WORLD FINANCE NEWS BRIEF
The number of net short positions — bets on stocks declining — reached 1,569 between January 2 and May 25, an increase of 25 per cent on the same period last year, according to an analysis of data reported to the UK financial regulator by GraniteShares, the exchange-traded fund manager.
The most aggressive net short position reported to the FCA this year once amounted to 16.7 per cent of the share capital of Premier Oil held by Asia Research & Capital Management, a Hong Kong-based hedge fund manager.
Other significant bets by hedge funds disclosed this year included Odey Asset Management’s net short position of 3.6 per cent of Intu Properties, the heavily indebted owner of the Trafford Centre and the MetroCentre in Gateshead. Odey also disclosed a 3.6 per cent net short in Metro Bank.
American consumers are getting their groove back as a record surge in May retail sales offered some hope of quicker recovery from the pandemic-induced recession.
At the same time, the value of sales was 6.1% below a year earlier and it’s not clear whether retailers will enjoy such outsize gains in coming months.
Still, risks remain as the number of Covid-19 cases is rising in some states that have recently reopened, including populous Texas and Florida.
Gopinath said. It is possible that with pent-up consumer demand there will be a quicker rebound, unlike after previous crises. However, this is not guaranteed in a health crisis as consumers may change spending behavior to minimize social interaction, and uncertainty can lead households to save more,
In China, one of the early exiters from lockdown, the recovery of the services sector was lagging, with the hospitality and travel sectors struggling to regain demand.
GCC NEWS BRIEF
“With the Careem Super App you will be able to get all your daily needs on a single platform so that you don’t have to venture out in the offline for safety reasons, and also for efficiency reasons,” chief executive officer and co-founder Mudassir Sheikha told Bloomberg TV this week.
Careem has not raised capital, with Uber and is fully committed to funding the super app vision.
Foreign direct investment (FDI) inflow into the UAE jumped over 34 per cent to $14 billion (Dh51.4 billion) in 2019 as compared to $10.4 billion (Dh38.2 billion) in the previous year following major investments by US private equity firms in Abu Dhabi”s energy sector.