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Bloomberg China’s economic activity weakened in November before the government abruptly dropped its Covid Zero policy, with a surge in infections in coming months likely to cause more turmoil and push policymakers to increase stimulus. Key data showed business and consumer activity slumped to their weakest levels since the Shanghai lockdown in the spring. Retail sales and home sales declined, ...

  Bloomberg Sotheby’s will open a property that will house its auctions and exhibitions in Hong Kong and move its headquarters in the city to cater to growth in Greater China following record sales. Located at Landmark Chater in the Central district, the 24,000 square foot (2,230 square meter) space will open in 2024, Sotheby’s said. The two-storey house will ...

  Bloomberg Vietnam has landed a $15.5 billion partnership with funders led by the European Union and the UK to help finance its transition away from coal. The Southeast Asian nation will receive half of the allotted package of grants and loans from country donors, with the other 50% coming from a group of investors known as Glasgow Financial Alliance ...

  Bloomberg Real estate investment trusts (REITs) in Singapore will remain attractive to investors amid market volatility, according to DBS Group Holdings Ltd. REITs “offer resiliency given their attractive and growing distribution yields” as investors are turning defensive, Eng-Kwok Seat Moey, group head of capital markets at DBS, said. Interest rates have climbed globally, pressuring returns for some investments. While ...

Bloomberg Russia has enough firepower for only three or four more missile barrages of the kind that have devastated Ukraine’s energy infrastructure, Kyiv’s top defense official said. “We understand how much they’ve expended so far — we understand that they don’t have so many,” Oleksiy Danilov, secretary of the National Security and Defense Council, said in an interview. As the ...

Bloomberg Poland and Lithuania are blocking the European Union’s ninth package of sanctions against Russia, a government minister said ahead of a meeting of the bloc’s leaders. Lithuanian Foreign Minister Gabrielius Landsbergis told reporters in Vilnius that a proposed weakening on food security potentially opens a loophole and the possibility for sanctioned Russian oligarchs to increase their wealth. “We cannot ...

  Abu Dhabi / WAM Adnoc Drilling Company PJSC (Adnoc Drilling) on Wednesday announced that it has signed an agreement to acquire an additional two premium high-specification Gusto MSC CJ46-X100-D design offshore jack-up drilling units. The rigs have a combined cost of $200 million. The acquisition is part of the company’s fleet expansion and growth strategy that is a key ...

    Dubai / WAM The Dubai Foundation for Women and Children (DFWAC) has launched “mobile rehabilitation services” initiative to offer mobile services through home, school, and business visits by the care and rehabilitation department, to ease customer access to the foundation’s services. The initiative will help women and children who have fallen victims to domestic abuse or human trafficking, ...

Dubai / WAM A new AI-powered mobile application for detecting crop disorders was unveiled by Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, during a ceremony at the headquarters of the International Center for Biosaline Agriculture (ICBA). Called Dr Nabat, the application is a result of collaboration between ICBA and the University of Barcelona, Spain, under a ...

  Dubai / WAM In line with Dubai’s drive to become the world’s smart mobility hub, Dubai South on Wednesday signed a memorandum of understanding (MoU) with Evocargo for the launch of the UAE’s first autonomous vehicle trials for cargo at the master development’s Logistics District. The trials will see EVO.1, Evocargo’s unmanned electric logistics vehicle, navigate Dubai South’s Logistics ...