Bloomberg European Central Bank (ECB) Governing Council member Joachim Nagel said additional measures are needed to curb rising expectations of future prices and return inflation to the 2% goal. “Our monthly surveys of firms and households are showing a significant increase in long-term inflation expectations,” Nagel said in an interview with the Zeitschrift für das gesamte Kreditwesen. The ECB …

  Bloomberg While China stock bulls had another miserable year, their fortunes may finally improve in 2023 if the nation’s abrupt reopening from the Covid-19 restrictions eventually leads to a robust economic recovery. The Hang Seng China Enterprises Index, which tracks Chinese firms listed in Hong Kong, just suffered a third straight year of declines, a record losing streak since …

  Bloomberg The worst year for equity bulls since 2008 will also be remembered as one when the predominant investment strategies veered from one another by the most in two decades. Divergent fortunes befell the most famous US stock benchmarks, with the S&P 500’s annual loss of almost 20% more than twice that of the Dow Jones Industrial Average. A …

  Abu Dhabi / WAM The UAE strongly condemned the terrorist attack that targeted an Egyptian security checkpoint in Ismailia, which resulted in deaths and injuries. The Ministry of Foreign Affairs and International Cooperation (MoFAIC) expressed the UAE’s full support for all measures undertaken by the Egyptian government to protect its sovereignty and security, and combat terrorism. In a statement, …

  Abu Dhabi / Gulf Time AD Ports group delivered on its commitment to produce remarkable results and extend its international reach in its first year as a publicly traded company, with 2022 becoming one of the most important years in the company’s storied history so far. The year started with the listing of AD Ports group’s shares for the …

  Abu Dhabi / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent cables of congratulations to Their Highnesses and Majesties, presidents, kings and princes of friendly countries around the world, on the occasion of the New Year, 2023. President His Highness Sheikh Mohamed wished them good health, and their peoples more progress and prosperity. His Highness …

  Abu Dhabi / WAM The UAE ranked first in the Arab world in terms of the value of manufactured exports in 2021, with a total value of $142.5 billion, according to the Arab Monetary Fund (AMF) According to the AMF’s Joint Arab Economic Report, the UAE’s manufacturing industry exports account for 43.9 percent of overall Arab exports of manufacture, …

Dubai / WAM Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (Dewa), has announced that the production capacity of clean energy in Dubai has reached 2,027 megawatts (MW) using photovoltaic solar power (PV) and concentrated solar power (CSP). This is about 14 percent of Dubai’s total power production capacity of 14,517 MW. He made the …

Dubai / WAM Dubai’s Roads and Transport Authority (RTA) confirmed that 2,166,821 riders used its public transport, shared mobility means and taxis during the New Year’s Eve 2023. The figure reflects a 33 percent rise from last year’s number, which was 1,632,552 riders. The breakdown of ridership was as follows: Metro: 958,161 riders (compared to 640,175 last year), Tram: 49,855 …

  Abu Dhabi / WAM On New Year’s Eve, the Sheikh Zayed Festival witnessed over one million visitors, from the UAE and outside the country, who gathered at Al Wathba to welcome the New Year of 2023 with the largest fireworks display and drone show that broke four Guinness World Records. The festival grounds were filled with a crowd of …