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Bloomberg FedEx Corp. declined after the new CEO’s plan to cut costs and raise shipping rates fell flat with Wall Street, leaving investors concerned about deep challenges including slowing demand and elevated expenses. The courier said it will cut flights, defer projects and close offices as it seeks as much as $2.7 billion in savings this fiscal year. The ...
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September, 2022
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24 September
Bonds, stocks decline as global economic growth fears spread
Bloomberg Global bond yields surged and stocks extended declines at the end of a week that underscored expectations for tighter monetary policy and a slowing economy. A dollar gauge rose to yet another record and 10-year Treasury yields to the highest in more than a decade, while UK bonds plunged and the pound fell as markets priced in a ...
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24 September
Crypto outperforms stocks for a change as correlation breaks
Bloomberg Cryptocurrencies outperformed US equities for a change, with Bitcoin and Ether gaining for the first time in five days. Bitcoin, the largest virtual currency by market value, rose about 2% to $19,2912 in New York. Earlier, it slid as much as 4% toward a three-month low. Ether rose about 1.5%. It had dropped as much as 20% since a ...
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23 September
Renewable energy jobs reached 12.7 million globally, says Irena
ABU DHABI / WAM Worldwide employment in renewable energy reached 12.7 million last year, a jump of 700,000 new jobs in one year, despite the lingering effects of Covid-19 and the growing energy crisis, according to the “Renewable Energy and Jobs: Annual Review 2022” report. The report identifies domestic market size as a major factor influencing employment generation in ...
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23 September
Salik raises AED3.7 billion in oversubscribed DFM listing
DUBAI / WAM Salik Company, Dubai’s exclusive toll gate operator, on Thursday announced the successful completion of the bookbuild and public subscription process for its initial public offering (IPO) on the Dubai Financial Market (DFM). The company confirms the previously announced upsized offering size of 1,867,500,000 ordinary shares (“Offer Shares”), equivalent to 24.9% of total issued share capital, along ...
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23 September
UAE to celebrate Saudi National Day on Sept 23
ABU DHABI / WAM The United Arab Emirates will celebrate Saudi Arabia’s 92nd National Day on 23rd September with large-scale official and popular celebrations, under the theme, “Together Forever KSA-UAE,” underscoring the deep-rooted relations between the two countries. The UAE’s major landmarks and many official and private entities have started decorating their headquarters with Saudi flags, and shopping malls have ...
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23 September
Adek launches AED1.9 billion Khotwa scholarship program
ABU DHABI/ WAM Under the directives of HH Sheikh Khaled bin Mohamed bin Zayed, Deputy National Security Adviser, Member of Abu Dhabi Executive Council and Chairman of Abu Dhabi Executive Office, the Abu Dhabi Department of Education and Knowledge (ADEK) has launched the Khotwa (RizeUp) scholarship programme to further enhance access to education opportunities and open new knowledge horizons ...
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23 September
UAE, Saudi non-oil trade grew by 92.5% over past decade: FCSC
ABU DHABI / WAM The non-oil foreign trade between the UAE and Saudi Arabia grew by 92.5 percent over the past decade to AED124.69 billion by the end of 2021, compared with AED64.79 billion by end of 2012, according to statistics from the Federal Competitiveness and Statistics Centre (FCSC). The trade exchange between the two countries in the first ...
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23 September
Dana Gas to pay AED315m cash dividends for H1 2022
SHARJAH / WAM Dana Gas on Thursday announced that its Board of Directors has approved an interim dividend payment to shareholders for the first six months of 2022 of 4.5 fils per share, equivalent to AED315 million, for distribution by the 21st of October 2022. Hamid Jafar, Chairman of the Board, commented, “Today’s interim dividend announcement reflects our ongoing ...
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23 September
Gulf central banks hike interest rates
ABU DHABI / WAM The central banks of Saudi Arabia, Kuwait, Qatar, and Bahrain have decided to raise their interest rates, tracking a hike in the US Fed’s benchmark rate. The move came as the US Federal Reserve raised its benchmark interest rate by three-quarters of a percentage point to a range of 3.00%-3.25% on Wednesday- the biggest increase ...
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