Bloomberg Poland increased borrowing costs for a fifth consecutive month to an almost nine-year high as pressure grows on the central bank to tame record inflation in eastern Europe’s largest economy. The council that sets interest rates lifted the benchmark 50 basis points to 2.75%, in line with the median estimate of 32 economists in a Bloomberg survey. The ...
Read More »Iceland makes its biggest rate hike since 2008
Bloomberg Iceland’s central bank delivered its biggest interest-rate hike since the 2008 crisis, trying to quell inflation spurred by a rampant housing market. The Monetary Policy Committee in Reykjavik lifted the seven-day term deposit rate by 75 basis points to 2.75%, the highest level in almost two years. The increase was forecast by the nation’s two biggest banks, Landsbankinn ...
Read More »Samsung ends Note, bets big on foldables
Bloomberg Samsung Electronics Co is making the biggest change to its smartphone strategy in years by reorganising around its big-selling Galaxy S and foldable Galaxy Z series of devices. The company plans to discontinue its Note lineup of stylus-equipped phones and instead distribute that capability across its portfolio while pushing premium foldables in its challenge to Apple Inc. “In ...
Read More »Mercedes cars more profitable than ever amid chip shortage
Bloomberg Mercedes-Benz AG vehicles are more profitable than ever after the chip crisis sparked a worldwide shortage of cars, boosting the selling prices for models such as the flagship S-Class. The automaker exceeded its profitability target last year and the return on sales in the final quarter was the highest on record, a spokesman said. The global dearth of high-tech ...
Read More »Apple to launch tap-to-pay feature in challenge to Square
Bloomberg Apple Inc confirmed plans to release its much-anticipated Tap to Pay feature on the iPhone later this year, giving merchants an alternative to Block Inc.’s Square technology. The option will let sellers accept payments through Apple Pay, credit cards and digital wallets without additional hardware, the company said in a statement. The system relies on near field communication, ...
Read More »Twitter gains as ad revenue holds up
Bloomberg Twitter Inc’s sales jumped 22% in the fourth quarter, signalling that the social network’s digital advertising business has held up even as changes to Apple Inc.’s data-collection rules hurt some larger rivals. Sales in the holiday quarter rose to $1.57 billion, compared with $1.58 billion analysts had predicted. Revenue in the current period will be $1.17 billion to ...
Read More »UAE highlights efforts to help global community recover from Covid-19
NEW YORK / WAM The United Arab Emirates highlighted its ongoing efforts to help countries around the world recover from the Covid-19 pandemic during the 60th session of the United Nations’ Commission for Social Development. Covid-19 assistance that the UAE has provided includes more than 2,000 tonnes of supplies and nearly 200 medical assistance flights sent to 135 countries. ...
Read More »Taqa reports net income of AED6 billion in 2021
Abu Dhabi / WAM Abu Dhabi National Energy Company (Taqa) on Friday reported consolidated financial results for the year ended December 31, 2021 with net income (Taqa-share) of AED6.0 billion, an increase of AED3.2 billion, thanks to greater contribution from the oil & gas segment and reflecting the AED1.5-billion post-tax impairment charge in the previous year. The group revenues ...
Read More »WAM, Djibouti enhance media cooperation
Dubai / WAM The Emirates News Agency (WAM) has signed a memorandum of understanding (MoU) with Djibouti Information Agency (Agence Djiboutienne D’Information) in the news service exchange and media content fields. This came during a meeting between Mohammed Jalal Al Rayssi, Director General of WAM, and Abdoulrazak Ali Dirneh, Director-General of Djibouti Information Agency and in line with distinguished ...
Read More »ADQ, Alpha Dhabi, Etisalat, FAB launch digital banking platform
Abu Dhabi / WAM ADQ, an Abu Dhabi-based investment and holding company, on Friday announced the central bank of the UAE has granted an in-principle approval to launch a new digital banking platform, which will be called Wio. With its headquarters in Abu Dhabi, Wio will enhance the capital’s growing reputation as a global financial services center at the ...
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