BLOOMBERG Morgan Stanley is preparing a fresh round of job cuts amid a renewed focus on expenses as recession fears delay a rebound in dealmaking. Senior managers are discussing plans to eliminate about 3,000 jobs from the global workforce by the end of this quarter. That would amount to roughly 5% of staff excluding financial advisers and personnel supporting them ...

BLOOMBERG Banks in the euro zone curbed lending more than anticipated after borrowing costs jumped and turmoil gripped the financial sector, reinforcing calls for the European Central Bank (ECB) to slow the pace of its interest-rate hikes. Credit standards “tightened further substantially” in the first quarter, according to the ECB’s Bank Lending Survey. “The tightening for loans to firms and ...

ABU DHABI / WAM The UAE continues its pioneering efforts to combat climate change through various institutions that have implemented diverse initiatives to reduce greenhouse gas emissions, increasing investment in clean energy, and launching various projects in the renewable energy sector.In this report, the Emirates News Agency (WAM) will highlight the efforts of the Environment Agency — Abu Dhabi (EAD) ...

BLOOMBERG European stocks retreated and US equity futures wobbled after Australia’s unexpected interest-rate increase deepened conviction that US and European central banks push ahead with policy tightening to stamp out inflation. The Stoxx 600 index slipped as much as 0.4%, held down by growth-sensitive sectors such as energy and real estate. HSBC Holdings Plc bucked the decline after a profit ...

BLOOMBERG As Wall Street economists and central bankers debate if and when the US economy will slip into a recession, big money managers aren’t waiting to find out. Increasingly, professional stock pickers are shifting money out of economically sensitive shares like banks while parking it in stocks seen as resilient during  economic downturns, such as utilities and consumer staples. Hedge ...

DUBAI / WAM Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai and Chairman of the Dubai Media Council, today attended the inauguration of the World Free Zones Organisation’s (World FZO) ninth Annual International Conference ...

ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan on Tuesday met with representatives of Sharjah Football Club, who recently won the UAE President’s Cup for the tenth time in the team’s history. During the meeting, held at Qasr Al Bahr in Abu Dhabi, His Highness congratulated the team’s players, the technical and administrative staff, and UAE ...

DUBAI / GULF TIME Michael Martin, the nation’s recently appointed head of the Citizenship by Investment unit, has made the long-awaited revisions to the Citizenship by Investment (CBI) program for St. Kitts and Nevis public. St. Kitts and Nevis is once again leading the way for the investment immigration industry, setting a bold and new tone for the sector as ...

AJMAN / WAM H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, on Tuesday received in his court Ghannam Butti Al Mazrouei, Secretary-General of the Emirati Talent Competitiveness Council (ETCC), in the presence of H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman. During the meeting, Al Mazrouei briefed Sheikh Humaid about the ...

ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, UAE President, sent a written letter to José Maria Neves, President of the Republic of Cape Verde, that included an invitation to the Conference of the Parties of the United Nations Framework Convention on Climate Change (COP28), which will be held in Dubai Expo City this November. The ...