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Bloomberg India’s foreign exchange reserves dropped to their lowest in 15 months as the central bank probably stepped up its intervention to support the rupee that is testing new lows amid foreign capital outflows. The reserves falls by $8.06 billion to $580.3 billion, data released by the central bank showed. This is the second straight week of decline and comes ...

  Bloomberg Latin American central banks may need to extend already long and deep rate hiking cycles to shore up battered currencies that are threatening financial stability, Goldman Sachs Group Inc. analysts said in a report. The region’s currencies, notably the Chilean and Colombian pesos, “are still vulnerable to an intensification of recession fears, a deterioration of economic activity in ...

  Bloomberg Citigroup Inc is collecting a windfall from tumultuous international markets, even as a dimming economic outlook and Russia’s invasion of Ukraine pose billions of dollars in risks. The bank’s second-quarter profit soared past analysts’ estimates, driven by unexpectedly large hauls from currencies, commodities and interest-rates trading and its shuttling of corporate money over borders. Net income amounted to ...

  Bloomberg European stocks and US equity futures rise, while the dollar weakened as investors scaled back bets on how aggressively the Federal Reserve will tighten policy, easing recession fears. The Stoxx Europe 600 advanced to its highest level in more than a month, led by mining and energy shares. Futures on the S&P 500 and Nasdaq 100 indices added ...

  Bloomberg Hong Kong’s stocks climbed on Monday, with a rally in beaten-down property and technology names helping the benchmark index rebound from the brink of a technical correction. The Hang Seng Index jumped 2.7%, snapping a five-day loss. Country Garden Holdings Co. — China’s largest builder — was among the top gainers following a report that the nation’s banking ...

  Abu Dhabi / WAM The President of Turkmenistan, Serdar Berdimuhamedow, received a written message from President His Highness Sheikh Mohamed bin Zayed Al Nahyan, inviting him to visit the UAE in line with strengthening relations between their countries. This came as President Berdimuhamedow received, at the Presidential Palace in Ashgabat, Suhail bin Mohammed Al Mazrouei, Minister of Energy and ...

  Bloomberg The International Monetary Fund (IMF) will cut its global economic growth outlook “substantially” in its next update, as finance chiefs grapple with a shrinking list of options to address the worsening risks. Surging food and energy prices, slowing capital flows to emerging markets, the ongoing pandemic and a slowdown in China make it ‘much more challenging’ for policymakers, ...

  Abu Dhabi / WAM Dolphin Energy Limited on Sunday marks 15 years of operations, during which the company imported two billion standard cubic feet (scf) of natural gas into the UAE and Oman every day. Dolphin Energy’s Chief Executive Officer, Obaid Abdulla Al Dhaheri, commented on the achievement, and said that “This is an important milestone in our history ...

Bloomberg India’s gasoline and diesel sales during the first half of July dropped from last month as seasonal rains curtailed demand in world’s third-biggest energy consumer that could help keep a lid on oil prices. The three biggest retailers sold 1.28 million tons of gasoline during July 1-15, down about 8% from the corresponding period in June, according to refinery ...

  Sharjah / WAM The Sharjah Commerce and Tourism Development Authority (SCTDA) has announced the return of its annual Sharjah Summer Campaign. Running through September 30, SCTDA’s seasonal campaign features an integrated package of exclusive hotel offers and discounts on an array of activities throughout the emirate’s popular tourist and hospitality destinations. The competitive offers and exclusive family and hotel ...