Bloomberg Chinese bank stocks: never this cheap, rarely so unloved. Weakened by the government’s call to sacrifice profitability, stung by ultra-low interest rates and the threat of souring loans, the country’s Hong Kong-listed banks have seen their market value contract by $194 billion in 2020 as of Wednesday. Their share of the MSCI China Index has shrunk to a measly ...

Bloomberg European stocks rise with US equity futures as optimism crept into markets that Tuesday’s tumble drew a line under the recent selloff. Shares climbed broadly in Europe while AstraZeneca Plc slipped on news it paused trials of a leading experimental Covid-19 vaccine when a participant got sick. S&P 500 and Nasdaq 100 contracts advanced in the wake of large ...

MUKALLA / WAM The Emirates Red Crescent (ERC) delegation has inspected life conditions of several families of martyrs in the Governorate of Hadramaut, Yemen. The gesture reflects the brotherhood and solidarity feelings and supporting families of martyrs as well as alleviating their sufferings and burdens. During the visit, the ERC team presented humanitarian assistance including food baskets, school bags and ...

Dubai / WAM The Halal economy is estimated to be worth $3.2 trillion by 2024, according to the newly launched second edition of the Halal Guidebook titled ‘Dubai – A Global Gateway for Halal Industry: A Step-by-Step Guide.’ The Guidebook unveils key trends that will have a lasting impact on the regional economy and assists in providing a clear picture ...

Abu Dhabi / WAM The total expenditure of the UAE federal government amounted to as much as AED24,997,691,014 by the end of the second quarter of this year (Q2), according to the Budget Execution Report, released by the Ministry of Finance. The report puts the total revenues at AED34,744,272,796, which results in a total surplus of around AED9.75 billion by ...

Abu Dhabi / WAM The seventh session of the UAE-South Korea Joint Economic Committee (JEC) was chaired virtually by Abdullah bin Touq Al Marri, Minister of Economy, and Nam-Ki Hong, Korean Deputy Prime Minister and Minister of Economy and Finance, in presence of Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade. During the session, the two ...

Abu Dhabi / WAM The Abu Dhabi energy sector plays a pivotal role in driving the government’s smart transformation with an integrated plan to digitise all services it provides to customers, making them accessible from authorised digital platforms across the emirate. The energy sector boasts a solid digital infrastructure that enabled it to transfer most services to digital platforms, as ...

Abu Dhabi / WAM In its continuous efforts to eliminate risks of financial crimes in the UAE, the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations announced in its sixth meeting, the launch of ‘Fawri Tick ’, a smart system developed by the Federal Authority for Nuclear Regulation (FANR). “‘Fawri Tick’ is under the ...

SHARJAH / WAM The management of Souq Al Haraj for Cars has announced that their occupancy rate has remained at 99 percent, despite the circumstances experienced by the global pandemic. This reflects the strength of Sharjah’s investment landscape and underlines the success of Sharjah Asset Management – which oversees its management- in developing the various procedures, services and facilities offered ...

DUBAI / WAM Dubai’s Roads and Transport Authority (RTA) and the Department of Planning and Development – Trakhees at the Ports, Customs and Free Zone Corporation announced the signing of a Memorandum of Understanding (MoU) to streamline the process of issuing permits of lands impacted by the Rail Protection Zone of Route 2020. CEO of Rail Agency Abdul Mohsen Ibrahim ...