BLOOMBERG  China’s megabanks are planning at least 40 billion yuan ($5.8 billion) of bond sales, kicking off a major funding push to comply with global capital requirements by early 2025. Industrial & Commercial Bank of China Ltd (ICBC) and its three closest rivals are planning to tap domestic debt markets to sell a new category of total loss-absorbing capacity (TLAC) bonds ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued Law No. (9) of 2023 regulating the operations of autonomous vehicles in Dubai. The new law aims to accelerate Dubai’s smart mobility transformation, attract investments in the sector and provide a regulatory environment that facilitates ...

DUBAI / WAM A total of 2,709 real estate transactions worth AED11.6 billion were conducted during the week ending on April 14, according to figures released by the Dubai Land Department (DLD). The DLD report showed that 226 plots were sold for AED5.76 billion, 2,020 apartments and villas were sold for AED4.43 billion. The top three transactions were an AED3.87 ...

DUBAI / WAM Dubai Electricity and Water Authority (Dewa) accompanied a high-level delegation from the World Hydrogen Mena on a tour of its Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world using the Independent Power Producer (IPP) model, which will have a production capacity of 5,000 megawatts (MW) by 2030. The visiting delegation ...

ABU DHABI / WAM The Universities Climate Network (UCN), a network of universities and higher education institutions in the UAE chaired by NYU Abu Dhabi, has been launched to encourage youth engagement in the country in the lead up to COP28, the UN Climate Conference to be held later this year in Dubai. The UCN is comprised of 12 UAE-based ...

WASHINGTON / WAM Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation to the Second Finance Ministers and Central Bank Governors (FMCBG) meeting of the Finance Track of the G20 for 2023, which was held on the sidelines of the 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) ...

BLOOMBERG Investors should avoid US stocks as expectations of a recession have become universal, according to Bank  of America Corp’s (BofA) Michael Hartnett. The strategist is specifically negative on technology shares, which have a higher concentration in the US than international markets, as they’re set to come under pressure from increased regulatory scrutiny and higher interest rates. That’s already starting ...

BLOOMBERG US equity future and bonds slumped as inflation once again took centre stage and traders mulled the likelihood of multiple interest rate hikes this year. Contracts on the Nasdaq 100 and S&P 500 fell following comments from Federal Reserve Governor Christopher Waller who said he favoured more policy tightening in the central bank’s battle with inflation. Swaps traders are ...

DUBAI / WAM HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Honorary Chairman of Young Arab Leaders (YAL), affirmed that enhancing the leadership and influential role of youth, as well as empowering them with the necessary tools and innovative skills, are key pillars of growth in Arab countries. These pillars are essential for successfully ...

ABU DHABI / WAM The Abu Dhabi Waste Management Company (Tadweer) has enhanced its operations to meet the increase in food waste during Ramadan. The emirate of Abu Dhabi is expected to see a total 5-8 percent increase in food waste, amounting to around 1,000 to 1,500 tonnes, by the end of the month of Ramadan. Tadweer’s optimised operations during ...