Bloomberg The Swiss National Bank’s (SNB) monetary policy is appropriate given there’s no great risk of spiralling inflation, its President Thomas Jordan said in an interview with Schweiz am Wochenende (SamW). “We think the risk of inflation is moderate in Switzerland,” he told the newspaper in an interview. “The strong currency acts as a damper on inflation, the franc is ...

Bloomberg China’s central bank raised the limit on how much smaller lenders and foreign banks operating in the country can borrow offshore, a move that will ease a funding shortfall and give a push to expansion plans for firms such as HSBC Holdings. Their ability to borrow outside of China was expanded this week after the People’s Bank of China ...

Bloomberg Three of Asia’s best-performing stock markets this year are also ones where individual investors are playing out-sized roles, underscoring the growing influence of retail traders around the world. Nowhere is this more apparent than in Vietnam, where individuals account for about 90% of turnover and the VN Index has surged 20% in 2021, the most among major benchmarks in ...

Bloomberg Wall Street’s great inflation trade is losing steam, judging by a slew of cross-asset signals and where all the investing billions are actually going. With reflation strategies again playing second-fiddle to the crypto volatility and meme stock mania, stable Treasury yields helped the tech-heavy Nasdaq 100 outperform the Dow Jones Industrial Average by the most in seven weeks. Debt ...

ABU DHABI / WAM The UAE has obtained support from member states of the World Tourism Organisation (UNWTO) Regional Commission for the Middle East for its candidature for the organisation’s Executive Council for the first time. The voting process to ratify candidacy will take place during the UNWTO General Assembly meeting in Morocco next October. The UAE submitted its nomination ...

Bloomberg President Joe Biden’s proposed tax hikes are forecast to bring in $3.6 trillion over the next decade, the Treasury Department said, a key funding source for the $4 trillion he hopes to spend remaking the American economy and social safety net. The figure, representing the sum of all tax increases if enacted by Congress, came as is part of ...

Sharjah / WAM Under the directives of HH Sheikha Jawaher bint Mohammed Al Qasimi, wife of HH the Ruler of Sharjah, Chairperson of The Big Heart Foundation (TBHF) and Eminent Advocate for Refugee Children at the United Nations High Commissioner for Refugees (UNHCR), TBHF has mobilised $1 million to fulfill critical medical and psychological needs of children severely affected by ...

Bloomberg Oil posted its biggest weekly gain since the middle of April ahead of the US Memorial Day weekend that kicks off country’s summer driving season. West Texas Intermediate rises 4.3% this week. A spate of positive US economic data this week continued to highlight the recovery taking shape in the world’s largest oil-consuming country, while Americans are expected to ...

Dubai / WAM Ongoing field inspections by Dubai Economy across open markets and commercial establishments saw 26 fines being issued for violation of precautionary guidelines against Covid-19. The violations, detected in outlets spread across markets and malls, were mostly related to face masks or physical distancing. Increased visitors numbers across malls during the recent 3-day super sale had seen a ...

Abu Dhabi / WAM The Federal Tax Authority (FTA), confirmed that Cabinet Decision No. 49 of 2021 on amending some provisions of the Administrative Penalties for Violation of Tax Laws in the UAE, is designed to support tax registrants and help them fulfill their tax obligations, thereby enhancing the state’s competitiveness in the field of conducting business. In a press ...