BLOOMBERG Stocks and commodities climbed as investors bet that US politicians will be able to negotiate a solution to the debt-ceiling standoff, with President Joe Biden voicing optimism that a deal could be reached. S&P 500 futures climbed 0.4%, signalling a rebound from May 12 retreat. Other markets tilted risk-on, with copper advancing and mining shares leading gains among European ...

BLOOMBERG Shares of Indian billionaire Gautam Adani’s group declined on Monday after boards of two firms approved proposals to raise as much as $2.6 billion, with market watchers flagging concerns about potential equity dilution. Adani Enterprises Ltd, the incubator for new group businesses, slid 4.4% — the most intraday since May 3. The firm got a nod to raise as ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced that the 7th edition of the Arab Reading Challenge for 2023 has seen record participation and an 11 percent increase compared to last year’s numbers. Around 24.8 million students, including over 22,500 people of determination, are taking ...

ABU DHABI / WAM The Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced its sponsorship of the Emirates Labour Market Award, organised under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Minister of the Presidential Court. The award aims to recognise the efforts of leading private sector entities and outstanding ...

ABU DHABI / WAM Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement of the UAE, took part in the annual MEA Finance Banking Technology Summit and Awards 2023. The lively summit, held at the Armani Hotel, Burj Khalifa, gathered top banking and finance leaders and the region’s leading technology professionals to debate the ...

LATAKIA / WAM The Emirates Red Crescent (ERC) delegation distributed food parcels to more than 600 medical personnel working in hospitals in the Syrian Governorate of Latakia, as part of “Operation Gallant Knight 2” launched by the Joint Operations Command of the Ministry of Defence. The ERC delegation announced the continuation of the second phase of its initiative, “We did ...

DUBAI / WAM The Gem and Jewellery Export Promotion Council (GJEPC) has launched a first-of-its-kind India Jewellery Exposition Centre (IJEX) in the UAE during a special event to commemorate the first anniversary of the UAE-India Comprehensive Economic Partnership Agreement. Announced during the Cepa Beyond Trade celebration, IJEX will provide a platform for India’s micro, small, and medium jewellery enterprises (MSMEs) ...

ABU DHABI / WAM Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, headed the UAE delegation participating in the Annual Meetings of the Islamic Development Bank (IsDB) Group, which were held under the theme “Partnerships to Fend off Crises” and took place in Jeddah, the Kingdom of Saudi Arabia. The meetings focussed on improving cooperation to tackle challenges ...

DUBAI / WAM Dubai’s Roads and Transport Authority (RTA) has embarked on a trial operation of the “First Autonomous Electric Abra”, with a capacity to carry eight passengers. It was manufactured locally at the RTA’s Al Garhoud Marine Maintenance Centre, featuring a design that preserves the heritage identity of the abras. The initial journey of this abra took place from ...

BLOOMBERG  Societe Generale SA’s fixed-income trading unit outperformed most peers in a volatile first quarter, as clients reacting to interest-rate hikes spurred revenue in an otherwise tough trading period. Income from debt and currencies trading jumped 16% from a year earlier, compared with a 9% gain at rival BNP Paribas, according to a statement. Revenue at the equities-trading unit fell ...