Bloomberg The Indian rupee is likely to weaken after foreign inflows that have helped it appreciate at the start of the year begin to ebb in coming months, a senior official at the nation’s second-largest private sector lender said. “INR will appreciate short term but have no choice but to depreciate long term,” B. Prasanna, group head for global ...

  Bloomberg Romania raised interest rates less than expected, surprising some investors who have expected the central bank to lift borrowing costs faster to tackle decade-high inflation and catch up with more aggressive rate hikes by its regional peers. The central bank raised borrowing costs by 25 basis points to 2%, a move predicted by five out of 11 economists ...

  Bloomberg Bank of America Corp (BofA) said it will eliminate charges for non-sufficient funds in its customers’ accounts and reduce overdraft fees, joining a growing number of US lenders scaling back the costs. The non-sufficient funds fees will be eliminated starting next month, and overdraft fees will be reduced to $10 from $35 beginning in May, the Charlotte, North ...

  Bloomberg A gauge of Chinese technology shares rallied by the most in three months as investors took advantage of attractive valuations in the battered sector and the prospect of looser monetary policy conditions. The Hang Seng Tech Index rose as much as 5% on Wednesday, headed for its highest level in a month with all but one of its ...

  Bloomberg Unfazed by the stock market’s bumpy start to the year, strategists from Goldman Sachs Group Inc to UBS Global Wealth Management reiterated their bullish calls on bets that equities can weather higher interest rates and rising bond yields. “The selloff in some long duration high quality names might be overdone soon,” Goldman strategists led by Cecilia Mariotti wrote ...

  Bloomberg Oil rises as traders looked ahead to clues on US stockpiles, while monitoring China’s efforts to contain the spread of Omicron. West Texas Intermediate added 0.9% after capping a two-day drop. The industry-funded American Petroleum Institute releases its weekly report on US inventories. Nationwide holdings have sunk for the past six weeks to the lowest since September, official ...

  DUBAI / WAM In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No (2) of 2022 on the expropriation of property for public use in the emirate of Dubai. The new law regulates the procedures for expropriating property for public use. The ...

  Bloomberg Covid-19 flare-ups, diminished policy support, and lingering supply-chain bottlenecks will see the global economic recovery cool more than previously estimated in 2022, after last year’s expansion clocked the fastest post-recession pace in eight decades, the World Bank said. Global gross domestic product will probably increase 4.1% this year, less than a 4.3% forecast in June, the Washington-based development ...

  ABU DHABI / WAM The Khalifa Fund for Enterprise Development partnered with eBay as the latest partner of the e-Empower initiative, under the Abu Dhabi Inspires programme. The partnership aims to further enhance Abu Dhabi’s e-commerce ecosystem, while also being in alignment with the mandate to diversify the emirate’s economy and increase non-oil exports to international markets. The collaborative ...

  SHARJAH / WAM His Highness Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of Sharjah Executive Council (SEC), has chaired the council’s meeting, which took place on Tuesday at the Ruler’s Office, in the presence of HH Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah. The ...