May, 2021

• 23 May

  KC Southern agrees to $30b CN rail deal

  Bloomberg Kansas City Southern agreed to a $30 billion merger with Canadian National Railway Co, scrapping a $25 billion deal with Canadian Pacific Railway Ltd. after it declined to boost its offer. Under the deal, Canadian National will pay $200 and 1.129 shares of its stock for each share of Kansas City Southern, the US railroad said. Kansas City Southern ...

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• 23 May

  UK economy emerges from months of lockdown

  

  Bloomberg The UK economy is firing on all cylinders as it emerges from months of lockdown, with the private sector expanding at the fastest pace in at least 23 years and retail sales surging. IHS Markit said that its measure of private-sector growth this month hit the highest since the index began in 1998, with hotels, restaurants and other consumer-facing ...

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• 23 May

  After $690bn slump, traders see value in Asia tech stocks

  

  Bloomberg Asian tech shares haven’t been immune from the global selloff in speculative assets, but investors are sifting through the ashes and some see buying opportunities. JPMorgan Asset Management is suggesting that investors buy the dip as combined losses in the region’s technology and consumer discretionary sectors hit about $690 billion from their first-quarter peaks. Pictet Asset Management says Asia’s ...

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• 23 May

  Stock market’s million little dramas come down to a supply glut

  

  Bloomberg Angst has been the stock market story of late. It soars, it plunges, and all the while investors fret over sky high valuations and pour over data to figure out when inflation will bring the house of cards crashing down. But sometimes, like now, the problem is far simpler than that: too much supply and not enough demand. Companies ...

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• 23 May

  Covid-19: ERC, Tamouh join forces to provide vaccines to many nations

  

  Abu Dhabi / WAM The Emirates Red Crescent (ERC) and the Tamouh Healthcare Company, have launched a joint initiative to provide Covid-19 vaccines to countries facing challenges in limiting the spread of the pandemic on their lands, in support of the UAE’s efforts to address the repercussions of the virus globally. The two sides, at the ERC’s headquarters in Abu ...

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• 23 May

  Creative, cultural industry generates $2.25tn annually

  

  New York / WAM The creative and cultural industry has played an essential role the world over throughout the Covid-19 pandemic and deserve more support moving forward, the President of the UN General Assembly said. “As we deliberate on the role of the creative sectors in supporting and being supported by a recovery from Covid-19, let us ensure that we ...

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• 23 May

  UAE keen to boost ties to advance Arab government work

  Dubai / WAM Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, has emphasised the UAE leadership’s keenness on enhancing cooperation and strategic partnerships to modernise government work with Arab and international governments, expand horizons for sharing experiences, success stories, and knowledge exchange aimed at raising levels of efficiency and government performance and improving living standards of societies. Al Gergawi ...

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• 23 May

  Air India: Cyber attack led to data breach of 4.5m fliers

  

  Bloomberg Hackers infiltrated the servers of Air India Ltd. and gained access to personal data of 4.5 million fliers, the nation’s flag carrier said. Personal data of passengers registered between August 2011 and February 2021 were compromised in the attack, the carrier said in a note to fliers that was shared via Twitter. The details included credit card and contact ...

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• 23 May

  IMF backs $50 billion plan to help world escape Covid crisis

  

  Bloomberg The International Monetary Fund (IMF) called for a $50 billion spending plan to protect vast swaths of the world against Covid-19 and narrow a gap in access to life-saving vaccines that’s threatening the global economic recovery from the pandemic. That investment would fund an ambitious effort to immunise at least 40% of the global population by the end of ...

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• 23 May

  SCCI processes over 49,000 e-transactions in 4 months

  

  Sharjah / WAM The Sharjah Chamber of Commerce and Industry (SCCI) revealed that it has completed about 49,131 electronic transactions during the last four months covering a wide array of services offered by the chamber to the business sector, such as certificates of origin and membership ratifications. The chamber also stated that all its services have become 100 percent electronic, ...

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