July, 2022

• 6 July

  Barclays to give $1,460 raise to 35,000 UK staff

    Bloomberg Barclays Plc said it will give a $1,460 pay raise to 35,000 of its UK-based staff, the latest lender to boost wages as the cost-of-living crisis deepens. Employees in customer-facing, branch and junior support roles will receive the increase to their annual pensionable salary from August 1. The bank said it will continue “to monitor the economic situation ...

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• 6 July

  Stocks fall amid recession worries

  

    Bloomberg US index futures and European equities fell as concern over the possibility of a recession outweighed optimism over US-China talks aimed at tariff reductions. The euro falls to a 20-year low. Contracts on the S&P 500 and Nasdaq 100 indexes dropped at least 0.6% each as US markets were set to return after Independence Day holiday. In Europe, ...

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• 6 July

  Trading dries up on India crypto exchanges as new tax kicks in

  

    Bloomberg Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect. Three exchanges — ZebPay, WazirX and CoinDCX — suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax deductible at source became effective on July ...

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• 5 July

  UAE launches online Haj permit on Al Hosn app

    DUBAI / WAM Al Hosn National Health System, which is affiliated with the Ministry of Health and Prevention (MoHAP), has launched an online Hajj permit service on Al Hosn App in cooperation with the General Authority of Islamic Affairs and Endowments. The service aims to facilitate Hajj procedures, save pilgrims’ times and efforts and enhance their confidence in the ...

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• 5 July

  China’s digital economy quadruples in 10 years

  

    BEIJING / WAM China’s digital economy logged rapid expansion in recent years, with its scale increasing from 11 trillion yuan ($1.65 trillion) in 2012 to over 45 trillion yuan in 2021, official data showed. According to the state news agency (Xinhua), the proportion of the digital economy in China’s GDP rises from 21.6 percent to 39.8 percent in the ...

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• 5 July

  Abu Dhabi enters deal to accelerate digital shift in manufacturing sector

  

    Abu Dhabi / WAM The Abu Dhabi Department of Economic Development (Added) on Monday signed a memorandum of understanding (MoU) with GE Digital to accelerate the digital transformation of the emirate’s manufacturing sector by leveraging innovative solutions to strengthen the UAE’s position as a global hub for the Fourth Industrial Revolution (Industry 4.0). The agreement was signed by Sameh ...

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• 5 July

  Food delivery companies face growth slowdown

  

  Bloomberg For all it’s been a tough year for equities, food delivery stocks have had it much worse. Just Eat Takeaway.com NV and Delivery Hero SE are among the 10 biggest losers in the Stoxx 600 Index in 2022, both down more than 60%, and when Deliveroo plc is added, the combined market value losses stand at $30 billion. The ...

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• 5 July

  dnata, Banyan Tree expand partnership

    Dubai / Gulf Time dnata Representation Services, part of the dnata Travel Group, is growing its partnership with the Banyan Tree Group across Thailand as the country emerges as one of the most popular international travel destinations from the GCC countries this year. dnata Representation Services has acted as exclusive sales representative in the Middle East for the Banyan ...

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• 5 July

  Dubai to set up committee to monitor trading of petroleum products

  

    DUBAI / WAM His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, chaired the 71st meeting held virtually, with the participation of Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy. The meeting was attended by Ahmed Buti Al Muhairbi, Secretary-General of the Dubai Supreme Council of Energy; ...

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• 5 July

  PAN Emirates opens its second store in Fujairah

  

    Fujairah / Gulf Time PAN Emirates Home Furnishings, the leading indoor, patio, and outdoor furniture brand in the region opens its newest store as the biggest standalone store in Fujairah as part of Pan Emirates’ expansion strategy to extend its reach and strengthen its presence in the region. The opening in Fujairah is meaningful as it is Pan Emirates’ ...

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