May, 2023

• 4 May

  COP28 Presidency, YCC advance youth engagement at Ecosoc

  

  NEW YORK / WAM The COP28 Presidency and the COP28 Youth Climate Champion (YCC) team rolled out a series of engagement events for youth during the United Nations Economic and Social Council (Ecosoc) Youth Forum in New York with over 200 youth participants. Highlighting the essential role of youth in climate action, the first event, ‘Harnessing the Power of Youth ...

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• 4 May

  UAE holds fifth financial dialogue with Swiss Confederation in Bern

  

  BERN / WAM The UAE, represented by the Ministry of Finance (MoF), has held the fifth financial dialogue with the Swiss Confederation in the Swiss capital, Bern. Both parties discussed bolstering strategic relations and bilateral cooperation in various development, economic and financial fields of common interest. Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, headed the UAE delegation. ...

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• 4 May

  Sheikh Khaled bin Mohamed bin Zayed honours winners of 20th Sheikh Khalifa Excellence Award

  

  ABU DHABI / WAM Held under the patronage of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, attended the 20th Sheikh Khalifa Excellence Award (SKEA). HH Sheikh Khaled bin Mohamed bin Zayed awarded the 18 winners ...

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• 4 May

  Nordstrom plans to close downtown San Francisco stores

  

  BLOOMBERG Nordstrom Inc plans to give up its store in downtown San Francisco, becoming the latest retailer to depart the area as the city struggles with emptied office buildings and crime concerns. “The dynamics of the downtown San Francisco market have changed dramatically over the past several years, impacting customer foot traffic to our stores and our ability to operate ...

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• 4 May

  Air France wants state support to compete with Chinese carriers

  

  BLOOMBERG Air France is pressing the French government to limit Chinese airlines’ access to the country, saying they enjoy an unfair advantage because they can fly over Russian airspace closed to many other carriers. The French arm of Air France-KLM wants President Emmanual Macron to introduce taxes or other measures that would create a similar cost base between Air France ...

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• 4 May

  Lufthansa Q1 earnings drop after easing supply chain lowers cargo profit

  

  BLOOMBERG Deutsche Lufthansa AG said first-quarter earnings at its air cargo division fell as global freight rates declined, denting a continued recovery in demand for summer tourism travel. Adjusted earnings before interest and taxes at the cargo division fell to €151 million ($166 million) in the period, down from €495 million for the same period a year earlier, the airline ...

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• 4 May

  Go Air fliers vent on Twitter as another India carrier grounded

  

  BLOOMBERG Go Airlines India Ltd’s slide into bankruptcy has left travellers frustrated and confused, with many worried about how expensive re-booking tickets may be against the spiralling cost of air fares. The airline, majority owned by billionaire Nusli Wadia’s Wadia Group, is the latest to go under in one of the world’s fastest-growing aviation markets. It blames its fate on ...

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• 4 May

  European stocks drop before ECB; PacWest Bancorp slumps

  

  BLOOMBERG European stocks dropped as investors turned their focus towards a rates decision by the European Central Bank (ECB) after a quarter-point hike by the Federal Reserve. US regional lenders slumped on renewed worries about financial stability. Most industry groups were in the red in Europe, with energy a bright spot after Shell Plc posted strong quarterly profit and maintained ...

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• 4 May

  BofA says a 40% earnings downgrade awaits Indian stocks

  

  BLOOMBERG Earnings estimates for Indian firms may be slashed by about 40% this fiscal year and next due to a host of global and domestic risks, according to Bank of America Corp (BofA). Consensus estimates for NSE Nifty 50 companies are lofty and haven’t moderated despite a weak outlook for software firms, analyst Amish Shah wrote in a note. Estimates ...

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• 4 May

  Gold hits near record high as Fed hints rate-hike pause

  

  LONDON / WAM Gold prices traded near record-high levels on Thursday, as US yields and the dollar dipped after the US Federal Reserve hinted it might pause its rate-hike cycle, Reuters reported. Spot gold was up 0.1% at $2,040.46 per ounce by 0249 GMT. Earlier in the session, prices rose to $2,072.19 per ounce and hovered close to an all-time ...

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