June, 2021

• 13 June

  Sweden GDP shrinks on weaker spending

  Bloomberg Sweden’s economy unexpectedly contracted in April, as weaker consumer spending dampened the largest Nordic economy’s rapid recovery from the pandemic. Gross domestic product (GD)P) shrinks 1.4% from the previous month, according to preliminary data from Statistics Sweden. Analysts polled by Bloomberg expected a 0.3% expansion. Sweden has enjoyed a rebound driven by manufacturing and exports, and its economy expanded by ...

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• 13 June

  Facebook to expand remote work to all employees

  

  Bloomberg Facebook Inc said it will let all employees work remotely even after the pandemic if their jobs can be done out of an office, but may reduce their pay if they move to a less-expensive area. Starting June 15, any Facebook employee can request to work from home, the Menlo Park, California-based company said in a statement. If those ...

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• 13 June

  Spending surge might be what stocks need to hit new heights

  

  Bloomberg Plans for the biggest corporate spending boom in more than a decade could be the next driver for stock markets trading at record highs. Last year’s prudence among companies is giving way to jubilant investment across a swath of industries, driven by economic reopenings, low interest rates and government support. Such a signal of confidence in the future is ...

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• 13 June

  European bank stocks lead rally after a decade of disappointment

  

  Bloomberg This time, it may be more than just another false dawn for European bank stocks. The worst performers among Europe’s equity markets in past decade have had occasional hot streaks, but with this year’s re-emergence of inflation promising an end to an era of near-zero interest rates, the sector is among the biggest gainers in 2021. The Stoxx 600 ...

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• 13 June

  UAE welcomes Saudi’s decision to limit Hajj to citizens, residents

  

  Abu Dhabi / WAM The UAE welcomed the decision of the Kingdom of Saudi Arabia to limit registration for this year’s Hajj pilgrimage to citizens and residents of the Kingdom, at a total of 60,000 pilgrims, in light of the Covid-19 pandemic. In a statement made on Saturday, Khalifa Shaheen Al Marar, Minister of State, said the UAE welcomes the ...

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• 13 June

  Dubai’s foreign trade grows 10% to AED354b in Q1 2021

  

  Dubai / WAM Dubai’s economy has proved its resilience and ability to recover quickly from the global repercussions of the Covid-19 pandemic by achieving high levels of external non-oil trade growth in Q1 2021. Dubai’s foreign trade this quarter touched AED354.4 billion growing 10% from AED323 billion in the corresponding period in 2020, and 5% compared to Q1 2019. This ...

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• 13 June

  Global oil demand to recover to pre-pandemic levels, says IEA

  

  Bloomberg Global oil demand will recover to pre-pandemic levels late next year, the International Energy Agency (IEA) predicted, urging Opec and its allies to keep markets balanced by tapping their plentiful spare production capacity. World consumption will once again reach 100 million barrels a day in the second half of 2022 as developed economies bring the virus under control, the ...

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• 13 June

  G7 leaders rival China with grand infra plan

  

  Bloomberg Group of Seven (G7) leaders debated how strongly to respond to China’s effort to win influence around the world and rebuke it over alleged forced labour practices — with US President Joe Biden taking a more hawkish stance and some other leaders wary of the risk the group is seen as an outright anti-China bloc. Saturday’s talks at the ...

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• 13 June

  Tadweer to set up new facility to treat fallen stock

  Abu Dhabi / WAM Abu Dhabi Waste Management Centre (Tadweer) announced its plans to set up a dedicated facility for the treatment of fallen stock collected from the farms and ranches across the Abu Dhabi and its suburbs. The move comes as part of the centre’s continued efforts to develop the required infrastructure and sustainable solutions for the safe and ...

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• 13 June

  Sheikha Latifa approves 100-day plan to develop Al Quoz Creative Zone

  

  Dubai / WAM HH Sheikha Latifa bint Mohammed, Chairperson of the Dubai Culture & Arts Authority (Dubai Culture), expressed her confidence in the ability of committee and executive team members of the Al Quoz Creative Zone to work together effectively to develop the project in accordance with the high standards outlined in its project plan. She emphasised Dubai’s commitment to ...

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