July, 2021

• 27 July

  ICICI Bank’s profit surges 78% in Q1

  

  Bloomberg ICICI Bank Ltd posted a 78% jump in profit in the first quarter, helped by strong net interest earnings and lower bad loan buffers amid the recent deadly coronavirus wave. Net income at India’s second-largest private lender stood at 46.16 billion rupees ($620 million) in the three months to June, compared with 25.99 billion rupees a year ago, according ...

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• 27 July

  ECB has learned from history, won’t tighten early: Lagarde

  

  Bloomberg Christine Lagarde promised that the European Central Bank (ECB) has learned from the errors of past crises and won’t derail the current economic recovery by withdrawing emergency support too early. The ECB president spoke as the central bank put into action the new monetary policy strategy it hammered out over the past 18 months. It revised guidance on interest ...

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• 27 July

  Meituan sheds $60 billion after China crackdown fears deepen

  

  Bloomberg Meituan has shed more than $60 billion of its market value over two frenetic trading sessions, after Beijing unveiled sweeping reforms against private-sector companies that darkened the outlook for the world’s No 2 economy. China’s top food delivery company slid a record 18% on Tuesday in Hong Kong, on top of a 14% plummet the previous day. Spreads on ...

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• 27 July

  New benchmarks put an end to ‘anything goes’ for ESG indexes

  

  Bloomberg ESG asset managers are accelerating their use of new climate-investing benchmarks created by European authorities, in a development that’s set to make it harder to get away with greenwashing. While only about $1.2 billion is now tied to gauges that meet European Commission requirements — a tiny fraction of the $35 trillion of ESG assets worldwide — inflows have ...

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• 27 July

  Sharjah real estate transactions hit AED12.2 billion in H1 2021

  

  SHARJAH / WAM The Sharjah Real Estate Registration Department recorded 40,346 real estate transactions worth AED12.2 billion, marking a 40.5 percent increase till June 2021 against the same period last year, according to the department’s statistical report for the first half of 2021. Moreover, the total area covered in sales transactions was 75.2 million square feet. This showed a 96.1 ...

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• 27 July

  UAE Ramadan food campaign distributes 30m meals in Egypt

  DUBAI / WAM The distribution of food parcels has been completed in Egypt, providing an equivalent of 30 million meals to low-income families and underprivileged “100 Million Meals” campaign. In partnership with the Food Banking Regional Network, 928 local humanitarian organisations and Egypt Food Bank, around 504,000 beneficiaries across Egypt received parcels of easy-to-store food items including flour, sugar, rice ...

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• 27 July

  UAE minister, Tajik envoy discuss enhancing ties

  

  ABU DHABI / WAM Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs, received on Monday Sharifi Bahodur Mahmudzoda, Tajikistan’s Ambassador to the UAE. The meeting held at the Ministry of Defense was also attended by Matar Salim Ali Al Dhaheri, Under-Secretary of the Ministry of Defence, and a number of its senior officers and officials. Al Bowardi ...

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• 27 July

  ADIO signs three new tech pacts with Callsign, Lyve and RIZEK

  

  ABU DHABI / WAM Three leading technology companies are growing their presence in Abu Dhabi, as the emirate doubles down on its focus to support the growth of innovation-focused companies. The Abu Dhabi Investment Office (ADIO) announced on Monday individual partnerships with Callsign, Lyve and RIZEK to provide the three companies financial and non-financial incentives as part of its AED2 ...

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• 27 July

  Empower awards AED133m deal for Al Khail Gate plant

  

  DUBAI / WAM Emirates Central Cooling Systems Corporation (Empower) announced that it has awarded the main construction contract to build its new permanent plant at Al Khail Gate with a total value of more than AED133 million. Construction has already begun and is managed under the direct supervision of Empower’s in-house projects team. The new advanced plant will have a ...

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• 27 July

  ETIC achieves 11.4% rise in profits in Q2

  DUBAI / WAM Emirates Integrated Telecommunications Company PJSC (EITC) has published its financial results for the second quarter of 2021. The company reported that, during Q2 2021, its revenues reached AED 2,855 million, a 7 percent increase year-on-year, while its EBITDA stood at AED 1,130 million, a 7.3 percent increase year-on-year; with net profits at AED 240 million, an 11.4 ...

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