November, 2020

• 11 November

  Surging food prices test LaAm’s top central banks

  

  Bloomberg Inflation sped up more than forecast in Mexico and Brazil as unrelenting food price increases defy central bank plans to support virus-ravaged economies with low interest rates. Mexico’s consumer prices rise further above the official target range in October as fruit and vegetable costs soared, according to data, while food costs drove Brazil’s fastest inflation rate for that month ...

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• 11 November

  China tech selloff swells to $200bn on antitrust rules

  

  Bloomberg Chinese technology giants from Alibaba Group Holding to Tencent Holdings shed almost $260 billion of market value over two days of frantic selling, as investors scrambled to assess the fallout from Beijing’s broadest attempt to rein in its most powerful private-sector firms. Technology shares tumbled for a second day after Beijing issued regulations designed to curb the growing influence ...

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• 11 November

  Stocks in Europe, Asia advance on cyclicals

  

  Bloomberg Stocks rise in Europe and Asia on Wednesday as investors continued a rotation into cyclical industries at the expense of technology shares. Crude oil rises. Gains in travel, energy and consumer stocks pulled the Stoxx Europe 600 Index higher at the open. Tech shares underperformed, including Dutch Internet provider Prosus NV and equities in Japan, Korea and Australia climbed ...

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• 10 November

  Adnoc, ADQ launch JV to drive growth in UAE chemicals sector

  

  Abu Dhabi / WAM The Abu Dhabi National Oil Company (Adnoc) and ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, on Tuesday announced Ta’ziz as the name of the new joint venture (JV) established by both companies, which will drive the development of industrial projects ...

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• 10 November

  Taqa reports AED30.8b revenues in nine months

  

  Abu Dhabi / WAM Abu Dhabi National Energy Company (Taqa) reported its first consolidated pro-forma financial results following its transaction with Abu Dhabi Power Corporation (ADPower) on July 1, announcing group revenues of AED30.8 billion during the first nine months of 2020. In addition to approving Taqa Group’s financial results, the Board of Directors approved an increase in the company’s ...

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• 10 November

  Official 49th UAE National Day show to take place on Dec 2

  Abu Dhabi / WAM The first details of a dramatic live production to celebrate 49th UAE National Day on December 2 have been revealed on Tuesday by the Organising Committee of the Official 49th National Day Celebration. Named “Seeds of the Union”, the spectacular show will take the form of a moving sculpture surrounded by sea and illuminated by digital ...

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• 10 November

  Oil nears $41 as vaccine buoying demand hope

  

  Bloomberg Oil extended gains, following Monday’s rally on optimism that a potential Covid-19 vaccine could boost a recovery in transport demand. Crude futures in New York approached $41 a barrel, after advancing more than 10% at one point. It comes after early findings showed that a vaccine developed by Pfizer Inc. and BioNTech SE protects most people from the virus. ...

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• 10 November

  UAE’s VAT revenue amounts to AED11.6 billion in eight months

  

  Abu Dhabi / WAM The Ministry of Finance (MoF) announced on Tuesday that from the beginning of January until the end of August 2020, the total value-added tax (VAT) revenue amounted to AED11.6 billion, and the country’s total excise tax revenue amounted to about AED1.9 billion – the latter noting a 47 percent increase in comparison to the same period ...

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• 10 November

  Emaar Malls 9-month revenue hits AED2.4bn

  

  Dubai / WAM Emaar Malls, the developer of premium shopping malls and retail assets including The Dubai Mall, majority-owned by Emaar Properties, reported revenue of AED2.493 billion for the first nine months of 2020 (January to September). Emaar Malls reported net profit of AED586 million for the period ending September 30, despite the challenges posed by Covid-19. With the footfall ...

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• 10 November

  Watania Takaful’s profits up 78% in nine months

  

  Abu Dhabi / Emirates Business National Takaful Company (Watania) announced positive financial results in nine month during the financial of 2020, as the company’s net profits are up by 78% compared to corresponding period last year. The company achieved net profit of AED 17.8 million in nine month during the financial year 2020 as against AED 10.0mn in nine months ...

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