April, 2023

• 10 April

  India to get below-average monsoon in risk to economy

  

  BLOOMBERG India will likely see below-normal monsoon rain this year, according to a private forecaster, a prospect that could hurt its vast agriculture sector and stoke inflation in Asia’s third-biggest economy. The coming season may bring only 94% of the rain India usually gets from June to September, Skymet Weather Services Pvt said. A lack of rain spells trouble for ...

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• 10 April

  TSMC’s sales miss for second straight quarter

  

  BLOOMBERG Taiwan Semiconductor Manufacturing Co (TSMC) missed sales estimates for the second consecutive quarter in a sign of continued weakness in global electronics demand. First-quarter revenue at the world’s biggest contract manufacturer of chips was NT$508.6 billion ($16.7 billion), according to Bloomberg calculations, falling shy of average analyst forecasts of NT$525.5 billion. A sharp slowdown in March contributed to that ...

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• 10 April

  China’s SenseTime unfurls latest challenger to ChatGPT

  

  BLOOMBERG SenseTime Group Inc showed off a suite of new artificial-intelligence (AI) services developed with the company’s access to vast troves of data and deep computing power, including the latest Chinese challenger to AI phenom ChatGPT. Chief Executive Officer Xu Li took the stage to demonstrate the large AI model SenseNova and a user-facing chatbot called SenseChat. Xu, with help ...

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• 10 April

  ‘Europe must develop its own autonomy’

  

  BLOOMBERG Emmanuel Macron urged Europe to develop more strategic autonomy as a way to avoid the risk of turning the European Union (EU) countries into “vassals” in the event of a global crisis such as a US-China confrontation. “Strategic autonomy must be the battle of Europe,” the French president told the business daily Les Echos during his visit to China. ...

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• 10 April

  North Korea cuts phone link with South, slamming ‘traitors’

  

  BLOOMBERG North Korea appears to be purposefully cutting a communication link with South Korea as it ratchets up tensions by testing new weapons and denouncing its neighbour as a “puppet traitor” for holding military drills with the US. South Korea’s Unification Ministry said that North Korea failed to respond for a fourth straight day to regularly held calls on an ...

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• 10 April

  US equity futures steady in light trading, Tesla declines

  

  BLOOMBERG US equity futures were little changed while Asian stocks rose in holiday-thinned trading as investors assessed the Federal Reserve’s policy path following US jobs data. S&P 500 contracts rose less than 0.1% and MSCI Inc’s Asia-Pacific equity index added 0.2%. Trading volumes were light with markets across Europe, Hong Kong and Australia closed for Easter holidays. In the US ...

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• 10 April

  Tech stocks is facing a reckoning ahead of tough earnings season

  

  BLOOMBERG This year’s 20% rally in US technology stocks is decoupling from reality ahead of what’s predicted to be a gloomy reporting season, the latest MLIV Pulse survey shows. While investors have flocked to tech in the market shakeup amid recent banking turmoil, the rotation is at odds with analyst calls for the steepest drop in quarterly profits for the ...

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• 10 April

  Tunisia tourism receipts rise 64%, rake in 1bn dinar in Q1

  

  TUNIS / WAM Tunisia’s cumulative tourist revenues exceeded the 1 billion-dinar milestone in Q1 of 2023, climbing 64% compared to the same period last year, according to data published by the Central Bank of Tunisia (BCT). Cumulative labour income also saw an 8.5% increase, reaching 1.9 billion dinars, against 1.7 billion dinars at the end of March 2022, Tunis Afrique ...

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• 10 April

  Rakez attracts 1,839 new firms to RAK in Q1

  

  RAS AL KHAIMAH / WAM Ras Al Khaimah Economic Zone (Rakez) welcomed 1,839 new companies in the first quarter of 2023, representing 122% growth compared to the same period in 2022, indicating a strong start to the year for the economic zone. Rakez Group CEO Ramy Jallad commented on this achievement: “We are thrilled to welcome 1,839 new companies to ...

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• 10 April

  Sharjah chamber receives Bahrain, Cuba delegations

  

  SHARJAH / WAM The Sharjah Chamber of Commerce and Industry (SCCI) has separately received two high-level diplomatic delegations from Bahrain and Cuba to discuss best practices and regulations for serving the interests of its members and the private sector in Sharjah and the UAE. The meetings also focussed on enhancing economic relations between business communities and exploring investment opportunities in ...

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