BLOOMBERG The pound weakened and UK stocks rallied after British inflation slowed unexpectedly, catching traders off guard as they prepare for the Federal Reserve’s policy decision later. Sterling fell as much as 0.5% against the dollar to its lowest level since May as traders bet that the Bank of England is nearing the end of its hiking cycle, with only ...

BLOOMBERG The worst may be over for the Taiwan dollar as China’s economic recovery and a rebound in the chip industry will support the beleaguered currency, according to analysts. The island’s dollar is on course to weaken for a sixth month, the longest stretch since 2006, after foreign funds turned sour on its technology sector and risk sentiment deteriorated on ...

BLOOMBERG As Instacart started trading on the Nasdaq on Tuesday, investors weren’t betting on a grocery-delivery company. They’re betting on a data and advertising business. The company, best known for its army of gig-economy workers filling grocery orders, has spent years building up its ad division — a higher-margin operation that capitalises on a trove of shopping data. That evolution ...

BLOOMBERG H&M’s revenue growth unexpectedly ground to a halt as shoppers turned away from the Swedish retailer, which has been raising prices while rivals  offer bottom-dollar discounts. Sales growth was flat in constant currencies during the three months through August, missing analysts’ estimates. The low-cost fashion retailer has been allowing prices to creep up lately, according to RBC analyst Richard ...

DUBAI \ GULF TIME The Chairman of First Iraqi Bank, Mr. Kawa Junaid has been recognized as the Best Entrepreneur of the Year at the renowned Murex D’or Awards. This prestigious accolade is a testament to Mr. Kawa’s outstanding leadership, vision, and unwavering commitment to the banking industry and the economic growth of Iraq. The Murex D”or Awards, a highly ...

DUBAI \ GULF TIME Keshav Global Group, a pioneering multinational enterprise, marked its Founder’s Day on September 13, 2023, with a celebration of its remarkable 128-year legacy and the unveiling of an ambitious strategic plan that charts its course for the next decade. The extravagant gala dinner, brimming with entertainment, was held at the prestigious Shangri-La Hotel on Sheikh Zayed ...

DUBAI / WAM The Ministry of Human Resources and Emiratisation (MoHRE) has called on citizens and residents eligible for the Unemployment Insurance Scheme to register in the system before October 1 to avoid a AED400 fine. The ministry said it has provided the option for employers to register their employees in the system, however, “it is the employee’s responsibility to ...

SHARJAH / WAM A delegation from the National Museum in Saudi Arabia visited the Holy Quran Academy. They learned about the best practices in manuscript restoration, digital experiences aimed at harnessing data and statistics for the museum sector, as well as supporting services and scientific projects of the Holy Quran Academy that embody Sharjah’s vision in promoting Arab culture and ...

ABU DHABI / WAM The General Administration of Abu Dhabi Customs recorded a growth of 37% in digital customs transactions through the border crossings of Abu Dhabi during the first half of 2023, compared to the same period in 2022, achieving a growth rate of 35.8% in clearance of goods transactions, and 20% growth in customs clearance request in free ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has ordered airlifts to facilitate the dispatch of relief aid mobilised by the International Humanitarian City (IHC) to support people affected by the major humanitarian crisis in flood-devastated eastern Libya. Mohammed Ibrahim Al Shaibani, Chairman of Dubai’s International ...