BLOOMBERG  The bond market is finally getting in sync with Jerome Powell’s outlook for the economy. Traders have scrapped once-aggressive wagers that the Federal Reserve chief would pivot to easing policy before the end of this year, reflecting deeply diminished expectations that the central bank’s rate hikes are poised to set off a sharp recession. Bond yields have risen back ...

BLOOMBERG British lenders will likely have to pass on all of the Bank of England’s record rate hikes to some savers, a JPMorgan Chase & Co analyst predicted as he warned of intensifying risks to profits in the sector. “With increased political pressure, we believe that deposit pass-through is likely to be closer to 100% on interest-bearing time deposits, with ...

BLOOMBERG  Goldman Sachs Group Inc has started cutting managing directors (MD) across the globe as the firm reduces its headcount amid a deals slump, according to people familiar with the matter. About 125 MDs, including some in investment banking, will lose their jobs, said one of the people, who asked not be identified because the cuts aren’t public. Not all ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, on Sunday congratulated top high school achievers of the current academic year. His Highness Sheikh Mohammed called Yasmin Mahmoud Abdullah Mohammed Ali, who finished first in the Elite Stream at Rashidiya High School in Dubai, to congratulate her. “I spoke with ...

ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to Nataša Pirc Musar, President of Slovenia, on the occasion of her country’s National Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mansour ...

DUBAI / WAM Abdullah bin Touq Al Marri, Minister of Economy, said that the preliminary estimates of the UAE’s gross domestic product (GDP) for 2022, issued by the Federal Competitiveness and Statistics Centre, reaffirm the robustness of the country’s economic performance and its achievement of positive growth rates that exceeded estimates. The UAE’s GDP in 2022 at constant prices totalled ...

DUBAI / WAM The Ministry of Climate Change and the Environment (MOCCAE), and the Middle East and North Africa Fintech Association (MFTA), announced the launch of the Sustainable Fintech Pledge on Sunday, aimed at integrating sustainability principles into the operations of FinTech companies, contributing to a more resilient future. The Sustainable FinTech Pledge aligns with response of the MENA FinTech ...

NEW DELHI / WAM Abdullah bin Touq Al Marri, Minister of Economy and Head of the Emirates Tourism Council, has met separately with Sandiaga Uno, Minister of Tourism and Creative Economy of Indonesia; John Whittingdale United Kingdom’s Minister of State for Media, Tourism and Creative Industries; G Kishan Reddy, Union Tourism and Culture Minister of India, and Koichi Wada, Commissioner ...

DUBAI / WAM The Ministry of Health and Prevention (MoHAP), in collaboration with its partners in the health sector has announced it will deploy specialised health education teams at airports, in a strategic move aimed at safeguarding the health and safety of pilgrims from infectious diseases. The teams will accompany Hajj convoys prior to their departure from the country, providing ...

BLOOMBERG  Technology company executives Mark Zuckerberg and Sam Altman expressed support for government oversight of artificial intelligence (AI) after discussions with European Commissioner Thierry Breton. The commissioner said that he and Zuckerberg, chief executive officer of Meta Platforms Inc, were “aligned” on the EU’s regulation of artificial intelligence, which is now in final negotiations. They agreed on the bloc’s risk-based ...