May, 2023

• 3 May

  Sheikh Mohammed directs dispatch of aid to Sudanese displaced citizens

  

  DUBAI / WAM  His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, directed the dispatch of urgent humanitarian aid to the brotherly Sudanese displaced citizens affected by the recent conflict in their country. His Highness Sheikh Mohammed bin Rashid affirmed that the UAE is always keen to support its ...

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• 3 May

  American, pilots union close to reaching new contract deal

  

  BLOOMBERG American Airlines Group Inc and its pilots union are close to reaching an agreement on a new contract after weeks of focussed negotiations. The two sides could have a tentative agreement by the end of this month, said a person familiar with the talks who asked not to be named discussing a private matter. Negotiations will continue even as ...

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• 3 May

  Japan Airlines all set to debut its first freighter aircraft in one decade

  

  BLOOMBERG Japan Airlines Co will introduce three new cargo planes for the first time in more than a decade, seeking to diversify revenue by tapping into global and local consumer demand  fueled by e-commerce and parcel delivery. Three new Boeing Co 767-300ER dedicated cargo aircraft will operate starting this fiscal year, which ends in March 2024, the company said in ...

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• 3 May

  Qatar Airways sees robust travel demand amid capacity squeeze

  

  BLOOMBERG Qatar Airways forecast robust travel demand for the rest of the year and said it would look to add more routes, depending on how fast it gets new Airbus SE and Boeing Co jets. The Doha-based carrier has seen leisure and business demand surge after travel restrictions were eased — in line with global industry trends — but continues ...

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• 3 May

  Australia signals more tightening after surprise rate hike

  

  BLOOMBERG Australia’s central bank signalled further policy tightening ahead after unexpectedly raising interest rates by a quarter-percentage point on Tuesday, sending the currency and bond yields surging. The Reserve Bank of Australia (RBA) increased its cash rate to 3.85%, the highest level since April 2012, in a decision predicted by only nine of 30 economists. Money markets rapidly revised up ...

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• 3 May

  Morgan Stanley plans to cut more than 3,000 jobs

  

  BLOOMBERG Morgan Stanley is preparing a fresh round of job cuts amid a renewed focus on expenses as recession fears delay a rebound in dealmaking. Senior managers are discussing plans to eliminate about 3,000 jobs from the global workforce by the end of this quarter. That would amount to roughly 5% of staff excluding financial advisers and personnel supporting them ...

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• 3 May

  Euro area banks curbed credit by more than expected: ECB

  

  BLOOMBERG Banks in the euro zone curbed lending more than anticipated after borrowing costs jumped and turmoil gripped the financial sector, reinforcing calls for the European Central Bank (ECB) to slow the pace of its interest-rate hikes. Credit standards “tightened further substantially” in the first quarter, according to the ECB’s Bank Lending Survey. “The tightening for loans to firms and ...

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• 3 May

  Abu Dhabi’s EAD leads initiatives in combatting climate change

  

  ABU DHABI / WAM The UAE continues its pioneering efforts to combat climate change through various institutions that have implemented diverse initiatives to reduce greenhouse gas emissions, increasing investment in clean energy, and launching various projects in the renewable energy sector.In this report, the Emirates News Agency (WAM) will highlight the efforts of the Environment Agency — Abu Dhabi (EAD) ...

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• 3 May

  US stocks wobble on amped up policy-tightening bets

  

  BLOOMBERG European stocks retreated and US equity futures wobbled after Australia’s unexpected interest-rate increase deepened conviction that US and European central banks push ahead with policy tightening to stamp out inflation. The Stoxx 600 index slipped as much as 0.4%, held down by growth-sensitive sectors such as energy and real estate. HSBC Holdings Plc bucked the decline after a profit ...

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• 3 May

  Stock pickers on Wall Street go all-in on recession bets

  

  BLOOMBERG As Wall Street economists and central bankers debate if and when the US economy will slip into a recession, big money managers aren’t waiting to find out. Increasingly, professional stock pickers are shifting money out of economically sensitive shares like banks while parking it in stocks seen as resilient during  economic downturns, such as utilities and consumer staples. Hedge ...

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