Bloomberg Russia is considering a plan to buy as much as $70 billion in yuan and other “friendly” currencies this year to slow the ruble’s surge, before shifting to a longer-term strategy of selling its holdings of the Chinese currency to fund investment. The offshore yuan briefly extended gains against the dollar after the news, rallying to a session high. ...

  Bloomberg The yen declined to its lowest since 1998, prompting warnings from Japanese government officials, as the yield gap between the US and Japan widened to heap more pressure on the currency. It falls as much as 0.5% to 139.68 per dollar in Thursday trading — a hair’s breadth from the key psychological level of 140, before paring the ...

  Bloomberg China’s biggest banks, including Industrial & Commercial Bank of China Ltd., reported slowing earnings growth and eroding margins after being enlisted by Beijing to help stave off a deeper slump in the world’s second-biggest economy. ICBC, the world’s biggest bank by assets, reported net income grew 4.9%, the slowest in two years, in the first half of the ...

  Bloomberg Another Chinese firm is baffling investors with massive gains on its first day of trading in the US, following on from stellar debuts for AMTD Digital Inc. and Magic Empire Global Ltd. Addentax Group Corp. soared as much as 13,031% on Wednesday in its debut session, triggering more than 20 volatility halts. Its market capitalisation has ballooned to ...

Bloomberg Stocks and bonds extended their selloff on Thursday as a hawkish drumbeat from central banks and a lockdown in China further frayed investor nerves. The dollar gained. A global equity index hit a six-week low as Nasdaq 100 futures fall after a sales warning from Nvidia Corp. Miners led declines in Europe as commodities dropped amid concerns that aggressive ...

  Abu Dhabi / WAM The Emirates Mars Mission (EMM), the first interplanetary exploration undertaken by an Arab nation, has made first observations of a new type of proton aurora around Mars. The spatially variable ‘patchy’ proton aurora potentially triggers new insights into unexpected behaviours in the Martian atmosphere. The EMM team has worked together with Nasa’s Maven (Mars Atmosphere ...

  Abu Dhabi / WAM Abu Dhabi National Oil Company (Adnoc) on Wednesday announced the award of five framework agreements valued at $1.83 billion (AED6.72 billion) for Directional Drilling and Logging While Drilling (LWD) to support its efforts to expand production capacity of its low carbon oil and gas resources to help meet the world’s growing demand for energy. The ...

  Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has issued a Federal Decree appointing Abdulla Majid Al Ali as the Director-General of the National Library and Archives, with the rank of Undersecretary.

  Dubai / WAM Underpinning its status as a key pillar supporting Dubai’s economy, DP World’s flagship Jebel Ali Free Zone (Jafza) generated over AED454.7 billion in trade in 2021, up 19 percent year-on-year. The rise in trade compares to the AED382.8 billion facilitated by Jafza in 2020. Complementing this growth was an 18.6% increase in the number of new ...

  Dubai / WAM The Global Manufacturing and Industrialisation Summit (GMIS), a joint initiative between the United Nations Industrial Development Organisation (Unido) and the UAE Ministry of Industry and Advanced Technology (MoIAT), will host its inaugural edition of the GMIS America in Pittsburgh, Pennsylvania from September 28-30. The step aims to build bridges between manufacturers, governments, multilateral organisations, technologists, the ...