Bloomberg Limits on banker bonuses led to pay rising for top British financiers, according to a study by the Bank of England (BOE) released as part of the UK’s plans to abolish the rules. The restrictions, designed to curb risky behaviour following the 2008 financial crisis, have meant fixed salaries increased to offset the curbs — particularly the delay in ...

Bloomberg European Central Bank (ECB) Vice President Luis de Guindos said increases in borrowing costs will continue at a pace similar to the latest half-point move as officials try to tame soaring prices. The ECB will raise interest rates until projections show that unprecedented euro-area price gains are headed back to the 2% target, Guindos told an event in Madrid. ...

  Bloomberg US equities are set for their worst year since the global financial crisis, and, according to Morgan Stanley strategist Michael Wilson, corporate profits are about to meet the same fate. A looming earnings recession “by itself could be similar to what transpired in 2008/2009,” said Wilson. That could spark a new stock-market low that’s “much worse than what ...

  Bloomberg Global stocks attempted to recover after two weeks of losses sparked by the concern that continued policy tightening by the US Fed and other central banks would trigger economic recession and hit companies’ profits. While the S&P 500 and the tech-heavy Nasdaq 100 are on track to end the month lower, futures on both ticked higher. In Europe, ...

Bloomberg Australia’s sovereign wealth fund is positioning for inflationary pressures to persist around the world, betting that gold and other commodities will offset crimped returns across asset classes. Future Fund Chief Executive Officer Raphael Arndt said “a few percent” of the firm’s A$193 billion ($130 billion) of assets is now invested in gold, after making its first foray into the ...

  Bloomberg The European Union (EU) reached an agreement to strengthen and expand its flagship carbon market, endorsing the centerpiece of the Green Deal strategy that aims to make its economy climate-neutral by mid-century. Under a provisional deal announced by representatives of EU member states and the European Parliament, emissions trading will be extended to heating and road transport, and ...

  Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to the Emir of Qatar, HH Sheikh Tamim bin Hamad Al-Thani, on the occasion of his country’s National Day. HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, dispatched a ...

  Sharjah / Gulf Time Stalwarts from the world of business came together on the Tech Stage at the 6th Sharjah Entrepreneurial Festival (SEF) 2022 to share their invaluable know-how and personal experiences with a fully-packed audience, eager to upskill their entrepreneurial abilities. “In any economy across the globe, SMEs contribute to almost 90% of the GDP. Why? Because 60% ...

Dubai / WAM Nine years of fulfilment, giving, and sustainable development reflects the journey of the Rental Disputes Centre (RDC), the judicial arm of Dubai Land Department (DLD), launched according to a systematic developmental journey to achieve social and economic stability for all those involved in the real estate rental sector and other relevant sectors, establishing a specialised judicial system ...

  Abu Dhabi / WAM Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led an Emirati delegation of business and investment leaders on a visit to Scotland, to discuss renewable energy projects and other potential areas of cooperation, such as science. The delegation included Rashid Abdul Karim Al Balooshi, Under-Secretary of Abu Dhabi Department of Economic ...