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 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
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
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
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
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
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
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
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
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
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
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
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: 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
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
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
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
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
