DUBAI / GULF TIME UAE rice brands, part of the Food and Beverage Manufacturing Group, have generously donated 50 tonnes of rice to the UAE Food Bank to support the Three Million Meals Initiative during the holy month of Ramadan. The initiative, under Mohammed Bin Rashid Al Maktoum Global Initiatives, aims to provide food to people in need within the ...

BLOOMBERG  The European Central Bank (ECB) is set to deliver three quarter-point increases in interest rates in May, June and July before ending the most aggressive bout of monetary tightening in its history, economists polled by Bloomberg say. That would take the deposit rate to 3.75%, where it would stay through the rest of the year, according to the April ...

BLOOMBERG  Societe Generale SA bankers who earned more than €1 million ($1.1 million) increased by almost a third in 2022, reflecting higher variable pay after volatility boosted performance. The number of SocGen staffers in the category jumped 30% to 144, according to a filing. At BNP Paribas SA, 369 bankers earned that much last year. Both banks are based in ...

BLOOMBERG  China injected the least amount of medium-term cash into the banking system since November, a sign that policymakers are watching the effects of past easing steps as the nation’s economic recovery appears to be on track. The People’s Bank of China (PBOC) offered 170 billion yuan ($25 billion) of funds to banks through the medium-term lending facility (MLF). That ...

BLOOMBERG  BlackRock Inc’s assets under management are set to exceed $15 trillion in five years’ time, analysts at Morgan Stanley said, with the broker predicting that fixed income and cash management will help propel the investment manager’s growth. The world’s top asset manager has already seen a boost amid the recent turmoil in the US banking sector, following the collapse ...

ABU DHABI / WAM Under the directives of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has approved the disbursement of housing benefits worth AED2.74 billion to 1,800 citizens in Abu Dhabi. The housing benefits include ...

ABU DHABI / WAM Abu Dhabi Commercial Bank (ADCB) has announced a 27 percent increase in net profit during the first quarter of 2023, reaching AED1.878 billion. The bank’s net interest income also grew by 33 percent settling at AED2.851 billion, while non-interest income increased by 34 percent to reach AED1.061 billion. ADCB’s operating profit before impairment charge grew by ...

ABU DHABI / WAM Malaffi, the first Health Information Exchange (HIE) in the Middle East and North Africa and a strategic initiative of the Department of Health — Abu Dhabi, has announced its participation at HIMSS23 Global Conference and Exhibition in Chicago, US. The annual conference, running until April 21 this year, is one of the most critical global meetings ...

ABU DHABI / WAM Etihad Cargo, the cargo and logistics arm of Etihad Airways, has reinforced its commitment to the Chinese market with the signing of a memorandum of understanding with China’s SF Airlines. As per the MoU, both carriers will start operating flights via their respective fleets to the other carrier’s hub in April, which will enable the UAE’s ...

RAS AL KHAIMAH / WAM A delegation from Ras Al Khaimah Economic Zone (Rakez) has concluded its visit to Russia with participation in multiple business events where they engaged with entrepreneurs across a range of industries, from construction and manufacturing to information technology and fast-moving consumer goods trading. Rakez Group CEO Ramy Jallad said, “Rakez has been a favoured business ...