Bloomberg Kenya’s biggest banks are the key to further gains for the benchmark Nairobi stock index this year as investors bet on the nation’s recovery from the pandemic, according to EFG Hermes Kenya. The Nairobi All Share Index has gained 16% in 2021 to the highest in more than three years. Expectations that the central bank will approve risk-based lending, ...

Bloomberg Investors are getting excited about Big Tech again. With resurgent doubts about the strength of the post-pandemic boom, traders are shifting back into the tech behemoths whose dominance of high-growth industries leaves them poised to keep sales and profits rising even if the economy slows. That’s fuelled a run of outperformance since the beginning of June and marks a ...

Bloomberg All through the pandemic era, buying stocks when corporate America delivers its quarterly reporting card has been a reliable winning trade. But the streak may be coming to a close. While second-quarter profits may look robust when banks start reporting on July 13, the forecast earnings increase of 64% for all firms in the S&P 500 Index probably marks ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, stated that developing the digital economy is a major priority for the government. The UAE believes that young minds and national expertise are the main pillars for building a flourishing digital future, based on science, knowledge, innovation ...

DUBAI / WAM The value of Dubai’s external pharmaceutical and medical supplies trade reached AED6.8 billion for Q1 2021 recording a growth of 31 percent from AED5.2 billion in the same period of 2020, according to statistics released by Dubai Customs. Imports touched AED5.3 billion, exports AED590 million, while exports and re-exports totalled AED1.4 billion. In terms of volume, Dubai ...

Bloomberg Top officials from the US, Germany and France each expressed confidence that a global tax deal endorsed at the Group of 20 meeting in Venice has enough momentum to overcome political obstacles in Washington and within the European Union (EU) in time for it to be finalised in October. “There’s more work to be done, but I’m really hopeful ...

New Delhi / WAM India’s Minister of State for External Affairs, who deals with the Gulf and the rest of the Arab world, V Muraleedharan, has held a meeting with Indian ambassadors in the Gulf to discuss initiatives to resume passenger flights to India from their countries of accreditation. “Our ambassadors were requested at that meeting to take up with ...

Bloomberg Oil falls this week for the first time since May after days of volatile trading in the wake of Opec+’s stalemate over a production increase in the near term. Futures in New York declined 0.8% this week, although the US crude benchmark closed higher amid a broader market rebound. A stronger dollar makes commodities priced in the currency less ...

Abu Dhabi / WAM The General Civil Aviation Authority (GCAA) and the National Emergency Crisis and Disasters Emergency Management Authority (NCEMA) have announced the suspension of all inbound flights for national and international carriers coming from Indonesia and Afghanistan, effective 11:59 on Sunday, July 11. The travel suspension includes inbound transit passengers except transit flights coming to the UAE and ...

Abu Dhabi / WAM Etihad Airways launched new seasonal routes to the Greek island of Santorini and the southern Spanish city of Malaga. The two new routes were introduced a day after Etihad’s new summer service to Mykonos, making it three new destinations launched in just over 24 hours. The inaugural Malaga service, EY148, took off at 10:28 and landed ...