BLOOMBERG Consumer spending in China has picked up rapidly in recent weeks, especially on eating out and travel, giving a boost to an economic recovery that’s become increasingly reliant on local demand. High-frequency indicators of spending in some sectors have shown double-digit growth from a year ago, while leading travel companies and retailers have reported a strong increase in sales ...

BLOOMBERG Traders are steeling themselves for the risk of more turbulence after the biggest US bank collapse since the 2008 financial crisis sent shockwaves through markets. The unraveling of SVB Financial Group’s Silicon Valley Bank was driven in large part by the fallout from higher US interest rates, prompting questions about whether other institutions might also be at risk as ...

BLOOMBERG US futures rose as investors dialled back bets on Federal Reserve rate hikes following the collapse of Silicon Valley Bank, which continued to reverberate through trading desks on Monday. Futures on the rate-sensitive Nasdaq 100 rose about 1% while those on the S&P 500 also resumed gains after initially erasing a rally. Stocks in Europe pared a drop of ...

SHARJAH / GULF TIME Jawhara Jewellery, the premier Emirati brand, is proud to announce its participation in the 51st edition of the Watch & Jewellery Middle East (WJME) Show. The event, held at the Sharjah Expo Center from March 8-12, hosted 500 exhibitors from 20 countries worldwide, showcasing the most stunning collections of Jewellery, watches, and gold artifacts. Mohammed Tamjid ...

DHAHRAN / WAM The Saudi Arabian Oil Company (Aramco or the company) on Sunday announced its full-year 2022 financial results, reporting a record net income of $161.1 billion — its highest annual profits as a listed company. Aramco also declared a fourth quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. The results were underpinned ...

ABU DHABI / WAM In line with its new strategy and as part of its role as a Networker, the Abu Dhabi Chamber of Commerce and Industry (ADCCI), in cooperation with the National Marine Dredging group (NMDC group), is set to organise the “Let’s Grow Together” event, which will take place on March 16 at the chamber’s building, to bolster ...

DUBAI / WAM Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, reaffirmed that the UAE will continue to forge ahead to ensure all sectors, particularly the energy sector, reach new heights through collaboration and a steadfast commitment to excellence and leadership. The minister made his comment during a session titled ‘Charting the Future of the UAE’s Energy Sector’, ...

CAIRO / WAM Egyptian exports to China rose by 20.8% to $1.7 billion in the first 11 months of 2022, up from $1.4 billion in the same period in 2021, according to a statement released by Egypt’s Central Agency for Public Mobilisation and Statistics (Capmas). The trade exchange between Egypt and China increased by 2.6% during the first 11 months ...

DUBAI / WAM The Roads and Transport Authority (RTA) has awarded the first contract under Phase 4 of Al Shindagha Corridor Improvement Project, which aims to keep pace with the continuous development of the locality while catering to the demands of urban expansion and population growth. The project is being carried out in response to the directives of His Highness ...

ABU DHABI / WAM The 14th edition of the EmiratesSkills National Competition, taking place from March 13-14, will see the Abu Dhabi National Exhibition Center (Adnec) come alive with the participation of more than 300 talented Emiratis, who will compete in 23 technical and vocational skills, assessed and evaluated by over 100 experts. Organised by Abu Dhabi Centre for Technical ...