June, 2023

• 26 June

  Ocado shares soar on reports of bid interest from tech firms

  

  BLOOMBERG Ocado Group Plc shares jumped as much as 47% in London, the most in more than five years, following a Times report on “speculation of bid interest” from technology firms such as Amazon.com Inc in the British online grocer. The report, which did not specify the source of the information, said Amazon and several other tech “heavyweights” were considering ...

  Read More »
• 26 June

  Shein eyes overseas expansion to shift supply chain beyond China

  

  BLOOMBERG Fast-fashion giant Shein will strengthen its presence in Europe and Mexico, including selling more locally made products, in a bid to diversify its China-centric supply chain. The company will launch an online marketplace in Mexico this month, where products from third-party sellers can be bought alongside Shein’s own brand of $10 dresses and $12 jeans. That’ll be followed by ...

  Read More »
• 26 June

  FAA mandates air-traffic training after near-collisions on airport runways

  

  BLOOMBERG Air-traffic controllers across the US will receive new monthly safety training sessions to address the spike in serious near-collisions on airport runways earlier this year. The Federal Aviation Administration (FAA) is conducting the mandatory training starting in July, the agency said in a press release. The National Air Traffic Controllers Association union is collaborating with the effort, the FAA ...

  Read More »
• 26 June

  Singapore Air trounces Hong Kong’s Cathay in battle for skies

  

  BLOOMBERG The fortunes of Singapore Airlines Ltd and Cathay Pacific Airways Ltd, the flagship airlines of two of Asia’s most important financial hubs, differed during the pandemic and continue to diverge in its aftermath. Their valuations are revealing — Singapore Air’s market value of $17 billion is almost three times that of Cathay’s. Four years ago the difference was only ...

  Read More »
• 26 June

  Adnoc Distribution signs pact with India’s HPCL

  

  ABU DHABI / WAM Adnoc Distribution on Monday announced the signing of an agreement with Hindustan Petroleum Corporation Limited (HPCL), one of India’s largest lubricant marketers and fuel retailing companies. The agreement highlights the mutual intent of both companies to explore avenues for expanding their respective international lubricants and allied products businesses in the UAE, India and other potential markets. ...

  Read More »
• 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 ...

  Read More »
• 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 ...

  Read More »
• 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 ...

  Read More »
• 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, ...

  Read More »
• 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 ...

  Read More »