April, 2023

• 4 April

  Credit Suisse chairman ‘truly sorry’ for failure to stem crisis

  

  BLOOMBERG  Credit Suisse Group AG Chairman Axel Lehmann apologised to shareholders for failing to stem a loss of trust in the bank that he said had built up well before he took over. “We failed to stem the impact of legacy scandals, and counter negative headlines with positive facts,” Lehmann said in remarks prepared for the bank’s annual shareholder meeting ...

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• 4 April

  Yibin City Commercial Bank mulls $300m Hong Kong IPO

  

  BLOOMBERG  Yibin City Commercial Bank Co is considering a Hong Kong initial public offering that could raise about $200 million to $300 million, according to people familiar with the matter. The Chinese lender is working with CCB International Holdings Ltd and ICBC International Holdings Ltd to prepare for the first-time share sale, which could take place as soon as this ...

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• 4 April

  South Korea’s Toss Bank weighs funding at $3 billion valuation

  

  BLOOMBERG  Toss Bank is considering raising funds from private investors in a fresh round that might boost the South Korean digital lender’s valuation to as much as $3 billion, according to people familiar with the matter. The Seoul-based company is working with a financial adviser to raise $300 million to $500 million, the people said. Both new and existing investors ...

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• 4 April

  Sri Lanka keeps rate steady at 16.5% after clinching IMF bailout

  

  BLOOMBERG  Sri Lanka held its benchmark rate at a two-decade high to keep Asia’s fastest inflation in check while supporting economic recovery after the nation secured a $3 billion International Monetary Fund (IMF) bailout. The Central Bank of Sri Lanka kept the standing lending facility rate unchanged at 16.5%, according to a statement on its website. Seven of eight economists ...

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• 4 April

  China’s yuan replaces dollar as most traded currency in Russia

  

  BLOOMBERG  China’s yuan has replaced the US dollar as the most traded currency in Russia, a year after the invasion of Ukraine led to a slew of Western sanctions against Moscow. The yuan surpassed the dollar in monthly trading volume in February for the first time, and the difference became more pronounced in March, according to data compiled by Bloomberg ...

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• 4 April

  Stocks advance as concerns over rate increases recede

  

  BLOOMBERG US index futures and global stocks rose amid signs inflation expectations are receding and central banks are no longer in a rush to accelerate monetary tightening. Contracts on the S&P 500 and Nasdaq 100 indexes added at least 0.3% each. MSCI Inc’s benchmark for world equities climbed for a seventh day. Crude oil extended gains as an Opec+ plan ...

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• 4 April

  JPMorgan warns stocks are in ‘calm before the storm’

  

  BLOOMBERG A risk-on mood fuelling this year’s equities rally is likely to falter, with headwinds from bank turbulence, an oil shock and slowing growth poised to send stocks back towards their 2022 lows, according to JPMorgan strategist Marko Kolanovic. “The Fed indicated no intention to cut interest rates this year, yet risk assets are exhibiting an unprecedented rally, with European ...

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• 4 April

  Bloom Holding starts enabling works at phase two of Bloom Living, Toledo

  

  ABU DHABI / GULF TIME Bloom Holding, one of the UAE’s foremost real estate development companies, has announced the appointment of Edrafor Emirates LLC as the enabling works contractor for Toledo, phase two of the fully integrated and all-inclusive residential community, Bloom Living. Toledo comprises 405 units ranging from two-and three-bedroom townhouses with sizes starting from 120 sqm to 171 ...

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• 4 April

  Sheikh Abdullah bin Zayed meets Greek prime minister

  

  ATHENS / WAM HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, met with Kyriakos Mitsotakis, Prime Minister of the Hellenic Republic, in the Greek capital, Athens. The UAE top diplomat conveyed the greetings of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and his wishes for progress and prosperity to the Hellenic Republic ...

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• 4 April

  Edge set to showcase its product portfolio at Latin America show

  

  ABU DHABI / WAM Edge will participate for the first time at Laad Defence & Security 2023 (LAAD) in Rio de Janeiro, Brazil, from April 11-14. The biennial event is Latin America’s largest and most important defence and security trade show. The group will showcase its diverse product portfolio, focussing on autonomous systems, smart weapons, and electronic warfare. In addition, ...

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