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Economy, Geostrategy

TSMC’s H1 revenue up 40 percent

Robust demand for AI technology behind the surge.

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Turkey, Syria quake economic losses may exceed $4 billion: Fitch

The death toll is expected to rise as rescuers comb the rubble for survivors. (AFP)
By TRENDS Desk AFP
February 9, 2023 9:50 pm
  • More than 17,500 people have died so far in the 7.8-magnitude earthquake that struck Turkey and Syria.
  • Insured losses will be much lower, possibly around $1 billion, due to low insurance coverage in the area.

Paris, France – The earthquake that has devastated Turkey and Syria could cause economic losses exceeding $4 billion, ratings agency Fitch said on Thursday.

More than 17,500 people have died so far in the 7.8-magnitude earthquake that struck Turkey and Syria on Monday, and the toll is expected to rise as rescuers comb the rubble for survivors.

“Economic losses are hard to estimate as the situation is evolving, but they appear likely to exceed” $2 billion and could reach $4 billion “or more”, Fitch Ratings said.

Insured losses will be much lower, possibly around $1 billion, due to low insurance coverage in the area, it added.

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