Bloomberg Chinese banks extended a record amount of new loans in January after authorities prodded them to lend more to businesses, though consumer borrowing remained subdued. Financial institutions offered 4.9 trillion yuan ($719 billion) of new loans last month, higher than the 4.2 trillion yuan estimated by economists, and compared with a record 3.98 trillion yuan a year ago. ...

  Bloomberg Ghana’s currency surged as much as 3.1% against the dollar after the government said that it had received support from more than 80% of bondholders to restructure its local-currency debt. The cedi was trading 1.3% stronger, heading for the biggest gain in almost three weeks. It’s still the worst-performing currency tracked by Bloomberg after the Lebanese and Egyptian ...

  Bloomberg European stocks advanced and Wall Street equity futures were little changed in the build up to key US inflation data, after a drop in wage-growth expectations eased some of the concern over rising prices. Gains in European telecommunications and travel and leisure shares helped push the Stoxx 600 index 0.4% higher. Vodafone Group Plc shares rose after Liberty ...

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, ...

Ras Al Khaimah / WAM The National Bank of Ras Al Khaimah (Rakbank) has announced its financial results for the year ending December 31, 2022, and the fourth quarter of 2022. The bank reported a net profit growth of 53.4% YoY for FY’22, reaching a total of AED1.163 billion, its highest in over a decade. The Q4’22 net profit was ...

Dubai / WAM Dubai Electricity and Water Authority (Dewa) and Enoc have signed a memorandum of understanding (MoU) to conduct a feasibility study for the establishment, development, and operation of a joint pilot project for the use of hydrogen in mobility. The MoU was signed at the World Government Summit 2023 in the presence of in the presence of HH ...

  Abu Dhabi / WAM Adnec group, in cooperation with the Ministry of Defence, has announced the launch of Idex Next Gen for the first time during the 16th edition of Idex 2023 and the 7th edition of Navdex 2023. The exhibitions will be held under the patronage of President His Highness Sheikh Mohamed bin Zayed Al Nahyan from February ...

  Dubai / WAM Dubai Islamic Bank (DIB) has successfully priced its second Sustainable Sukuk – a landmark $1 billion 5.5-year senior issue with a profit rate of 4.80 percent per annum, representing a spread of 102.4 bps over 5-Year US Treasuries. The sukuk was issued in line with DIB’s Sustainable Finance Framework, which was created to facilitate financing of ...