January, 2022

• 21 January

  Banks in HK tighten work rules as virus cases spread

  

    Bloomberg Banks are ramping up or extending efforts to protect their staff and business continuity in Hong Kong as authorities struggle to contain a fifth wave of Covid infections in the city. At Morgan Stanley, non-critical staff in some groups have been told to work from home starting Monday, said a person familiar with decision, who asked not to ...

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• 21 January

  Futures mixed as frayed nerves rekindle bond bid

  

    Bloomberg US equity futures were mixed while European stocks fall as investors assessed shaky company earnings and the prospect of higher US borrowing costs. Bond yields dropped a second day. The Stoxx Europe 600 Index touched the lowest level in a month weighed by miners, travel and leisure and automakers. Nasdaq 100 contracts underperformed after the tech-heavy gauge entered ...

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• 21 January

  Chipmakers tumble again in biggest weekly drop since March 2020

  

    Bloomberg Shares of semiconductor companies fall, with the group participating in a widespread late selloff for technology stocks that pushed the Nasdaq 100 Index into correction territory. The Philadelphia Stock Exchange Semiconductor Index falls 3.3%, ending at its lowest since late October. The index has dropped more than 10% thus far this week, which would represent its biggest one-week ...

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• 21 January

  Gold trims weekly gain

    Bloomberg Gold trimmed a weekly gain as inflation-adjusted bond yields continued to advance, diminishing the appeal of the non-interest bearing asset. The bullion sunk to a key resistance level as market-based measures of inflation expectations rapidly dropped, raising the real return of Treasuries. A decline in the bond’s nominal yields from a two-year high had helped gold advance earlier ...

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• 21 January

  EU overachieves 2020 renewable energy target

    BRUSSELS / WAM At EU level, the share of gross final energy consumption from renewable sources reached 22% in 2020, according to Eurostat, the statistical office of the European Union. This is 2 percentage points (pp) above the target level for 2020, as included in Directive 2009/28/EC on the promotion of the use of energy from renewable sources. This ...

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• 21 January

  EGA hires 100 young UAE nationals in 2021

  

    DUBAI / WAM Emirates Global Aluminium (EGA) on Thursday announced that the company recruited more than 100 UAE nationals in 2021. The average age of the recruits was 24 years old. Almost 1,200 Emiratis now work at EGA. Over 700 of EGA’s Emirati employees are under the age of 35. At the end of 2021, EGA’s in-focus Emiratisation rate ...

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• 21 January

  Deal signed to advance UAE’s economic diversification agenda

  

    ABU DHABI / WAM Masdar City, the regional home of technology innovation and R&D in Abu Dhabi, and Emirates Development Bank (EDB), a key financial enabler of the country’s economic diversification and industrial transformation agenda, signed a memorandum of understanding (MoU) to advance the UAE’s economic diversification agenda. This will be achieved by identifying potential collaboration opportunities across sectors ...

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• 21 January

  Sharjah Chamber, EWA ink pact to boost trade ties

  

    SHARJAH / WAM The Sharjah Chamber of Commerce and Industry (SCCI) has signed a memorandum of understanding (MoU) with the European Women Association (EWA) to strengthen trade relations, develop cooperation, and promote investment opportunities available on both sides. The signing came on the sidelines of a delegation visit from the EWA to the SCCI headquarters to learn about the ...

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• 21 January

  Sharjah Islamic Bank’s profit grows by 27%

    Sharjah / WAM Sharjah Islamic Bank (SIB) recorded net profit of AED514.1 million for the year ended in December 31, 2021, an increase of 26.7% compared to AED405.8 million for the same period in 2020. The bank also reported AED850.7 million in operating profits , an increase by 21.9%, compared to AED697.7 million in the previous year. Despite the ...

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• 21 January

  5G services don’t disrupt air navigation systems: TDRA

  

    Dubai / WAM Regarding the news on the suspension of some flights to certain US airports due to 5G deployment, the Telecommunications and Digital Government Regulatory Authority (TDRA) has clarified that this issue is exclusively related to the relevant US airports. “There is no disruption or interference in the UAE between 5G networks and air navigation systems,” affirmed a ...

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