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  Bloomberg The Philippine central bank has been “very active” in the foreign exchange market to curb excessive volatility and stem the peso’s depreciation, Governor Felipe Medalla said. The monetary authority, which has raised the policy rate by a total of 2.25 percentage points, makes its decisions in relation to inflation, Medalla told reporters in Manila. It considers the exchange ...

  Bloomberg India has invited bids to sell 60.72% in state-backed IDBI Bank Ltd, according to an expression of interest floated by the finance ministry, as it seeks to ramp up its privatisation drive. The federal government and the state-owned Life Insurance Corp. of India together own about 95% in the lender. The government will sell 30.48% of its stake ...

  Bloomberg Investors poured the most money into cash since April 2020 on fears of a looming recession, but stocks could see further declines as they don’t fully reflect that risk, say Bank of America Corp (BofA). strategists. Even as major benchmarks bounced off last month’s lows, the bank’s report citing EPFR Global data showed cash funds received nearly $89 ...

Bloomberg Amazon.com Inc. is shutting down tests of its home delivery robot, the latest sign that the e-commerce giant is starting to wind down experimental projects amid slowing sales growth. Work on Scout, an autonomous machine launched about three years ago, has already been halted, according to a person familiar with the situation. Amazon spokesperson Alisa Carroll said the Scout ...

  Bloomberg Samsung Electronics Co reported its first profit drop since 2019, underscoring the depth of a global PC and memory chip downturn. Operating profit falls by 32% to 10.8 trillion won ($7.7 billion) for the three months ended September, South Korea’s largest company said in a statement. Analysts had estimated 12.1 trillion won on average. Sales also missed estimates, ...

Bloomberg Electric vehicle maker Rivian Automotive will recall about 13,000 vehicles it delivered to customers after discovering a minor structural defect. Irvine, California-based Rivian is making the recall because a fastener “may not have been sufficiently torqued,” Chief Executive Officer RJ Scaringe said in a letter to customers that was seen by Bloomberg News. The nut could loosen fully in ...

  Bloomberg Alphabet Inc.’s Google will open its first data center in Japan next year as part of increasing investment in the world’s third-biggest economy. The new facility, based in Inzai City, Chiba, will accelerate the operation of Google tools and services and support economic activity and jobs, Chief Executive Officer Sundar Pichai wrote in a blog post. It’s part ...

Abu Dhabi / WAM The Emirates Nuclear Energy Corporation (Enec) is set to showcase the success and impact of the UAE nuclear energy sector at the forthcoming World Association of Nuclear Operators’ (Wano) Biennial General Meeting (BGM) in Prague, Czech Republic, between October 9-11. Held under the theme “One Wano – A Global Commitment to Nuclear Excellence,” the Wano BGM ...

  Bloomberg Oil headed for the biggest weekly gain since early March as Opec+ put the market on course for further tightening ahead of winter. West Texas Intermediate traded above $90 a barrel on Friday, bringing futures close to 12% higher for the week, as Brent topped $95 for the first time since mid-September. Time spreads were signaling supply scarcity ...

  Abu Dhabi / WAM The UAE, in cooperation with the Secretariat General of the Gulf Cooperation Council (GCC), will host the fourth edition of the GCC Visual Arts Forum from December 20-25. The six-day forum will host a selection of Gulf artists from various branches of visual arts at Manarat Al Saadiyat in Abu Dhabi and will be accompanied ...