Vladimir Putin’s mobilisation hits Russia’s economy in its weak spots

Bloomberg Vladimir Putin’s decision to call up 300,000 men to fight in his invasion of Ukraine is hitting two of the battered Russian economy’s weak spots. The order takes about one in a hundred of the country’s active workers from their jobs to send to the front when record-low unemployment – combined with the exodus of Russians fleeing the country ...

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Japan seeks Russian apology as envoy detained

  Bloomberg Japan demanded an apology from Russia for what it saw as the unjust detention of one of its diplomats in Vladivostok, who was blindfolded and physically restrained after the Kremlin falsely accused him of spying. Top government spokesman Hirokazu Matsuno told a regular news briefing in Tokyo on Tuesday that the diplomat committed no illegal activity and Russia ...

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UK markets lost over $500 billion since Liz Truss took over as PM

  Bloomberg The UK’s stock and bond markets have lost at least $500 billion in combined value since Liz Truss took over as Prime Minister, with investor confidence shattered by a shock tax-cutting budget. Taking the helm at a time when the UK economy was already grappling with the specter of recession, the Truss government’s new fiscal policies fuelled concerns ...

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Futures rise, pound gains as global selloff pauses

  Bloomberg Global markets remained on edge on Tuesday as investors braced for a heightened risk of global recession, even as dip buyers emerged. Most stocks rise as Goldman Sachs Group Inc. and BlackRock Inc. soured on equities for the short term and Citigroup Inc. said bearish positioning continues to rise. Tech giants including Apple, Amazon.com and Alphabet advanced more ...

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UAE, Oman non-oil trade hits AED362 billion in 10 years

  ABU DHABI / WAM The total non-oil trade between the UAE and Oman from 2012 to 2021 amounted to more than AED362 billion, recording a growth rate of 98.9% to reach AED46.5 billion by the end of 2021, compared to AED23.4 billion by the end of 2012, according to data from the Federal Competitiveness and Statistics Centre (FCSC). The ...

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Masdar, RWE partner to tap into key global offshore wind markets

  ABU DHABI / WAM Abu Dhabi Future Energy Company (Masdar) and Germany’s RWE Renewables, two of the world’s leading renewable energy companies, announced on Monday the signing of an memorandum of understanding (MoU) to explore collaboration on developing offshore wind projects in a range of key markets. Under the terms of the MoU, Masdar and RWE Renewables will explore ...

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UAE to relax Covid-19 restrictions nationwide

ABU DHABI / WAM During the UAE government media briefing on the Covid-19 pandemic, Dr Saif Al Dhaheri, Official Spokesperson of the National Emergency Crisis and Disasters Management Authority (NCEMA), has announced that the UAE will be relaxing Covid-19 restrictions nationwide, as well as sector-specific updates, which will come into effect starting September 28. Covid-19 daily cases announcements will be ...

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Burjeel Holdings to sell 11% stake, list on ADX

  ABU DHABI / WAM Burjeel Holdings on Monday announced its intention to list 11 percent of its share capital on the main market of the Abu Dhabi Securities Exchange (ADX). The subscription period for the listing will open on Friday September 30 and close on Tuesday October 4. The company intends to list on ADX on Monday October 10. ...

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Adnoc Drilling buys two more premium jack-up rigs for $140m

  ABU DHABI / WAM Adnoc Drilling Company announced it has signed a sale and purchase agreement (SPA) to acquire two additional premium offshore jack-up drilling units. The two new rigs have a combined cost of AED514.22 ($140 million) and will join the Adnoc Drilling fleet and commence operations by the end of 2022. The acquisition, which underpins the company’s ...

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Safeen, Saif Powertec sign $102 million charter deal

  ABU DHABI / WAM AD Ports group’s Safeen Feeders and Saif Powertec Limited signed a charter agreement that will see Safeen Feeders purchase and charter out three containerships, to support expansion of the Bangladesh-based entity into the container shipping segment. Under the terms of the agreement, Safeen Feeders will charter an initial three vessels to Saif Powertec at pre-agreed ...

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