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Zawya
25 minutes ago
- Zawya
Asian stocks slide on weak China data, yen firms after BOJ decision
SINGAPORE - Asian equities slipped on Thursday, weighed down by weaker-than-expected Chinese activity data and a plunge in copper prices, while the yen firmed after the Bank of Japan raised its inflation forecast for the fiscal year and held rates steady. The revised forecast suggested cautious optimism that Japan's trade deal with the U.S. would help the economy avert a steep downturn and set the BOJ on a path to hike interest rates later in the year. The yen firmed 0.6% to 148.62 per U.S. dollar immediately after the central bank maintained short-term interest rates at 0.5%, as expected, by a unanimous vote. Japanese shares showed little reaction to the decision and were last up 0.9%. In an action-packed 24 hours, investors were also digesting a trade deal between the U.S. and South Korea, a Federal Reserve decision to hold rates steady and strong earnings from megacap tech firms. Nasdaq futures surged 1.2% after better-than-expected earnings from Microsoft and Meta Platforms. S&P 500 futures advanced 0.8%, while the U.S. dollar held steady after hitting a two-month high. Both tech companies' earnings reports "have shot the lights out", reporting higher revenue from cloud computing and artificial intelligence-enabled ad targeting respectively, said Tony Sycamore, a market analyst at IG in Sydney. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.7%, though it was still on track for its fourth consecutive monthly gain in July. Stocks in Hong Kong and China led declines after official PMI gauges showed weaker-than-expected economic activity during July. The Federal Reserve's rate-setting committee voted 9-2 on Wednesday to hold interest rates steady for the fifth consecutive meeting, with two Fed governors dissenting for the first time in more than three decades. Fed Chair Jerome Powell's comments after the decision undercut confidence that borrowing costs would begin to fall in September. The dollar index was at 98.812, just shy of the two-month high of 99.987 it touched on Wednesday. The index is set to clock a 3.1% gain for the month, its first in 2025. "Although the Federal Reserve decided to keep rates steady at its recent rate setting decision, the chance of rate cuts at upcoming meetings remain live as they balance softening economic data with the potential for persistent inflation," said Manusha Samaraweera, fixed income investment director at Capital Group. U.S. gross domestic product growth rebounded more than expected in the second quarter, but the details of the report painted a picture of an economy that was losing steam and plagued by uncertainty from President Donald Trump's protectionist trade policies. The Korean won appreciated 0.3% after Trump said the U.S. will charge a 15% tariff on imports from South Korea, which will in return invest $350 billion in U.S. projects and purchase $100 billion in U.S. energy products. The announcement is the latest in a series of trade policy deals rushed out before an August 1 deadline to avert the imposition of the April 2 "Liberation Day" tariffs. Trump's tariff blitz cast a shadow on global markets, with negotiations on trade with India still under way after Trump earlier announced that the U.S. will impose a 25% tariff on goods imported from the country. Meanwhile, copper futures plunged 19% after Trump said the U.S. will impose a 50% tariff on copper pipes and wiring, as the details of the levy fell short of the sweeping restrictions expected and left out copper input materials such as ores, concentrates and cathodes. Oil prices were little changed on Thursday, with Brent crude futures for September delivery, which are set to expire on Thursday, down 0.19% at $73.1 a barrel, while U.S. West Texas Intermediate crude for September was flat at $70.01 a barrel. The more active Brent October contract eased 0.14% to $72.37 per barrel.
Emirates 24/7
25 minutes ago
- Emirates 24/7
Emirates lands in Hangzhou, expanding its Chinese mainland network to five gateways
Flight EK310 landed at Hangzhou Xiaoshan International Airport on 30 July to a warm welcome from local dignitaries, airport officials, and a ceremonial water cannon salute. Passengers on the inaugural flight from Dubai were treated to commemorative keepsakes including keychains, certificates, and Chinese tea tasting sets to mark the occasion. The inaugural flight carried passengers from across Emirates' global network, including key markets like the UAE, Nigeria, Italy, Spain, Saudi Arabia and Brazil, as well as a VIP delegation led by Emirates' senior management, and members of the international media. Adnan Kazim, Emirates' Deputy President and Chief Commercial Officer, commented on the launch: 'China has become one of the world's leading aviation markets, and Emirates is proud to have played a role in its development. Adding two new gateways within just one month is a major milestone that underscores our deepening commitment to the Chinese mainland. This expansion also demonstrates the strong momentum our East and Southeast Asia growth strategy has gained over the past year. With rising demand, we're optimistic our global network will continue connecting people, businesses, and economies across Asia and beyond. Emirates remains committed to delivering seamless, reliable connectivity between this dynamic region and the world. We extend our sincere appreciation to the Civil Aviation Administration of China, Hangzhou Xiaoshan International Airport, and all our local partners for their invaluable support in enabling the successful start of this route." Operated by an Emirates Boeing 777-300ER, flight EK310 departs Dubai at 0940hrs and arrives in Hangzhou at 2200hrs. The return flight, EK311, departs Hangzhou at 0010hrs, landing in Dubai at 04:55hrs. Emirates' conveniently timed service offers optimal connectivity for customers from 40 destinations in Europe, 21 in Africa, 13 in the Middle East as well as Brazil and Argentina, to Hangzhou via Dubai. The airline also offers convenient two-way connections from Hangzhou to key cities including Istanbul, Barcelona, Cairo and Johannesburg via Dubai. Better cargo solutions The Boeing 777-300ER wide-body aircraft offers up to 16 tonnes of bellyhold cargo capacity per flight, enabling the efficient transport of time-sensitive shipments such as e-commerce goods, pharmaceuticals, smart devices, and other high-value products. As one of the world's largest hubs for cross-border e-commerce, Hangzhou boasts a complete digital trade ecosystem and advanced logistics infrastructure, serving as a key international gateway for many Chinese brands. With Emirates SkyCargo's expansive network spanning six continents and high-speed connectivity through its Dubai hub, goods from Hangzhou and the broader Yangtze River Delta can reach emerging markets in the Middle East, Africa, South Asia, and Latin America faster, reducing delivery timelines and enhancing supply chain performance. Emirates in Chinese mainland Emirates now operates 49 weekly flights to five major Chinese cities: Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou. The airline has also introduced its signature complimentary chauffeur-drive service for First and Business Class passengers in Hangzhou, extending its luxury offering to over 70 global cities, including Beijing, Shanghai, London, Paris, Dubai, and Milan. Eligible passengers can now enjoy exclusive, complimentary transfers within an 80-kilometre radius of Hangzhou Xiaoshan International Airport, served by Mercedes-Benz E-Class vehicles. ** With the addition of Hangzhou to its growing Chinese mainland network, Emirates is building a powerful air corridor for trade, tourism, and digital exchanges between China and the Middle East, as well as beyond. The new route will further open new opportunities for Chinese brands to reach global audience while offering customers from across Emirates' global network better access to this powerful tech hub. On the Dubai–Hangzhou route, Emirates operates a Boeing 777-300ER, featuring 8 First Class suites, 42 Business Class seats, and 304 Economy Class seats. Passengers can enjoy Emirates' award-winning ice entertainment system, offering over 6,500 channels in more than 40 languages, including Chinese. The onboard experience is rounded off with regionally inspired menus incorporating a variety of popular Chinese dishes and desserts. Through interline and codeshare agreements with China Southern Airlines, Air China and Sichuan Airlines, Emirates provides enhanced connectivity to destinations beyond its own network across China. Beyond air services, Emirates is also committed to supporting the development of China's tourism sector and has established meaningful partnerships across various fronts. Last year, the airline signed a Memorandum of Understanding (MoU) with the UAE China Cultural Centre to jointly promote China as a key destination across the airline's global network. Travelers from the UAE and other GCC countries can visit China visa-free for up to 30 days, making both business and leisure travel to the Chinese mainland even more convenient.
Khaleej Times
25 minutes ago
- Khaleej Times
Siraj Finance: Driving human-centric growth through visionary leadership
In today's fast-paced financial world, real leadership is defined not just by numbers, but by the ability to drive transformation, inspire people, and stay ahead of change. Mohamed Rusan Fyroze, CEO of Siraj Finance PJSC, exemplifies this new era of leadership — one rooted in vision, innovation, and human-centric growth. At the helm of one of the UAE's leading non-banking Islamic financial institutions, Fyroze has reimagined how finance can empower lives and deliver lasting impact. With a focus on operational excellence, customer satisfaction, and a deeply collaborative culture, he is steering Siraj Finance into a future where agility and purpose go hand in hand. In this exclusive interview, he shares his philosophy, priorities, and bold outlook for the financial services industry. How do you balance driving business goals with supporting your team's growth? Balancing business goals with team development begins by setting clear targets and fostering a culture of trust and ownership. I believe in creating an environment where people feel motivated and valued. At Siraj Finance, we organise activities like sports events, Iftar gatherings, and recognition programs to strengthen our internal bonds and uplift morale. Regular performance reviews help identify skill gaps and unlock individual strengths. When personal growth aligns with organisational goals, people feel empowered to contribute more meaningfully. What core principles have shaped your approach to leading change in the financial services sector? Driving change in financial services starts with a deep understanding of customer needs. Whether it's simplifying financial journeys or personalising solutions, it all comes down to building lasting trust. I focus on using data and strategic foresight to anticipate shifts and stay ahead of the curve. Creating a culture of innovation, transparency, and continuous learning empowers teams to adapt confidently. We encourage collaboration and calculated risk-taking to bring new ideas to life. This people-centric, agile mindset supports sustainable transformation while delivering lasting value to customers, stakeholders, and the wider community. You emphasise innovation and operational excellence. How do you foster a culture that continuously drives both? To drive both innovation and operational excellence, there must be clarity in vision and alignment with strategic goals. At Siraj Finance, we empower our teams to take initiative, experiment, and learn from outcomes — this nurtures creativity and ownership. Innovation is not a separate event; it's embedded in our daily routines through open dialogue, training, and collaboration. We celebrate progress, value feedback, and use data to guide continuous improvement. A strong growth mindset, supported by investment in people and systems, ensures we remain efficient and competitive. This dual focus keeps the organisation future-ready while delivering tangible performance. In today's digital-first landscape, how is your team rethinking customer engagement? Customer engagement is being reimagined through a blend of data intelligence and human-centric values. We're focused on hyper-personalisation, proactive support, and creating a seamless customer experience across all touchpoints. By breaking down data silos and leveraging AI, we anticipate needs and deliver tailored experiences. That said, we never lose sight of the human element — each interaction is designed to be authentic and empathetic. We've also redefined KPIs to measure success in a more nuanced, automated landscape. Ultimately, it's about building trust, loyalty, and delivering meaningful value with every customer engagement. How do you foster cross-functional collaboration in a fast-paced environment? Collaboration starts with a unified purpose and shared vision. At Siraj Finance, we break down silos through open communication, mutual respect, and clear accountability. Agile teams with diverse skills work closely to solve challenges together. Regular check-ins, integrated tools, and active leadership help maintain alignment and momentum. We also celebrate collaborative wins and encourage knowledge-sharing across departments. What key trends will reshape financial services in the next 3–5 years, and how is your organisation preparing to lead? The financial services sector is on the cusp of rapid evolution. Key trends like artificial intelligence, advanced data analytics, cybersecurity, and shifting regulatory frameworks will significantly reshape the landscape. At Siraj Finance, we're integrating automation into our core processes to enhance decision-making, personalise offerings, and boost efficiency. Strengthening our cyber resilience and aligning innovation with long-term strategic goals is a top priority. We're also investing heavily in upskilling our teams, adopting agile methodologies, and fostering strong partnerships to stay ahead.
