Bloomberg Gautam Adani’s businesses have lost $108 billion in a week, one of the biggest wipeouts in India’s history, after an explosive report by short-seller Hindenburg Research forced him to pull a stock sale at the 11th hour and led some lenders to reject his securities as collateral for client trades. Adani, who last year became the world’s second-richest ...

  Bloomberg European stocks climbed with US equity futures, building on Wall Street’s advance after Federal Reserve Chair Jerome Powell said the central bank had made progress in its battle against inflation. The Stoxx Europe 600 index added about 0.6%, with traders now looking ahead to the European Central Bank’s policy decision after mixed inflation data reignited debate about how ...

MIAMI / WAM Investopia, a global investment platform launched by the UAE government, announced a partnership with iConnections, a leading financial technology platform, at the iConnections Global Alts 2023 event in Miami. The partnership allows Investopia’s investment community, including asset allocators, private equity, and hedge funds, to leverage iConnections’ digital capabilities to connect and thrive. The partnership is in line ...

Bloomberg An Opec+ committee recommended keeping crude production steady as the oil market awaits clarity on demand in China and supplies from Russia. Saudi Arabia and its partners will continue to hold output at levels set late last year, when they announced a hefty cutback of 2 million barrels a day to balance markets amid a fragile economy, according to ...

  Abu Dhabi / WAM Agthia group PJSC announced preliminary and unaudited results for the fiscal year ending December 31, 2022, reporting a rise of 14% year-on-year (YoY) in net profit to AED247 million. According to its report, the group’s net revenue increased 33% YoY to AED4.07 billion, with growth of 97% on a two-year basis. Revenue growth from our ...

Abu Dhabi / WAM Abdullah bin Touq Al Marri, Minister of Economy, has highlighted the strong and solid relations shared between the UAE and Ireland with Dara Calleary, Irish Minister of State for Trade Promotion and Digital Transformation. In a meeting with Calleary – during the Irish government trade mission visit to the UAE – Al Marri said that these ...

DAR ES SALAAM / WAM Enoc group and Tanzania’s Ministry of Energy have signed an MoU to build a national import gateway and oil and gas storage facility in Tanzania to serve the country and the Eastern and Central Africa region. The agreement supports the UAE’s 2023 priorities to expand economic partnerships in Africa and its goal of doubling the ...

  Dubai / WAM Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (Dewa), announced a 5.5% increase in energy demand in Dubai for 2022, reaching 53,180 GWh compared to 50,401 GWh in 2021. The increase reflects the robust performance of Dubai’s economy, population growth, and expansion across all key activities. In line with the vision ...

  Abu Dhabi / WAM Etihad Cargo, the cargo and logistics arm of Etihad Aviation Group, exceeded its operational performance targets in 2022. The carrier achieved 80.5% on-time-performance (OTP) for freighter departures and 84.1% OTP for freighter arrivals, ahead of its 80% target. The carrier has also maintained a delivered-as-promised (DAP) rate of 86.6%, a 2.6% improvement compared to the ...

  Abu Dhabi / WAM Landmarks across the UAE lit up in support of the fourth World Neglected Tropical Diseases Day (WNTDD), an annual moment that aims to galvanise the global community in support of ending neglected tropical diseases (NTDs), a band of debilitating diseases that affect some 1.7 billion people worldwide. Seventeen buildings and structures across Abu Dhabi and ...