BLOOMBERG Bitcoin’s 2023 rebound has stalled around the closely watched $30,000 level, hampered by the latest US crypto crackdown and a more sober assessment of the outlook for Federal Reserve monetary policy. The largest token edged up less than 2% to $29,941 in New York, after sinking 3% a day earlier in its worst drop since March 9. Ether and …

LONDON / WAM Gold prices rose on Tuesday after two sessions of losses as the dollar eased, while investors sought more clarity on the US Federal Reserve’s monetary policy stance, Reuters reported. Spot gold was up 0.2% at $2,001.09 per ounce, as of 0457 GMT. Also, US gold futures rose 0.2% to $2,011.10. Spot silver dipped 0.4% to $25.02 per …

BLOOMBERG US equity futures pointed to gains for Wall Street as signs of a Chinese economic bounceback helped markets look past patchy company earnings and the possibility of more central bank policy tightening. Contracts on the S&P 500 gained 0.4%, while those on the tech-heavy Nasdaq 100 climbed as much as 0.6%. Investors are preparing for more first-quarter earnings, including …

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 …