ABU DHABI/ WAM Mohamed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development (ADFD), and the UAE’s Alternate Governor on the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), along with Luky Eko Wuryanto, Vice President and Chief Administration Officer of AIIB; officially opened the operational office for the bank at the Abu Dhabi Global Market. The …

NEW YORK/ WAM Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President-Designate, rang the famous opening bell at the New York Stock Exchange to help raise awareness of climate finance in the US business community, as he began a programme of activities on the second day of the United Nations General Assembly (UNGA). This …

DUBAI/ WAM Dubai International Financial Centre (DIFC), in collaboration with Refinitiv, a London Stock Exchange Group business and one of the world’s largest providers of financial markets data and infrastructure, today published a report titled “Drivers of Innovation in Financial Services”, revealing a five-year outlook for innovation in the financial services industry. Following the initial wave of innovation sparked during …

BLOOMBERG Even before the European Union targeted imports of cheap Chinese electric vehicles, their makers faced another big challenge: winning over consumers who don’t know or necessarily trust their brands. At the heart of their strategy is the traditional dealership model that European carmakers have been exiting in favour of direct sales. BYD, Xpeng, Great Wall Motor and others hope …

BLOOMBERG The pound weakened and UK stocks rallied after British inflation slowed unexpectedly, catching traders off guard as they prepare for the Federal Reserve’s policy decision later. Sterling fell as much as 0.5% against the dollar to its lowest level since May as traders bet that the Bank of England is nearing the end of its hiking cycle, with only …

BLOOMBERG The worst may be over for the Taiwan dollar as China’s economic recovery and a rebound in the chip industry will support the beleaguered currency, according to analysts. The island’s dollar is on course to weaken for a sixth month, the longest stretch since 2006, after foreign funds turned sour on its technology sector and risk sentiment deteriorated on …

BLOOMBERG As Instacart started trading on the Nasdaq on Tuesday, investors weren’t betting on a grocery-delivery company. They’re betting on a data and advertising business. The company, best known for its army of gig-economy workers filling grocery orders, has spent years building up its ad division — a higher-margin operation that capitalises on a trove of shopping data. That evolution …

BLOOMBERG H&M’s revenue growth unexpectedly ground to a halt as shoppers turned away from the Swedish retailer, which has been raising prices while rivals  offer bottom-dollar discounts. Sales growth was flat in constant currencies during the three months through August, missing analysts’ estimates. The low-cost fashion retailer has been allowing prices to creep up lately, according to RBC analyst Richard …

DUBAI \ GULF TIME The Chairman of First Iraqi Bank, Mr. Kawa Junaid has been recognized as the Best Entrepreneur of the Year at the renowned Murex D’or Awards. This prestigious accolade is a testament to Mr. Kawa’s outstanding leadership, vision, and unwavering commitment to the banking industry and the economic growth of Iraq. The Murex D”or Awards, a highly …

DUBAI \ GULF TIME Keshav Global Group, a pioneering multinational enterprise, marked its Founder’s Day on September 13, 2023, with a celebration of its remarkable 128-year legacy and the unveiling of an ambitious strategic plan that charts its course for the next decade. The extravagant gala dinner, brimming with entertainment, was held at the prestigious Shangri-La Hotel on Sheikh Zayed …