Bloomberg Credit Agricole SA’s corporate and investment bank helped the group soar above expectations in the second quarter after traders made double-digit gains during heightened volatility. The Paris-based bank said revenue at its CIB unit rises by more than a quarter to almost 2 billion euros ($2 billion), making it the busiest quarter on record. Underlying revenue from financing activities ...

  Bloomberg Investors have resumed shunning global stocks in favour of bonds, according to Bank of America Corp. (BofA) strategists, who say the time is right to step back from US equities after the strong rally in July. Global equity funds had outflows of $2.6 billion in the week through August 3, according to a note from the bank, after ...

Bloomberg Bitcoin rises as global stocks neared a two-month high and in advance of the US payrolls report. The largest cryptocurrency rose as much as 4% to $23,422 on Friday, staying within the range of around $19,000 to $25,000 that’s held it since mid-June. Ether was up as much as 5.4% to $1,678. “The majors continue to trade in a ...

  ABU DHABI / WAM The UAE’s citizens’ housing file in 2022 has achieved significant regulatory progress, and attained massive financial allocations for federal and local plans and projects amounting to some AED25.28 billion. On June 5, President His Highness Sheikh Mohamed bin Zayed Al Nahyan ordered the completion of the housing grants from previous years’ worth AED2.3 billion, as ...

  Abu Dhabi / WAM The UAE affirmed its support for China’s sovereignty and territorial integrity, as well as the importance of respecting the “One China” principle, while calling for adherence to relevant United Nations resolutions. In a statement issued by the Ministry of Foreign Affairs and International Cooperation (MoFAIC), the UAE indicated its concern over the impact of any ...

  Dubai / WAM Dubai Aerospace Enterprise (DAE) Ltd on Thursday has reported an increase of 186 percent in its profit for the first six months of this year, reaching $140.1 million. According to the company’s financial results, cash flows from operating activities increased by 36 percent to $678.5 million. The company reported available liquidity of $2.7 billion, saying that ...

  Ras Al Khaimah / WAM UAE’s first used battery recycling centre will be built in Ras Al Khaimah with an investment of AED62.4 million by Royal Gulf Industries. Ras Al Khaimah Economic Zone (Rakez) has welcomed this state-of-the-art lead acid battery recycling company to its industrial ecosystem. A subsidiary of Hyderabad Castings Limited and part of Nakhat Group, the ...

  DHAHRAN / WAM Saudi Arabian Oil Company (Aramco) signed a memorandum of understanding (MoU) with China Petroleum and Chemical Corporation (Sinopec) covering multiple areas of potential collaboration between the parties in Saudi Arabia. The MoU outlines pathways for strategic cooperation between Aramco and Sinopec and supports the long-term relationship between the two companies and their existing joint ventures in ...

  Abu Dhabi / WAM Abu Dhabi National Oil Company (Adnoc) announced on Thursday two contracts totalling more than $3.4 billion (AED12.6 billion) have been awarded to Adnoc Drilling to hire 8 jack-up offshore rigs. The contracts, valued at $1.5 billion (AED 5.6 billion) and $1.9 billion (AED 7 billion) respectively, awarded by Adnoc Offshore, will support the expansion of ...

  Dubai / WAM Amanat Holdings has announced its financial results for the first six months of this year, reporting an adjusted net profit of AED67.4 million, a 7 percent increase on the AED63.1 million reported in the same period of 2021. On an adjusted basis, excluding the prior year’s gain on sale and trading results from divested entities, the ...