June, 2023

• 26 June

  Abu Dhabi’s non-oil economy value grows to 9-year high in Q1

  

  ABU DHABI / WAM Statistics Centre – Abu Dhabi (SCAD) has released estimates showing that Abu Dhabi’s gross domestic product (GDP) grew by 3.9 percent in the first quarter of 2023 compared to the same period in 2022. This growth was driven by the robust performance of non-oil economic activities in the emirate. The statistics indicate a remarkable 6.1 percent ...

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• 26 June

  BaseTracK opens office at Rakez, rolls out first autonomous truck

  

  RAS AL KHAIMAH / WAM Leading global innovator in autonomous vehicle technology, BaseTracK, chose the UAE as its research and development base by setting up its office and workshop in Ras Al Khaimah Economic Zone (Rakez). Along with the facility inauguration, BaseTracK unveiled its first local autonomous truck at an immersive test-drive event in Al Hamra, marking a significant milestone ...

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• 26 June

  Sheikh Mohammed Oks Dubai Appreciation Award for Community Service’s new board

  

  DUBAI / WAM In his capacity as the Ruler of Dubai, His Highness Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, has issued Decision No (9) of 2023 on the new Board of Trustees of the Dubai Appreciation Award for Community Service. Abdullah Khalifa Al Marri will chair the Board. Other members of the Board include Ahmed Mohammad ...

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• 26 June

  UAE leaders congratulate President of Madagascar on Independence Day

  

  ABU DHABI/ WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to Andry Rajoelina, President of Madagascar, on the occasion of his country’s Independence Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and HH Sheikh Mansour bin Zayed Al Nahyan, ...

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• 26 June

  Bonds rally as economic threat hits risk appetite

  

  BLOOMBERG  Government bonds rallied and stocks dropped as investors hedged the risk that economies would flag under central banks pushing their inflation-fighting zeal and rate-hiking campaigns too far. European bond yields slumped as the Stoxx Europe 600 Index extended declines to a sixth day, the longest losing streak since October.Germany’s 10-year benchmark yield tumbled four basis points as data showed ...

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• 26 June

  Hong Kong’s stock trading in yuan starts with one exception

  

  BLOOMBERG  Hong Kong’s initiative to allow trading of some locally-listed stocks in yuan has seen a muted start, with an average of just 1% of volume in those counters using the Chinese currency. One outlier has been China Mobile Ltd, which has seen yuan trading account for almost 10% of shares exchanged since the ability to transact the stock using ...

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• 26 June

  Apple illegally interrogated retail staff about union, rules judge

  

  BLOOMBERG  Apple Inc “coercively interrogated” retail employees about their pro-union sympathies and restricted the circulation of union flyers, a US labour board judge ruled, marking a victory for labor organisers at the world’s most valuable company. In a decision, a National Labor Relations Board (NLRB) judge wrote that Apple violated the rights of employees at its World Trade Center store ...

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• 26 June

  Nvidia tops Tesla as ESG funds ratchet up AI exposure

  

  BLOOMBERG  Nvidia Corp’s stratospheric ascent has lured at least 100 more ESG funds in recent weeks, transforming the company into one of the most popular stocks among asset managers who integrate environmental, social and governance metrics into their investment strategies. There are now over 1,400 ESG funds directly holding Nvidia, according to data compiled by Bloomberg based on the latest ...

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• 26 June

  Bank stocks hit by worst week since May as regulatory ‘waves’ loom

  

  BLOOMBERG  Bank stocks’ recovery from their swoon earlier this year took a step back, with one prominent analyst cautioning that US lenders face a series of regulatory headwinds over the next few months. After rallying for the better part of a month since hitting their lowest level in more than two years, banking shares once again find themselves under pressure, ...

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• 26 June

  Powell wins over bond traders dialing back bets on downturn

  

  BLOOMBERG  The bond market is finally getting in sync with Jerome Powell’s outlook for the economy. Traders have scrapped once-aggressive wagers that the Federal Reserve chief would pivot to easing policy before the end of this year, reflecting deeply diminished expectations that the central bank’s rate hikes are poised to set off a sharp recession. Bond yields have risen back ...

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