Bloomberg Hong Kong’s de facto central bank bought local dollars to defend its peg to the greenback for the first time since November, as a slump in bank borrowing costs made shorting the city’s currency a popular trade. The Hong Kong Monetary Authority (HKMA) purchased HK$4.2 billion ($538 million) worth of local dollars. The operation will reduce the city’s aggregate …

  Bloomberg While equity markets are on a relentless march higher amid optimism around stronger economic growth and cooling inflation, most investors aren’t convinced the gains will last, according to Bank of America Corp’s (BofA) latest global fund manager survey. About 66% of participants in the bank’s February survey said stocks are seeing a bear market rally — signalling they …

  Abu Dhabi / WAM Adnoc Drilling Company on Monday announced its financial results for the fourth quarter and full year ending December 31, 2022. It reported AED2.94 billion ($802 million) net profit for the twelve-month, up 33 percent year-on-year. Full year earnings before Ebitda (interest, taxes, depreciation and amortisation) was $1.23 billion, with a margin of over 46 percent, …