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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

‘GCC inflation still remains lesser than UK’

  • The tighter monetary policy from US Fed and the continued raising of interest rate will have an impact in the GCC, says Simon Ballard, chief economist of First Abu Dhabi Bank.
  • Ballard believes GCC governments will need to address the underlying levels of spending support for consumer through continued stimulus packages

The tighter monetary policy from Federal Reserve and the continued raising of interest rate will have an impact in the GCC, according to Simon Ballard, chief economist of First Abu Dhabi Bank.

“Yes, inflation has risen here in the GCC and the UAE by half a percent to 2.5 percent. But it is still way short of 7 percent in the UK,” he said on the sidelines of the recently held TOP CEO Conference and Awards in Dubai.

Ballard said that inflation is coming from external locations and that it is not a domestically driven level of inflation.

“In the short term, I guess the GCC governments will need to address the underlying levels of spending support for consumer through continued stimulus and support packages,” said Ballard.

He believes it more of an external driver of inflation rather than something that can be dealt with directly here at the GCC level.