope of testing nationwide to facilitate early detection of coronavirus cases and carry out the necessary treatment. As part of its intensified testing ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said that Armed Forces unification was a historic achievement that underscored the perseverance of the Founding Fathers and their determination to advance and establish the Union’s foundations. In a statement to the Nation Shield, the official journal ...

Abu Dhabi / WAM The UAE-Caribbean Renewable Energy Fund (UAE-CREF), the largest renewable energy investment of its type in the region, which is fully financed by Abu Dhabi Fund for Development (ADFD), announced the signing of an engineering, procurement and construction (EPC) contract to build a hurricane-resistant clean energy project worth $50 million in Dominica. Masdar, one of the world’s ...

Bloomberg About 80% of US coal plants are now more expensive to keep running than to swap out for new wind and solar capacity, according to a report from Energy Innovation, a non-partisan climate and energy think tank. While renewables cost more than fossil energy for much of the last century, prices for new wind and solar have dropped so ...

If the Trump presidency and Brexit convinced the European Union to start acting more like a sovereign power and less like a supermarket, Covid-19 has shown there’s a depressingly long journey ahead. First there was fighting over protective medical equipment. Then the bungled start to its vaccine rollout. Now the scale of the bloc’s dependence on the US and Asia ...

When Covid-19 first plunged Europe into lockdown last spring, there were plausible predictions of a tidal wave of corporate insolvencies. That hasn’t happened, at least not yet. The number of companies declaring bankruptcy declined by about a fifth in the euro area last year, even as economic output contracted more than 6%. Firms were saved by overwhelming government support, including ...

It hasn’t been an edifying few days for Hong Kong. After a domestic worker from the Philippines was found late last week to have contracted a more infectious strain of Covid-19 locally, all 370,000 foreign women working in the territory’s homes were ordered to take coronavirus tests, many queueing for hours over the weekend to do so. They faced the ...

In the debate over President Joe Biden’s infrastructure and climate bill, it was perhaps inevitable that some policy makers would object to including anything other than traditional infrastructure such as roads and bridges. More surprising is the “new pundit view,” which casts doubt about spending in precisely that narrow category. This is a perspective based on very imperfect data. Especially ...