Bloomberg The Bank of Korea (BOK) is set to pivot back to an outsized interest-rate increase as it seeks to keep pace with the Federal Reserve and rein in inflationary pressures exacerbated by a weaker currency. The central bank will raise its key rate by a larger-than-regular 50 basis points to 3% at Wednesday’s meeting despite having dialled back ...

Bloomberg The world’s top central banks reacted too slowly to accelerating prices, according Swiss National Bank President Thomas Jordan. “Inflation has been underestimated globally,” Jordan said in Zurich, adding that leading rate setters “very likely waited too long” combating it. “But you have to say: Uncertainty was exceptionally high in this situation — and stays high,” he said. “Central banks ...

  Bloomberg Pakistan’s central bank kept its benchmark interest rate unchanged for a second consecutive meeting to support an economy staring at crises worsened by deadly floods. The State Bank of Pakistan maintained the target rate at 15% , as forecast by 40 of 43 economists surveyed by Bloomberg. Three expected a cut ranging between 25-50 basis points. The decision ...

  Bloomberg Asia’s top chip stocks tumbled on Tuesday, ensnared in an escalating US-China tech race that has erased more than $240 billion from the sector’s global market value. Taiwan Semiconductor Manufacturing Co (TSMC), the world’s largest contract chipmaker, plunged a record 8.3% while Samsung Electronics Co. and Tokyo Electron Ltd. also declined. The selloff spread to the foreign-exchange market ...

  Bloomberg The atmosphere at a conference of currency market professionals was markedly different from the previous few years: there was a buzz. Senior executives from banks and brokers were feeling optimistic about the prospects of foreign-exchange trading at the recent gathering in Amsterdam. They’ve spent years eyeing the world of crypto with envy, as digital assets thrived in a ...

  Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan will pay a visit to the friendly Russian Federation on Tuesday, during which he will meet the Russian President Vladimir Putin. During his visit, His Highness Sheikh Mohamed will discuss with President Putin the friendly relations between the UAE and Russia along with a number of ...

Abu Dhabi / WAM The Emirates Nuclear Energy Corporation (Enec) and its operations and maintenance subsidiary, Nawah Energy Company (Nawah), in partnership with the Abu Dhabi Transmission & Despatch Company (Transco), a subsidiary of Abu Dhabi National Energy Company (Taqa), has successfully connected Unit 3 of the Barakah Nuclear Energy Plant to the UAE grid and is dispatching its first ...

  Abu Dhabi / WAM Younis Haji Al Khoori, Under-Secretary of Ministry of Finance (MoF), met Naadir Hassan, Seychelles Minister of Finance, Economic Planning and Trade; and Devika Vidot, Seychelles Minister of Investment, Entrepreneurship, and Industry; and their accompanying delegation. The meeting, which took place at the ministry’s headquarters in Dubai, sought to discuss means of enhancing the UAE-Seychelles strategic ...

  Dubai / WAM Shareholders of Dubai Electricity and Water Authority (Dewa) PJSC, the emirate of Dubai’s exclusive electricity and water services provider, listed on the Dubai Financial Market (DFM), have approved the items on the company’s first general assembly agenda. The meeting, chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of Dewa, was attended by ...

  Abu Dhabi / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, chaired the UAE cabinet meeting at Qasr Al Watan Abu Dhabi, in the presence of HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; ...