June, 2022

• 4 June

  Slump in new car sales raises specter of US recession

  

  Bloomberg Slumping US new car sales in May on continued high prices and low inventories have some analysts worried those lower-than-expected results could be a harbinger of a broader economic downturn. Sales of new cars last month fall to 12.8 million vehicles at a seasonally adjusted annualized rate, representing an 11% drop from April, according to data compiled by Wards ...

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• 4 June

  Toronto home prices decline for third straight month as rates rise

  

  Bloomberg Toronto home prices fell for the third straight month, as rising interest rates spur an abrupt reversal in a city recently at the heart of one of the world’s hottest housing markets. The average selling price for a home in Canada’s largest city fell 3.1% in May to about $939,000 on a seasonally-adjusted basis, according to data from the ...

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• 3 June

  Euro area confidence inches up in May

    Bloomberg Confidence in the euro area economy unexpectedly inched up as fears over rising prices slipped for a second month. A gauge compiled by the European Commission rose to 105 in May — up from a revised reading of 104.9 in April. Economists had expected a slight decline to a 14-month low. Falling confidence among manufacturers was offset by ...

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• 3 June

  Telecom Italia seeks $21.5 billion for landline network

  

    Bloomberg Telecom Italia SpA is seeking an enterprise value of around 20 billion euros ($21.5 billion) for the landline network it plans to sell to Italy’s state lender and a group of international funds, according to people with knowledge of the matter. The company’s shares rise as much as 5.9% and traded up 4.5% in Milan following Bloomberg’s initial ...

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• 3 June

  Futures drop with Tesla jobs, US payrolls in focus

  

  Bloomberg US index futures fall after a report that Tesla Inc Chief Executive Officer Elon Musk said the electric carmaker needs to cut staff amid a gloomy economic outlook. Investors are also awaiting key US payrolls data that they will study for clues on the pace of Federal Reserve policy tightening. Tesla shares slid 4.2% in New York premarket trading. ...

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• 3 June

  Strong dollar latest headache for pricey software stocks

  

    Bloomberg Even better-than-expected earnings haven’t been enough to stem this year’s rout in software stocks, and now the sector is getting hit with another headwind: the stronger dollar. Salesforce Inc, one of the last big tech companies to report first-quarter earnings, surprised investors with a bullish forecast this week. Overall, 85% of software companies in the S&P 500 reported ...

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• 3 June

  Expo 2020 scoops 29 Global Telly Awards across multiple categories

  

    Dubai / WAM Two months after the curtain came down on Expo 2020 Dubai, the first World Expo held in the Middle East, Africa and South Asia (Measa) region is still celebrating its glorious success after receiving 29 Global Telly Awards across multiple categories for its spectacular Opening Ceremony. The Expo Dubai Explorer App also won a Gold Telly ...

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• 2 June

  UAE leaders greet Italian president on Republic Day

    Abu Dhabi / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a congratulatory message to President Sergio Mattarella of Italy on the occasion of his country’s Republic Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, sent similar messages to president Mattarella, as ...

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• 2 June

  AFZ sees 45% growth in e-commerce sector

  

    AJMAN / WAM Ajman Free Zone (AFZ) announced a remarkable growth of 45% in its e-commerce sector since the beginning of this year, reaffirming AFZ’s position as a global business hub with advanced solutions and state-of-the-art facilities. The announcement was made during AFZ’s attendance in the Seamless Middle East 2022 conference. The latest results can be attributed to the ...

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• 2 June

  Maritime sector entering new era of challenge, opportunity: Experts

  

    Abu Dhabi / WAM Port authorities around the world have a major role in supporting sustainable economic growth and delivering a greener future, according to experts and executives meeting in Abu Dhabi for the 7th Edition of Port Authorities Roundtable (PAR 2022). The major annual event brought together port authorities from territories as diverse as Antwerp, Barcelona, Busan, Guangzhou, ...

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