stc Group inks several pacts
The pacts were signed at the PIF’s Private Sector Forum.Company News Business Economy
Tunisia parliament votes to let central bank finance budget
The parliament ratified by a huge majority of 92 votes out of 133 an amendment to an article that prohibited...Economy
UAE’s 10 largest banks reap second quarter windfall
Banks in the UAE held a 22.4 percent market share of the assets in the Arab banking sector, followed by...The A&M research investigates size, liquidity, income, operating efficiency, risk, profitability, and capital of financial institutions.
A 19.5 percent rise in total interest income saw the banks post a net income growth of 24.4 percent.
Eurozone inflation hits new record 9.1 percent on soaring energy prices
Driven by soaring energy prices caused by Russia's invasion in Ukraine, the yearly inflation rate in the 19-country single currency...The president of Germany's powerful federal central bank, Joachim Nagel, immediately declared that the ECB should plan for a "strong rise in interest rates for September".
France, which has moved to cap energy prices saw the lowest rate within the eurozone, with 6.5 percent in August, according to Eurostat.
Palestinian economy facing formidable challenges: IMF team
The fiscal situation, high political, security and social tensions, rising inflation, movement and access restrictions and an unfinished structural agenda...The Palestinian Authority and Israel disagree on the amounts of revenue that the latter should transfer to the former, the statement said.
The IMF team said that overcoming these challenges will require ambitious reforms spanning several years of cooperation between PA, Israel and donors.
CBUAE imposes sanctions on ‘exchange house’ for violations
The Central Bank of the UAE (CBUAE) has imposed sanctions on the owner and general manager of an exchange house...According to a CBUAE statement, the sanctions came as a result of the examination conducted by it, revealing that the exchange house had rented out its license
The CBUAE also prohibited the general manager from undertaking any designated function at any licensed financial institution in the country
ADNOC awards $1.83 billion framework agreements for drilling-related services
The awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further...The awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further two years
The framework agreement awards will support ADNOC’s requirement to drill thousands of new wells to expand its production capacity
Gazprom halts pipeline gas flow in new jitters for Europe
Gazprom said supplies via Nord Stream 1 were "completely stopped" for "preventative work" at a compressor unit, shortly after the...Germany, which is heavily dependent on Russian gas, has accused Moscow of using energy as a "weapon."
But Gazprom has said the 3-day maintenance work was "necessary" and had to be carried out after "every 1,000 hours of operation."
China’s August factory activity weakens for second straight month
The Purchasing Managers' Index (PMI), a key gauge of manufacturing activity in the world's second-biggest economy, came in at 49.4...Sporadic Covid-19 lockdowns around China have dampened consumer enthusiasm and business confidence
China's manufacturing Purchasing Managers' Index has been in contraction territory for five out of the past six months
Realty, banking blue chips continue to power UAE markets
Among other stocks, Emirates NBD, DEWA, and TECOM increased 0.74 percent, 0.77 percent and 1.25 percent respectively.Among other stocks, Emirates NBD, DEWA, and TECOM increased 0.74 percent, 0.77 percent and 1.25 percent respectively
Driven by Emaar, Dubai General Index (DFMGI) advanced 0.79 percent to 3,463.5927.16 pts, with the property blue chip closing higher at AED4.80
Sharjah Chamber set to organise ‘Al Maleh and Fishing’ Festival
The Sharjah Chamber of Commerce and Industry (SCCI) has announced it will be organizing "Al Maleh and Fishing" Festival in...The SCCI added that all preparations are in place, and the festival is scheduled to begin on September 8, 2022, in Dibba Al Hisn City.
The four-day event will involve the participation of several government entities and private sector companies.
Saudi bank loans to public and private sectors grow 14% by July end
Riyadh, Saudi Arabia - Saudi bank loans granted to public and private sectors grew 14 percent by the end of...The total loan granted by Saudi banks amounted to SAR 2.324 trillion ($620bn) by July end.
Private-sector lending also increased by 14 percent year-on-year (YoY) to SAR 2.213 trillion ($590bn).
