TimeLine Layout

October, 2021

  • 23 October

    Google cuts fee it takes from app subscriptions in half

    Bloomberg Alphabet Inc’s Google is slashing the fees it takes from subscription services on its app store following pressure from developers and lawmakers. Beginning January 1, the Google Play Store will charge third-party subscription apps a 15% commission, the company said. Previously, subscription apps were charged 30% for first year, then 15% thereafter. Google also charged 15% for first $1 ...

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  • 23 October

    UK inflation wagers hit highest since before BOE independence

    Bloomberg The cost of hedging against inflation in the UK over the next decade rises to the highest level in 25 years as investors brace for price pressures in the economy to persist. The so-called 10-year breakeven rate climbed as much as 11 basis points to 4.25%, the highest since 1996. That predates the Bank of England’s independence in 1997, ...

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  • 23 October

    Canadian retail sales drop in September

    Bloomberg Retailers in Canada reported fewer sales in September amid supply chain bottlenecks and a reopening of the economy that allowed consumers to spend more on services. Receipts likely fall 1.9%, a preliminary estimate by Statistics Canada indicated, after a gain of 2.1% in August — slightly ahead of a 2% consensus estimate in a Bloomberg survey of economists. The ...

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  • 23 October

    France 2022 deficit widens due to extra energy spending

    Bloomberg France’s 2022 budget deficit will be wider than forecast only a month ago after President Emmanuel Macron’s government announced plans to contain energy prices, hand out checks to more than half the population, and make high-risk investments in future industrial sectors. With just six months to go until elections, Prime Minister Jean Castex said that around 38 million people ...

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  • 23 October

    Snap warning feeds concerns over social media ad splurge

    Bloomberg A warning from Snap Inc is rattling technology investors who have got used to turbocharged growth in ad spending on social media. Executives from the maker of Snapchat said that supply-chain bottlenecks are prompting companies to hold back on online ad spend for the upcoming holiday season, meaning sales will rise by only around 30% in the fourth quarter ...

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  • 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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