May, 2022

• 21 May

  Getty, Candy Digital ink multiyear deal

    Bloomberg Getty Images Inc has signed a multiyear deal with Candy Digital, the digital collectibles firm owned by Fanatics Inc, as the provider of news and stock photos breaks into the non-fungible-token business ahead of its plans to go public. As part of the agreement, the pair will develop a range of NFT products from Getty’s sizable library and ...

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• 21 May

  War refugees bring Poland economic benefit along with costs

  

    Bloomberg The flight of millions of Ukrainians from Russia’s invasion has raised financial costs for the countries on the European Union’s eastern border that are taking them in, but the case of Poland shows that providing shelter can also bring economic benefits. The EU’s largest eastern economy expanded at the faster pace than Hungary and Romania, its other two ...

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• 20 May

  Mass outflows hit every asset class as recession fears climb

  

    Bloomberg Investors fled every major asset class in the past week, with US equities and Treasuries a rare exception to the massive exodus, amid concerns that tightening monetary policy will push major economies into a recession. Equity funds had $5.2 billion outflows in the week to May 18, led by redemptions from mutual funds, according to Bank of America ...

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• 20 May

  Hedge fund forced liquidations are big risk for China stocks

  

    Bloomberg China’s almost-trillion dollar hedge fund industry risks worsening the turmoil in its stock market as deepening portfolio losses trigger forced selling by some managers. About 2,350 stock-related hedge funds last month dropped below a threshold that typically activates clauses requiring them to slash exposures, with many headed towards a level that mandates liquidation, according to an industry data ...

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• 20 May

  UAE parliament confirms trust in Mohamed bin Zayed as president

  

    Abu Dhabi / WAM The Federal National Council (FNC) confirmed trust in His Highness Sheikh Mohamed bin Zayed Al Nahyan, as president of the UAE to ensure a bright future for the nation. This statement was made by FNC on the occasion of the election of President His Highness Sheikh Mohamed, which was given by Saqr Ghobash Speaker of ...

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• 20 May

  Mumbai hosts CII India-UAE Economic Partnership Summit

  MUMBAI / WAM Mumbai hosted the CII India UAE Economic Partnership Summit after the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries that came into force on May 1. The event was attended by over 200 public and private sector representatives, investors, representatives of small and medium-sized enterprises (SMEs) and entrepreneurs. The economic summit crowns the ...

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• 20 May

  UAE, Germany non-oil trade up 10.5% in 2021

  

    Abu Dhabi / WAM The UAE has become Germany’s most important trading partner in the Middle East, said Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, adding that the non-oil trade between the two countries amounted to $9.5 billion during 2021, a 10.5% increase compared to 2020. He said this while addressing an event in ...

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• 20 May

  UAE, ICA ink deal to bolster national cooperative sector

  

    Abu Dhabi / WAM The Ministry of Economy (MoE) and the International Cooperative Alliance (ICA), the largest global cooperative organisation, signed a memorandum of understanding (MoU) to develop the structure of the UAE’s project aimed at strengthening the national cooperative sector. The partnership forms part of the ministry’s strategy to improve the performance of the country’s cooperative sector and ...

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• 20 May

  UAE, Turkey export credit agencies to boost trade ties

  

    Abu Dhabi / WAM Etihad Credit Insurance, the UAE Federal export credit company, has signed a memorandum of understanding (MoU) with Turkey’s export credit agency — Turk Eximbank to enhance trade and support business relations between the UAE and Turkey. The two export credit agencies will work together to facilitate trade and export and ease access to credit insurance ...

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• 20 May

  DFM to launch trading Oman crude oil futures

    DUBAI / WAM The Dubai Financial Market (DFM) announced on Thursday that it is launching trading of its new Micro Oman Crude Oil Contracts on June 1, providing investors with a unique investment opportunity The Micro Oman Crude Oil Contract will represent a significant addition to DFM growing futures market. It enables investors’ seamless access to gain on the ...

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