October, 2021

• 23 October

  Intel’s 12% slide erases more than $26b from market value

  

  Bloomberg Intel Corp shares plummeted to their lowest close since December, after the chipmaker reported third-quarter results and detailed a spending plan that it said would pressure profitability over the next few years. The stock falls 12%, its biggest one-day percentage decline since July 2020, marking the sixth straight quarter where Intel’s results were met with a negative reaction. The ...

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• 23 October

  Tencent blames WeChat access for search engines on loophole

  

  Bloomberg Tencent Holdings Ltd said loopholes created during a recent tech upgrade made some content on its enclosed WeChat ecosystem available on search engines. While the company said the vulnerability had already been fixed, searches performed using Google, which is blocked in mainland China, and Microsoft Corp’s Bing were still able to locate social media articles from WeChat. Articles on ...

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• 23 October

  Chip crunch to cut Renault’s 2021 output

  Bloomberg Renault SA will lose out on far more car production this year than previously anticipated because of the worsening global chip shortage, another obstacle to the carmaker’s turnaround plans. The French manufacturer will make around 500,000 fewer vehicles — that’s equivalent to nearly a fifth of last year’s output — due to a lack of components, it said. Renault ...

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• 21 October

  UAE urges int’l community to provide support to Palestinians

  

  NEW YORK / WAM In a statement to the UN Security Council’s quarterly open debate on the situation in the Middle East, including the Palestinian Question, the UAE noted recent positive developments to advance peace in the Middle East and to help resume the negotiation process and build confidence between the parties to advance the Middle East Peace Process. The ...

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• 21 October

  Fertiglobe IPO raises AED 2.9b, sets price at AED 2.55 per share

  

  ABU DHABI / WAM Fertiglobe plc, a subsidiary of Adnoc and OCI, on Wednesday announced the successful completion of its initial public offering (IPO) bookbuilding process, and the final offer price of its initial public offering. Fertiglobe is the world’s largest seaborne exporter of urea and ammonia combined, the Middle East and North Africa’s largest producer of nitrogen fertilisers by ...

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• 21 October

  UAE reinforces commitment to India’s energy security

  ABU DHABI / WAM Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (Adnoc), reinforced the United Arab Emirates’ (UAE) commitment to India’s energy security and said the UAE will always remain India’s trusted partner of choice. Speaking virtually at the 5th India Energy ...

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• 21 October

  UAE, Israel ink historic deal to boost space cooperation

  

  DUBAI / WAM The UAE Space Agency has signed a Memorandum of Understanding (MoU) with the Israel Space Agency to enhance cooperation in scientific research, space exploration and knowledge transfer to accelerate economic growth and human progress. Sarah bint Yousif Al Amiri, Minister of State for Advanced Technology and Chairwoman of the UAE Space Agency, said, “Sharing knowledge and expertise ...

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• 21 October

  EDB-Adio collaboration to boost FDI, promote business

  

  ABU DHABI / WAM Emirates Development Bank (EDB) and the Abu Dhabi Investment Office (Adio) have announced the signing of a Memorandum of Understanding (MoU) to collaborate on promoting business setup and foreign direct investments into Abu Dhabi. The MoU between EDB and Adio aims to help private sector companies establish and grow in the Emirate of Abu Dhabi, while ...

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• 21 October

  UAE, Bahrain discuss boosting bilateral ties

  MANAMA / WAM Sheikh Sultan bin Hamdan bin Zayed Al Nahyan, UAE Ambassador to Bahrain, has met with Sheikh Salman bin Khalifa Al Khalifa, Bahrain’s Minister of Finance and National Economy, where they discussed the distinguished relations between the two countries and ways to enhance cooperation to achieve their common interests. During the meeting, held at the Minister’s office in ...

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• 21 October

  Etisalat, G42 to create UAE’s largest data centre provider

  

  ABU DHABI / WAM Etisalat Group and G42 have announced the signing of a binding agreement to merge their data centre (DC) offering in the UAE. A total of twelve data centres will be combined in a new joint venture business operating under Khazna Data Centres, creating the UAE’s largest data centre provider. G42 and Etisalat Group will each own ...

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