BLOOMBERG China’s largest tech companies Alibaba Group Holding Ltd and Tencent Holdings Ltd have gained $66 billion in market value since May’s end, propelled by expectations of a gradual return to pre-crackdown growth and a litany of official promises to unshackle the private sector. Yet some investors warn the celebration may be premature. For the first time since 2021, China’s ...

BLOOMBERG Bitcoin may be closer to bursting out of a period of unusually low volatility if chart patterns and the token’s history are any guide. Some gauges of how much the largest digital asset swings around dropped toward a record low in the past month as Bitcoin hovered around $30,000. The lull coincided with a cooling in the token’s 2023 ...

BLOOMBERG European stocks rallied, led by a bounce in Italian banks, as investors weighed Rome’s backtracking on part of its windfall tax on lenders. The FTSE MIB Index was up 1.9% after dropping the most in over a month on Tuesday, as Italy said the impact of the tax may be limited for some banks and that the levy won’t ...

DUBAI / WAM Dubai’s Real Gross Domestic Product (GDP) grew 2.8 percent year-on-year in the first quarter of the year to reach AED111.3 billion surpassing average global growth rates for Q1 2023. The surge maintains the robust momentum of growth achieved in 2022, when the emirate experienced a 4.4 percent expansion of the economy. HH Sheikh Hamdan bin Mohammed bin ...

DUBAI / WAM The UAE government approved a number of federal decrees and amendments of certain provisions on the regulations of healthcare professions, healthcare providers and veterinary medicine. This comes as part of regulating the practice of non-doctors and pharmacists for a number of healthcare professions, including nursing, laboratories, medical physics, functional therapy, physiotherapy, aesthetics, anesthesia, audiology, and radiology. The ...

  ABU DHABI / WAM This September, Hunting, adventure, and nature enthusiasts are awaiting the launch of the 20th edition of Abu Dhabi International Hunting and Equestrian Exhibition (Adihex) to explore and experience what hundreds of local and international exhibitors will showcase from the latest innovations and products offered by the most famous international brands. Adihex is a unique opportunity ...

  ABU DHABI / WAM Al Yah Satellite Communications Company (Yahsat) on Tuesday announced its consolidated  financial results for the six months ended 30th June 2023. Revenue for the first half  of the year was stable at AED753 million ($205 million) whilst Ebitda and net income increased, on a normalised basis, by 3% versus the prior year to AED460 million ...

BLOOMBERG Amazon.com Inc Chief Executive Officer Andy Jassy pulled off a financial double play this earnings season: generating strong revenue growth from the core e-commerce business while cutting the pace of spending. The results sent shares up 8.3% to $139.57 at the close, the best single-day performance since November and the highest price for the stock in almost a year. ...

BLOOMBERG Party City Holdco Inc is considering splitting up its balloon manufacturing and retailing businesses as the latter charts a course out of bankruptcy, according to people familiar with the situation. Party City has held confidential talks with debt holders about spinning off its Anagram unit, said the people, who asked not to be identified because the matter is private. ...

BLOOMBERG The chairman of Hong Kong Airlines Ltd resigned, one of several senior management changes at the recently overhauled carrier. Hou Wei was replaced by Zhang Youqiang, chairman of Hong Kong Air Cargo, according to a company memo seen by Bloomberg News. Hou left after a four-year stint that covered the Covid pandemic and a HK$49 billion ($6.3 billion) restructuring ...