May, 2023

• 11 May

  Myanmar peace plan stalls as Asean sees no major progress

  

  BLOOMBERG There’s been no significant progress on the Association of Southeast Asian Nations’ (Asean) five-point peace proposal for Myanmar that would include ending violence and committing to free elections, according to Indonesia President Joko Widodo. “Asean unity is needed to formulate the way forward,” Indonesia’s leader said as the two-day summit wraps up in the island of Labuan Bajo. “But ...

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• 11 May

  Ukraine needs more than a $30b arsenal to strike back

  

  BLOOMBERG Armed with well over $30 billion in weapons freshly supplied by its allies, Ukraine is gearing up for a counteroffensive that may push Russia closer to ending its war, or show neither side has enough firepower to seize the advantage. Kyiv’s troops will leverage that hardware — shipments delivered since December that cost more than any North Atlantic Treaty ...

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• 11 May

  Abu Dhabi, AIM partner with China to attract capital-rich firms

  

  ABU DHABI / WAM The United Arab Emirates’ capital, Abu Dhabi, is set to further solidify its prominence as a leading hub of dynamic institutions and industry-leading initiatives with the Annual Investment Meeting (AIM) entering into a partnership with Beijing-based investment banking firm and fund manager China Bridge Capital and Silicon-based NextG Tech Ltd. The agreement was signed during this ...

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• 11 May

  UAE-France trade up 17% to hit AED29.5bn in 2022

  

  ABU DHABI / WAM The trade exchange between the UAE and France grew by 16.8 percent in 2022, reaching AED29.44 billion ($8 billion), compared to AED25.2 billion ($6.8 billion) in 2021, according to data from the Federal Competitiveness and Statistics Centre. In 2022, the bilateral trade between the two countries consisted of imports valued at AED 25.2 billion, while exports ...

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• 11 May

  Adnoc Gas reports Q1 net income of $1.3bn

  

  ABU DHABI / WAM Adnoc Gas plc on Thursday announced its first quarterly financial results since its formation and initial public offering (IPO) for the three months ended on March 31. The company’s unaudited pro forma financial results for the comparative period (the three-month period ended on March 31, 2022 (Q1 2022)) noted herein are reported on a pro forma ...

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• 11 May

  Three UAE aid planes arrive to assist Sudanese people

  

  ABU DHABI / WAM The UAE sent three aid planes to support the Sudanese people, carrying more than 116 tonnes of medical and food supplies. The aid comes as part of efforts to provide urgent relief to affected civilians in Sudan, support the displaced in neighbouring countries, and contribute to alleviating the humanitarian impact of the current crisis, particularly prioritising ...

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• 11 May

  Clients return to Danske as it moves past laundering scam

  

  BLOOMBERG  Customers are coming back to Danske Bank A/S as Denmark’s largest lender is putting past scandals behind it. Danske’s retail customers are growing for the first time in 10 years in its home country, according to a Voxmeter poll of the Nordic nation’s 20 largest banks, cited by local media, including Finans. The lender attracted a net inflow of ...

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• 11 May

  Taiwan’s banks cut China exposure to record low

  

  BLOOMBERG  Taiwanese banks have slashed their exposure to China to the lowest level in at least a decade as increasingly fraught ties across the Strait deter lenders from expanding in the world’s second-largest economy. Locally registered banks in Taiwan have cut back their total lending, investments and interbank transactions in China to NT$1.1 trillion ($34.6 billion) as of the end ...

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• 11 May

  ING plans $1.65 billion buyback as rates fuel profit beat

  

  BLOOMBERG  ING Groep NV plans to buy back as much as €1.5 billion ($1.65 billion) worth of stock after higher interest rates helped lift profit past analysts’ expectations. Shares of the lender rose, after first-quarter results showed interest income and provisions for loan losses came in better than analysts had expected. Net income more than tripled from a year earlier, ...

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• 11 May

  US consumer borrowing climbs on surge in credit card balances

  

  BLOOMBERG  US consumer borrowing increased in March by more than expected on one of the largest spikes in credit-card balances on record. Total credit increased $26.5 billion, the most in four months, after a February gain of $15 billion, Federal Reserve data showed. The figure, which isn’t adjusted for inflation, compared with the median estimate of a $17 billion increase ...

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