May, 2023

• 18 May

  BOE: Pace of quantitative tightening may jump

  

  BLOOMBERG  The pace at which the Bank of England (BOE) shrinks its balance sheet is likely to accelerate, the deputy governor for markets told UK lawmakers. The BOE is currently unwinding about £20 billion (£25 billion) of quantitative easing (QE) every three months, both as assets mature and as they are actively sold. Dave Ramsden, deputy governor, said: “There’s the ...

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• 18 May

  Key Thai party not to join Pita’s coalition over monarchy stance

  

  BLOOMBERG The bid of Pita Limjaroenrat, leader of Thailand’s opposition group Move Forward, to form a coalition government hit a setback when a key political party said it won’t back a prime minister who wants to relax the law against criticising the monarchy. The Bhumjaithai Party, which came in third in the vote with about 70 seats in the 500-member ...

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• 18 May

  Sunak backs away from manifesto pledge to cut UK migration

  

  BLOOMBERG Rishi Sunak appeared to back down on his Conservative Party’s key 2019 election manifesto pledge to cut net migration, risking a fresh row with right-wing Tories disrupting his UK administration. The premier was asked three times by reporters travelling with him to the Group of Seven summit in Japan whether he stood by the promise to reduce the annual ...

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• 18 May

  Pakistan’s ex-PM Imran Khan defies deadline to hand over supporters

  

  BLOOMBERG Pakistan’s former premier Imran Khan has defied a deadline set by local officials to hand over supporters, as the political drama surrounding the opposition leader continues to escalate. Police remain outside his home in Punjab province, stoking concerns of a repeat of the violent clashes seen between his supporters and security forces. A provincial government minister claimed Khan was ...

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• 18 May

  G-7: Biden portrays unity with allies on Russia, China

  

  BLOOMBERG US President Joe Biden and other Group of Seven (G-7) leaders began arriving in the Japanese city of Hiroshima for an annual summit, with concerns around China and Russia  — both uninvited — set to dominate discussions. The meeting, which runs through Sunday, comes as Russia launched fresh aerial assaults on Ukraine and Chinese President Xi Jinping attended a separate ...

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• 18 May

  BofA says an ominous signal from S&P 500 is pointing to gains

  

  BLOOMBERG  A Bank of America Corp (BofA) strategist says you shouldn’t be fooled by a seemingly bearish signal being flashed by the stocks in the S&P 500 Index. To the contrary, history shows it may even point to strong gains ahead. The 50-day moving average of the S&P 500 Equal Weight Index — a version of the benchmark that gives ...

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• 18 May

  Europe stocks up as debt deal prospects lift mood

  

  BLOOMBERG  Markets turned higher after days of anxiety that an impasse in Washington would push the US into an unprecedented default, spurring bets that the world’s biggest economy can also skirt an economic slump. European stocks rose, following a rally on Wall Street, as hopes built for an eventual breakthrough in talks to raise the debt limit before coffers run ...

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• 18 May

  The Ultimate Wireless Experience: oraimo Launches FreePods 4 to expand the UAE market

  

  DUBAI / GULF TIME Oraimo, a smart accessories brand and a winner of many International Design Awards – on its different products series including Smartwatch, Power Bank, Personal Care series, Cleaners, and Open Audio series – and decided to further its footprint in the UAE market with Active Noise Cancellation earbuds, FreePods 4. Bank The latest Active Noise Cancellation earbuds, ...

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• 18 May

  Ebarza incorporates sustainability into 2023’s Leading Theme, “Back to Nature”

  

  ABU DHABI / GULF TIME Ebarza Furniture, a leading name in home furnishings, announced their commitment to incorporating eco-friendly materials and nature-inspired elements into its designs, keeping in line with 2023’s leading décor trend “Back to Nature”. Responding to the growing demand for sustainable and earthy décor, Ebarza introduce innovative materials and captivating design concepts across their extensive collection. As ...

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• 17 May

  President of UAE, his Kazakhstan counterpart review bilateral ties

  

  ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and President Kassym-Jomart Tokayev of the Republic of Kazakhstan spoke by telephone on Wednesday to discuss bilateral relations between the two countries and ways to strengthen them further. During the call, His Highness congratulated President Tokayev on his birthday — which falls on May 17 — ...

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