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Bloomberg

PM Shehbaz hails positive reports on Pakistan economy

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PM Shehbaz

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif welcoming Bloomberg’s recent positive report on Pakistan’s economy said that the notable decrease in the price of Pakistan’s Credit Default Swap (CDS) reflected a consistent increase in global investors’ confidence in the country’s economy. According to the report, there has been a significant reduction of 2,200 basis points in … Read more

Bloomberg ranked Pakistan the World’s Second fastest emerging economy

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Bloomberg ranked Pakistan the World’s Second fastest emerging economy

Bloomberg has ranked Pakistan as the world’s second-most-emerging economy, praising its steady progress and improving financial stability. According to the latest Bloomberg report, Pakistan is the only country showing consistent economic improvement over the past 15 months. The report noted a major decline in bankruptcy risks, recording an improvement of 2,200 points in default probability. … Read more

Bloomberg: EU bureaucracy is obstructing a 1.5 billion euro loan to Ukraine

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Bloomberg: EU bureaucracy is obstructing a 1.5 billion euro loan to Ukraine

A 1.5 billion euro loan for Ukraine is being blocked by the executive branch of the European Union because caution is preferred over the nation’s pressing needs. Bloomberg claims that in reference to two members of the European Commission, The loan was provided to Kyiv  Ukraine, the commission in this instance wants provisions at 70% … Read more

Tesla shares worth $3.99 billion are sold by Elon Musk

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Elon Musk

Elon Musk, the CEO of Tesla Inc., is said to have sold 4.4 million worth of shares for $3.99 billion. Bloomberg published the results using Form 4 filings. “Form 4 has been split into five filings to cover all 138 individual transactions that occurred on two consecutive transaction dates,” it said. Musk stated shortly after … Read more

Fed can achieve economic ‘soft landing,’ but it won’t be easy: Williams

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Williams

The US central bank can down the inflation  by increasing interest rates without jeopardizing growth in the world’s largest economy, though it is  a challenge, a top Federal Reserve official said Thursday. “I think we can achieve a soft landing,” New York Fed President John Williams shared opinion in an interview with Bloomberg. An influx … Read more

Evergrande shares rise after reports of government restructure

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evergrande

BEIJING: Shares in debt-laden Chinese property giant Evergrande rallied on Monday after a state firm official was appointed to its board, paving the way for a government rescue plan. Evergrande, which has been teetering on the brink for months owing to its struggles in servicing a debt pile of more than $300 billion, ended up … Read more

Crypto prices lose control on Coinbase, CoinMarketCap.co

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Crypto

RIYADH: The price of cryptocurrencies listed on Coinbase, the largest US crypto exchange, and popular data provider CoinMarketCap.com fell briefly on Tuesday, Arab News reported. Several tokens showed astronomical gains that sent users rushing about huge windfalls, Bloomberg reported. CoinMarketCap.com said in a statement that the issue has been resolved, and Coinbase said the same on Twitter, … Read more

Binance hopes to have Dubai headquarter

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Dubai

RIYADH: Binance, the largest cryptocurrency exchange, is set to sign an initial agreement with the Dubai government regarding crypto-related activities, Asharq reported. Dubai is one of the candidates along with France to be the global headquarters of Binance. Changpeng Zhao, the CEO and co-founder of Binance bought his first home in Dubai in October. He also said … Read more

Chinese developer Shimao share plunge adds to property woes

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Shimao

HONG KONG: Chinese real estate firm Shimao Group’s share price plunged to its lowest level in a decade on Tuesday, adding to the concerns over the country’s heavily indebted property sector. The Chinese property firms have struggled in the wake of Beijing’s drive last year to curb excessive debt in the real estate sector, as well … Read more

Lawsuit loss forces Uber UK business model reform

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Uber

JEDDAH: Uber and some of its rivals will have to change their business models in the UK after losing a court battle, re-classifying its drivers as workers, Arab News reported. The company is also required to give its drivers access to vacation pay, rest breaks and minimum wage while they’re using the app. The partly PIF-owned firm … Read more

Facebook parent company Meta makes it easier to run cryptocurrency ads

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Meta

RIYADH: Meta, formerly known as Facebook, has updated the criteria for running ads about cryptocurrency on its platform, according to Bloomberg. The tech giant announced on Wednesday its decision to reverse a long-standing policy that prevented most cryptocurrency companies from running ads on its services. The move came after Meta’s marquee crypto-related effort had been downsized. … Read more

Omicron an opportunity for investors: JPMorgan

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Omicron

Turmoil in global equity markets due to the new omicron variant could be an opportunity for investors to rebuild positions, JPMorgan, as saying. According to Bloomberg, the American investment bank suggested the latest evolution of the Covid-19 virus might ultimately be a positive for risk markets because it could signal that the end of the pandemic … Read more

Aramco eyes new investments in India after Reliance scraps deal

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Saudi Aramco

RIYADH: Saudi Aramco said it will continue to look for investment opportunities in India, days after Reliance Industries cancelled a plan to sell a stake in its oil-to-chemicals unit to the Middle Eastern company, Bloomberg reported. “India offers tremendous growth opportunities over the long term,” Aramco said in a statement on Sunday, adding: “It will continue to … Read more

Dubai’s economy grows faster than expected

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Dubai’s economy

DUBAI: Dubai’s economy is rebounding faster-than-expected, as property sales are rising and restaurants are busy, at a time when Europe is experiencing a surge in the Covid cases and tightening restrictions again, Bloomberg reported “The recovery has been faster than we expected,” said Scott Livermore, chief economist for Oxford Economics Middle East in Dubai. “Expo has played … Read more

Alibaba, Tencent, Baidu Pay $3.4m fines in latest antitrust round

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Alibaba AI system

RIYADH: Alibaba Group Holdings, Tencent Holdings and Baidu were among the companies ordered by China’s competition watchdog to pay fines of 21.5m yuan ($3.4 million) in the latest round of sanctions in the country’s ongoing crackdown on monopolies, Bloomberg reported. The companies must pay 500k yuan ($78k) for each of the 43 antitrust violations, the State Administration … Read more

Ford, GlobalFoundries partner to offset chip supplies shortage

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GlobalFoundries

RIYADH: US Ford Motor Co will explore buying chips directly from GlobalFoundries, as a response to a global semiconductor shortage that’s crimped profits and production, Bloomberg reported. The Dearborn Michigan-based automaker said Thursday it’s forming a “strategic collaboration” with GlobalFoundries, which went public in a $2.6 billion listing last month and recently moved its headquarters from California … Read more

Soaring shipping rates to boost global inflation by 1.5%: UN

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Shipping

RIYADH: The high price of ocean shipping could boost global inflation by 1.5 per cent in 2023, with smaller, trade-dependent countries potentially suffering the most, Bloomberg reported, citing the UN Conference on Trade and Development (UNCTAD). The Geneva-based agency said shipping rates have increased more than fourfold over the past decade. The current price to ship a … Read more

China’s Tencent buys Japanese game designer: report

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Tencent

SHANGHAI: Chinese games and messaging colossus Tencent Holdings has acquired the Japanese creative studio behind several hit Nintendo Switch titles, a report Friday said, as it seeks to recover from a government crackdown on the gaming sector. Tencent has taken about a 90 per cent stake in Wake Up Interactive for more than 5 billion … Read more

Watch: Father’s live TV interview on Bloomberg interrupted by son

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Watch: Father’s live TV interview on Bloomberg interrupted by son

Kirkegaard’s ability to keep a straight face in the midst of chaos has earned him the signature “Bloomberg Dad” among netizens. Even after working from home for more than a year, there are still times when individuals are taken off guard, particularly during video calls. One such instance occurred on live television when a financial … Read more

Samsung forecasts near-30% jump in Q3 operating profit

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Samsung

South Korean tech giant Samsung Electronics defied the global supply chain challenges to forecast a near-30-percent jump in third-quarter operating profits on Friday. The world’s biggest smartphone maker said it expected its operating profits to reach around 15.8 trillion won ($13.3 billion) in a regulatory filing, up 27.9 percent year-on-year. The company is the flagship subsidiary of the giant Samsung group, by far … Read more

Goldman cuts China growth forecasts as power cuts start to bite

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Goldman Sachs has lowered its annual economic growth forecast for China as nationwide power cuts hit millions of homes and halted production at factories, including some supplying Apple and Tesla, Arab News reported. Goldman Sachs said on Tuesday it expects growth to come in at 7.8 per cent, down from 8.2 per cent, citing power … Read more

Artists selling superhero NFTs prohibited by Marvel and DC

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NFT

The comic book publication monsters want to uphold sole control of their intellectual property in the NFT galaxy. Marvel and DC appear to be breaking away from the well-known tradition of letting creators and artists sell innovative prints of published works due to their reported strategies for access into the nonfungible token (NFT) space. As … Read more

Tesla Megapack Catches Fire at Victorian Big Battery

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Tesla

Tesla Megapack caught fire during initial testing of the most awaited new utility-scale battery in Victoria, Australia. Luckily, there were no casualties within the facility and its surroundings, CNBC reported. The fire did not pose any risk to the nearby community, according to Bloomberg. However, it did release toxic smoke, which triggered a warning for … Read more

Ethereum co-founder, Musk should not see the crypto industry as a joke

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Ethereum

During a recent interview with BNN Bloomberg, Ethereum co-founder Anthony Di Iorio expressed his dissatisfaction with Tesla CEO Elon Musk.

According to Di Iorio, people like Musk have the ability to bring about significant change.

However, he feels that they should concentrate on real issues rather than frivolous ones:

He said, “I’m just really wishing that their energy is going to be focused around educating people, and not having fun with something that’s so important”.

Musk, who owns Ether, has garnered the ire of many in the cryptocurrency community for pushing the joke cryptocurrency Dogecoin and helping to propel its market valuation to a staggering $90 billion in early May.

The billionaire continues to promote the cryptocurrency with regular tweets and memes, but his social media clout hasn’t helped the cryptocurrency climb out of the enormous hole it dug during the latest market correction.

From its high on May 8, the meme coin has dropped more than 72%.

Ethereum co-founder Di Iorio also chastised individuals who use technology to inflate their own tokens.

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Netflix Might Launch Game Streaming Service Like Stadia and Xbox Cloud

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Netflix Might Launch Game Streaming Service Like Stadia and Xbox Cloud

There were several rumors but now Bloomberg report confirms that Netflix is working on a game streaming service of its own. However, it won’t be competing against YouTube and Twitch. Instead, it will go against Google’s Stadia and Xbox Cloud services that are actual gaming services. Mike Verdu has worked on The Sims, Plants vs. … Read more

PM Imran Khan’s vote of confidence to attract investment in Pakistan

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Imran Khan vote of confidence

Prime Minister Imran Khan’s vote of confidence has contributed to boosting the government and has helped to attract investments. This has been stated in a report by a New York-based international news agency. The report says that the step could help Pakistan recover from the economic consequences of the coronavirus pandemic with the help of … Read more

Al Saud Family, Ambani family among the World’s top richest families

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Al Saud Family, Ambani family among the World's top richest families

The list of the world’s 25 richest families has come out. Surprisingly, Saudi Arabia’s royal family has been ranked as number 4th in the list whereas India’s Ambani family has been ranked number 5th in the list.  Here are the top five richest families of the world, listed by international news source Bloomberg. 1. The … Read more

PSX among world’s top performing exchanges

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Pakistan stock exchange

Business Magazine Bloomberg has reported that Pakistan Stock Exchange continued to be among the top-performing exchanges in the world after Pakistan’s stocks outshined the world’s leading stock markets during the last three months. Pakistan’s stock market surged by 30 percent (almost 10,000 points) during the last three months and thus outperformed the leading stock markets. … Read more

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