Bloomberg The bolivar is plummeting, breaking a rare stretch of stability for Venezuela’s battered currency. It has lost a third of its value so far this month, hitting 9.08 bolivars per US dollar on the parallel exchange market, according to data compiled by Bloomberg. That’s the steepest monthly decline since January 2021. Controlling the exchange rate has been a ...

  Bloomberg Bonds in Europe led a global selloff that lifted the two-year Treasury yield to levels last seen in 2007 as European Central Bank (ECB) policy makers joined their Federal Reserve counterparts in signalling aggressive tightening. Stocks sank with US futures and the dollar climbed. A global share index falls to a one-month low and European stocks extended last ...

  Bloomberg Goldman Sachs group Inc urged investors to pile into commodities as most recession risks coursing through global markets are overblown in the near term, arguing that raw materials stand to rebound amid a profound energy crisis and tight physical fundamentals. “Our economists view the risk of a recession outside Europe in the next 12 months as relatively low,” ...

  Bloomberg The global economy risks sustained weakness without a change in how it’s run, according to Agustin Carstens, who heads the Bank for International Settlements (BIS). The pandemic and war in Ukraine have proved a “rude awakening” for central banks, which had assumed for too long that supply adjusts automatically and smoothly to shifts in demand, Carstens told the ...

  Abu Dhabi / WAM The UAE condemned the violence in Libya and called on all parties to immediately halt military operations, preserve the safety of civilians, government headquarters, and property, and exercise the utmost restraint to end the current crisis. The UAE urged parties to set aside division, restore calm and serious dialogue, and prioritize the national interest to ...

  Beijing / WAM China’s software industry reported a 10.3 percent increase in business revenues in the first seven months of the year, Chinese news agency, Xinhua, reported. Revenues totalled 5.46 trillion yuan (about $796.66 billion) from January to July, data from China’s Ministry of Industry and Information Technology showed. Companies in the sector raked in 569.8 billion yuan in ...

Bloomberg More countries are likely to seek debt relief as a stronger dollar makes repayments tougher, and the program that rich nations have to help poorer ones needs to be faster and broader, the International Monetary Fund’s (IMF) deputy chief said. About 60% of low-income countries are at high risk of or already in debt distress, and about 20 emerging markets ...

  Sharjah / WAM Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad) of the Sharjah Economic Development Department (Sedd), announced that it has registered 214 new projects in the foundation in 2021. Sharjah acquired 67 percent of the new projects, while the rest of the projects were distributed by 21 percent in the eastern region, and 12 percent for the central ...

  DUBAI / WAM Dubai’s Roads and Transport Authority (RTA) announced that 55% of the construction had been completed at the Falcon Interchange Improvement Project situated between Al Khaleej Street, Khalid bin Al Waleed Street and Al Ghubaiba Street. The project links with the Northern side of the Infinity Bridge (Al Shindagha Bridge). “The project is implemented in response to ...

  Abu Dhabi / WAM Shaimaa Al Mansoori, Director of Education and Training at the Federal Authority for Nuclear Regulation (FANR), stressed that women account for 44 percent of the authority’s workforce and 43 percent of managerial positions. In her statement to the Emirates News Agency (WAM), Al Mansoori said that the authority is constantly working to advance the skills ...