July, 2022

• 22 July

  ‘Terrible’ Snap sales wipe off $76b from social media stocks

  

  Bloomberg US social-media giants were poised to see more than $76 billion wiped off their stock-market values on Friday after disappointing revenue from Snap Inc raised concerns about the outlook for online advertising. The Snapchat parent plummeted as much as 30% in premarket trading. Meanwhile, Facebook parent Meta Platforms Inc falls 4.8%, Google owner Alphabet Inc declined 2.8%, Twitter Inc ...

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• 22 July

  US futures decline on earnings jitters

  

    Bloomberg US equity futures slipped in choppy trading as investors await the next batch of second-quarter earnings for clues on how well companies are coping with surging prices. Bonds extended an advance. Nasdaq 100 contracts fall 0.4%, while those on the S&P 500 ticked lower. The Stoxx 600 Index added 0.5%, poised for a weekly advance as investors shrugged ...

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• 22 July

  Gold reverses loss after ECB increases rates

    Bloomberg Gold rises, erasing its previous decline to the lowest level in 15 months, after the European Central Bank (ECB) raised rates by a larger-than-expected 50 basis points. European stocks and bonds slumped and the euro rose after the ECB joined global central banks in driving outsized rate increases to quell inflation. Bullion climbed back above $1,700 an ounce. The ...

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• 22 July

  Oil drops with stuttering US fuel demand, Libya ramp up

  

  Bloomberg Oil declined as investors assessed signs of lackluster US gasoline demand and the return of supplies from Libya. West Texas Intermediate futures fall towards $95 a barrel. The slump came after a US report showed gasoline inventories rose more than expected last week, while stalling demand sent the motor fuel’s premium over crude plummeting. Further bearish signs emerged from ...

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• 22 July

  UAE to host next year’s World Radiocommunication Conference

    Geneva / WAM International Telecommunication Union (ITU) has announced that the next World Radiocommunication Conference (WRC-23) will take place at the Dubai World Trade Centre, between November 20 and December 15, 2023. Held every four years for a period of four weeks, the conference is mandated to update the Radio Regulations, the sole international treaty governing the use of ...

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• 22 July

  Arada sales jump 30% to AED1.49bn in H1 ’22

  

    Dubai / WAM Arada has reported a 30 percent growth in the value of the property sold in the first six months of 2022, as buyer interest in the Sharjah and wider UAE property markets continues to grow. The developer sold homes valued at AED1.49 billion at its two Sharjah megaprojects, Aljada and Masaar, thanks to ongoing demand for ...

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• 22 July

  UAE completes major pre-operational testing for last unit of Barakah N-plant

  

    Abu Dhabi / WAM The Emirates Nuclear Energy Corporation (Enec) has successfully completed the Hot Functional Testing (HFT) on Unit 4, the last of its four units of the Barakah Nuclear Energy Plant. This significant pre-operational test represents an important step forward in the testing phase of Unit 4 of the Plant, located in the Al Dhafra region of ...

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• 22 July

  EITC profit up 26.2% to AED303mn in Q2 2022

  

    Dubai / Gulf Time Emirates Integrated Telecommunications Company (EITC) published its financial results for quarter-ended June 30. While revenues of the company increased by 9.9% to AED3.14 billion on sustained demand for broadband and mobile services, Ebitda improved by 12.1% to AED1.27 billion thanks to a sharp increase in service revenues and gross margin expansion. EITC’s net profit increased ...

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• 22 July

  Etihad Airways extends Zanzibar flights to next year

    Abu Dhabi / WAM Etihad Airways on Thursday announced the extension of its flights between Abu Dhabi and Zanzibar to January 14, 2023. The service will continue to be operated at the current schedule of three times weekly until 26th November, when a fourth weekly flight will be introduced for the end of year holidays. The flights will be ...

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• 22 July

  EITC net profit rises 26.2% to AED303mn in Q2 2022

  

    Dubai / Gulf Time Emirates Integrated Telecommunications Company (EITC) published its financial results for the quarter-ended June 30. While revenues of the company increased by 9.9% to AED 3.14 billion on sustained demand for broadband and mobile services, Ebitda improved by 12.1% to AED1.27 billion thanks to a sharp increase in service revenues and gross margin expansion. EITC’s net ...

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