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  Bloomberg US productivity slumped for a second-straight quarter as the economy shrank, driving another surge in labour costs that risks keeping inflation elevated and further complicates the Federal Reserve’s efforts to tame price increases. Productivity, or nonfarm business employee output per hour, decreased at a 4.6% annual rate in the second quarter after falling at a 7.4% pace in ...

Bloomberg Norway’s inflation exceeded forecasts for a fourth straight month, hitting a new 34-year high and adding pressure on Norges Bank to deliver a bigger interest rate hike this month than it has flagged earlier. Consumer prices rise 6.8% in July from a year earlier, the fastest pace since July 1988, according to data from Statistics Norway on Wednesday. Underlying ...

  Bloomberg Brazil consumer prices tumbled by the most on record in July after President Jair Bolsonaro slashed utility taxes to tame the soaring cost of living and lift his re-election chances. Official data showed consumer prices fall 0.68% compared to June, more than the -0.65% median estimate from analysts in Bloomberg survey. It was biggest monthly drop since the ...

  Bloomberg A drop in Swedish apartment prices picked up speed last month, adding to evidence that the property market in the largest Nordic nation is floundering. The average cost was 4% lower in July than the previous month, marking the fastest decline since before the pandemic, according to data by Svensk Maklarstatistik. House prices decline 1 percent from June. ...

Abu Dhabi / WAM Adnoc Drilling Company on Tuesday announced its financial results for the half year and second quarter ending June 30. The company’s net profit for H1 significantly grew by 34% to AED1.392 billion ($379 million), while revenue increased 13% to $1.27 billion compared to the same period last year. First half Ebitda was $580 million, up 16% ...

  Abu Dhabi / WAM Al Yah Satellite Communications Company on Tuesday announced its financial results for the six-month period ended June 30, recording its highest ever first-half revenue. The company reported revenue of AED755 million ($206 million), up 8.1% year-on-year, underpinned by double-digit growth in managed solutions and mobility solutions. The adjusted Ebitda increased by 5.3% year-on-year to AED448 ...

  Dubai / WAM Dr Abdulrahman Al Awar, Minister of Human Resources and Emiratisation, has issued the Ministerial Resolution No. 318 of 2022 regarding bank guarantees and employees’ protection insurance scheme in the private sector. This decision is in line with the legislative framework that aims to preserve workers’ rights, support the business community, enhance the competitiveness and stability of ...

Bloomberg House Speaker Nancy Pelosi’s swing through Asia aimed to convey the US’s “strong and unshakable” support for the region. It ended up leaving many countries in stunned silence as China conducted unprecedented military drills around Taiwan. The shockwaves from the highest-level US visit to Taiwan in a quarter century are still reverberating around the region days after she flew ...

  Bloomberg The UK economy probably shrank for the first time since the nation was in a coronavirus lockdown at the start of 2021, adding to pressure for action from the contenders vying to take over as prime minister. Gross domestic product for the second quarter probably shrank 0.2%, according to a survey of economists by Bloomberg News ahead of ...

Abu Dhabi / WAM The Ministry of Economy (MoE) and the Ministry of Justice (MoJ), in partnership with the UAE Financial Intelligence Unit (FIU), have announced the introduction of new reporting requirements aimed at certain real estate transactions conducted in the UAE. The UAE is one of the first countries to implement such a mechanism for real estate transactions involving ...