How the DFM closed on June 28, 2011.
How the DFM closed on June 28, 2011.

Dubai hits three-month low as Greek woes persist



Dubai's market dipped to its lowest point in more than three months as investors tracked uncertainty on a global economic recovery.

Global markets have remained on edge as the Greek parliament votes later this week on additional austerity measures aimed at tackling the country's debt crisis.

The Dubai Financial Market General Index fell 1.2 per cent to 1,507.61 points, its lowest point since March 21, as fund managers and traders sold off their positions in bellwether stocks. The country's markets will be closed this Thursday for an Islamic holiday.

Even gains in defensive stocks that perform well at times of economic volatility were subject to a sell-off. Air Arabia, the low-cost carrier based in Sharjah fell 0.9 per cent to 66 fils, capping earlier gains.

Emaar Properties, the developer of the world's tallest tower, the Burj Khalifa, was also subject to volatile trading this morning after it sold 409 units in a property project in Syria.

Shares in the company lost 2.3 per cent to Dh2.96.

"There's been a bit of a pullback in terms of volumes on Dubai and Abu Dhabi. Traded value is at about $30 million per day and has been the case for the last 6 trading days," said David Verghese, a fund manager at Emirates NBD in Dubai.

Trading value rose to as much as $50 million a day at the beginning of the year when political upheaval in the Middle East, prompted increased volatility to on the regional markets.

But analysts said regional markets are still at the mercy of forces dictating the movement of international equities.

"We're not going to get much on the company level. Greece continues to dominate," said Mr Verghese.

But in the capital, sentiment was more positive.

The wider benchmark, the Abu Dhabi Securities Exchange General Index, edged 0.3 per cent higher to 2711.30 points, the most since June 19.

Taqa, the energy giant was an early top gainer as the company announced its top executive would step down to concentrate on his role at Abu Dhabi Water and Electricity Authority.

The state-owned company, also known as Abu Dhabi National Energy Company, said chief executive Abdulla Saif Al Nuaimi will leave the company this Friday.

Shares in the company had risen as much as 0.8 per cent, reversing losses a day earlier. It closed flat at Dh1.21.

The company said that Carl Sheldon, its general manager, will lead the company and oversee its global operations, according to Reuters.

Monster Hunter: World

Capcom

PlayStation 4, Xbox One

ARM IPO DETAILS

Share price: Undisclosed

Target raise: $8 billion to $10 billion

Projected valuation: $60 billion to $70 billion (Source: Bloomberg)

Lead underwriters: Barclays, Goldman Sachs Group, JPMorgan Chase and Mizuho Financial Group

THE SPECS

Engine: 1.5-litre, four-cylinder turbo

Transmission: seven-speed dual clutch automatic

Power: 169bhp

Torque: 250Nm

Price: Dh54,500

On sale: now

TECH SPECS: APPLE WATCH SE (second generation)

Display: 40mm, 324 x 394; 44mm, 368 x 448; Retina LTPO OLED, up to 1000 nits; Ion-X glass

Processor: Apple S8, W3 wireless

Capacity: 32GB

Memory: 1GB

Platform: watchOS 9

Health metrics: 2nd-gen heart rate sensor, workouts, fall/crash detection; emergency SOS, international emergency calling

Connectivity: GPS/GPS + cellular; Wi-Fi, LTE, Bluetooth 5.3, NFC (Apple Pay)

Durability: Water resistant up to 50m

Battery: 269mAh Li-ion, up to 18h, wireless charging

Cards: eSIM

Finishes: Aluminium; midnight, silver, starlight

In the box: Watch SE, magnetic-to-USB-C charging cable, band/loop

Price: Starts at Dh999 (40mm) / 1,119 (44mm)

'Lost in Space'

Creators: Matt Sazama, Burk Sharpless, Irwin Allen

Stars: Molly Parker, Toby Stephens, Maxwell Jenkins

Rating: 4/5

Zidane's managerial achievements

La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017

TOUR RESULTS AND FIXTURES

June 3: NZ Provincial Barbarians 7 Lions 13
June 7: Blues 22 Lions 16
June 10: Crusaders 3 Lions 12
June 13: Highlanders 23 Lions 22
June 17: Maori All Blacks 10 Lions 32
June 20: Chiefs 6 Lions 34
June 24: New Zealand 30 Lions 15 (First Test)
June 27: Hurricanes 31 Lions 31
July 1: New Zealand 21 Lions 24 (Second Test)
July 8: New Zealand v Lions (Third Test) - kick-off 11.30am (UAE)

Sustainable Development Goals

1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

12. Ensure sustainable consumption and production patterns

13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
Console: PlayStation, PlayStation 4 and 5
Rating: 3.5/5


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