April, 2023

• 19 April

  BofA first quarter profit beat estimates

  

  BLOOMBERG Bank of America Corp (BofA) first-quarter profit beat estimates after its fixed-income traders delivered a windfall large enough to cover the rising cost of the bank’s souring loans. Revenue from fixed-income, currencies and commodities trading unexpectedly rose almost 30% to $3.4 billion in the first quarter, as clients reacted to changing interest rates, the bank said. That helped the ...

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• 19 April

  Bank of England official says stablecoin use may need limits

  

  BLOOMBERG Bank of England (BOE) Deputy Governor Jon Cunliffe said regulators may need to impose a limit on using so-called stablecoins for payments as policy makers try to balance the need for innovation with its accompanying concerns. Cunliffe raised the prospect that rapid innovation in payment systems could bring new risks for customers and financial markets as a whole. “While, ...

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• 19 April

  Fund outflows of $4.4bn at Credit Suisse since UBS deal

  

  BLOOMBERG Credit Suisse Group AG saw clients pull $4.4 billion from US and European funds since the lender agreed to be acquired by rival UBS Group AG in March, with recent inflows suggesting the worst of the bleeding may be over. Credit Suisse’s European funds suffered $3.8 billion in net redemptions between March 20 and April 6, while US funds ...

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• 19 April

  UAB reports AED54.8m net profit in Q1 2023

  

  SHARJAH / WAM United Arab Bank (UAB) has reported its financial results for the first quarter ending on March 31, with a net profit of AED 54.8 million, up 80 percent from AED 30.4 million in Q1 2022. The increase in net profit is attributed to improved Net interest income and lower provision charges. The bank’s total operating income grew ...

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• 19 April

  Europe adopts key laws to reach 2030 climate target

  

  BRUSSELS / WAM The European Parliament approved the deals reached with EU countries in late 2022 on several key pieces of legislation that are part of the “Fit for 55 in 2030 package” — the EU’s plan to reduce greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels in line with European Climate Law. The ...

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• 19 April

  UAE unveils global competition for ‘sustainability-focussed firms’

  

  ABU DHABI / WAM In line with UAE Net Zero 2050 and the UAE’s direction towards sustainable economic development and industrial decarbonisation, the Ministry of the Industry and Advanced Technology (MoIAT) is hosting high potential technology start-ups with a focus on sustainability and decarbonisation to participate in a start-up competition launched ahead of COP28. The ministry created the Make it ...

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• 19 April

  UAE President receives Jordanian King

  

  ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan on Tuesday received His Majesty King Abdullah II bin Al Hussein of Jordan, who is visiting the UAE accompanied by His Royal Highness Prince Hussein bin Abdullah II, the Crown Prince of Jordan. His Highness Sheikh Mohamed welcomed the Jordanian King and the Crown Prince at Al ...

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• 19 April

  Taqa’s $1.5b dual tranche 5-year, 10-year bond offering complete

  

  ABU DHABI / WAM Abu Dhabi National Energy Company (Taqa) announced on Tuesday the successful placement of an aggregate of $1.5 billion in 5-year and 10-year dual-tranche senior unsecured notes. The 10-year notes, sized at $1 billion and maturing on April 24, 2033, were issued at a coupon rate of 4.696%. These notes represent Taqa’s first green bond issuance and ...

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• 18 April

  UAE leaders wish Zimbabwe president on Independence Day

  

  ABU DHABI / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to President Emmerson Mnangagwa of Zimbabwe, on the occasion of his country’s Independence Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mansour bin Zayed ...

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• 18 April

  Mohammed bin Rashid issues amendments to law regulating drone activity in Dubai

  

  DUBAI / WAM In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, issued Law No. (10) of 2023 amending certain articles of Law No. (4) of 2020 that regulate the use of drones in Dubai, with the aim of enhancing safety standards. The new law amends article Nos. ...

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