Bloomberg Statistics Canada backtracked on its decision to revise down estimates of underlying inflation, raising questions whether the agency has a full grasp of the real state of price pressures in the economy. In a rare move, the agency said it’s reversing a methodological change — unveiled only five days ago — that lowered some readings of core prices. After ...

Bloomberg European stocks dropped with US equity futures on Tuesday as the jump in bond yields and commodity prices continued to hammer technology shares. The Stoxx 600 Index turned lower, with tech among the laggards for a second straight day while energy shares outperformed. HSBC Holdings Plc edged lower even after results beat estimates in the fourth quarter. Hong Kong ...

Bloomberg BlackRock Inc. said it’s turned bearish on credit and government bonds, downgrading the two asset classes to underweight over the long-term because of high valuations and inflation expectations. A stronger economy on the back of the Covid-19 vaccine rollout, combined with the potential for as much as $2.8 trillion of additional fiscal stimulus and higher inflation will drive up ...

DUBAI / WAM Upon the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, will chair a government retreat on Tuesday, ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) announced on Monday that its Thamama Centre of Excellence (Thamama) has generated $1.1 billion (AED4.04 billion) in business value since its inception in 2017. The announcement was made at Adnoc’s Innovation Week, which is taking place virtually from February (21-25). Named after the reservoir formation most dominant in Abu ...

ABU DHABI / WAM The second day of the International Defence Exhibition (Idex) and the Naval Defence Exhibition (Navdex) 2021 has seen the UAE Armed Forces sign 11 new deals, worth AED 7.293 billion, with local and international companies. The cumulative value of deals signed at Idex and Navdex 2021 is now AED 12.323 billion. Staff Brigadier-General Mohammed Al Hassani, ...

KUWAIT / WAM Official delegations representing the United Arab Emirates and the State of Qatar met in the brotherly State of Kuwait on Monday in the first meeting between the two sides to follow up on the Al-Ula Declaration. The two sides discussed joint mechanisms and procedures to implement the Al-Ula Declaration and underscored the importance of preserving Gulf unity, ...

ABU DHABI / WAM Japan-UAE cooperation in the fields of hydrogen and ammonia can lead to the establishment of their international supply chains, a top Japanese official told Emirates News Agency (WAM). “In fact, the UAE is endowed with not only oil and gas, but also bright sunshine, so the country has a great potential for supplying hydrogen in the ...

BAHRAIN / WAM Investcorp, a Bahrain-based asset manager that counts Mubadala Investment Company as its biggest shareholder, on Monday announced that one of its affiliates has acquired a majority ownership position in KSM Consulting, a leading consulting firm specialising in data analytics, technology and digital transformation, from Renovus Capital Partners, which will continue to maintain a minority stake in KSMC. ...

ABU DHABI / WAM SDF, the investment arm of Tawazun Economic Council, and EOS Defence Systems Pty Limited (EOS) have signed an agreement to establish a JV with equal partnership, which would design and develop a new multi-platform Light-Weight 14.5 x 114 mm Chain Driven Machine Gun in the UAE, with the involvement of international and local engineering and designing ...