Shoppers walk through the capital popular shopping mall in Beijing on Wednesday. Associated Press
BEIJING: Activity in China’s services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in over a year,
The Purchasing Managers' Index (PMI), a key gauge of manufacturing activity, fell to 50.6 last month from 51.3, said the National Bureau of Statistics.
The Fifth Plenum of the 19th Central Committee of the Chinese Communist Party (CCP) was held between October 26 and 29 at Beijing’s Jingxi Hotel; if one is to believe the Xinhua statement, China is doing very well.
European and US stock markets slumped on Friday as investors dwelled on the prospect of rising US interest rates. Europe’s main bourses all fell nearly two per cent.
HSBC has agreed to sell its French retail bank to Cerberus-backed My Money Group in a deal which will mean a loss of around $2.3 billion for the British bank but end its long struggle to dispose of the business as it focuses on Asia.
Sharjah Islamic Bank (SIB) has opened its newest branch in Abu Dhabi Mall. The decision serves as a key step forward in strengthening the bank’s network in the UAE and reach its growing customer base in the capital city.
Bilateral trade between UAE and Malaysia grew 26.52 per cent to $1.97 billion (Dhs7.25 billion) in the first quarter of 2021, compared to from $1.56 billion (Dh5.73 billion) in the corresponding period last year, reflecting the resilience in two-way trade.