July, 2023

• 17 July

  Adib launches ‘Istikrar’, UAE’s first fixed-rate home finance

  

  ABU DHABI / WAM Abu Dhabi Islamic Bank (Adib) announced the launch of its new product, ‘Istikrar’, the UAE’s first long-term, fixed-rate home finance. This product offers customers a consistent, fixed monthly installment throughout the chosen tenor rate, eliminating any variations or fluctuations. The new offering provides customers with more property financing options amid a high-rate environment. Fixed-term schemes offer …

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• 17 July

  DMT delegation discusses to boost cooperation with Singapore

  

  ABU DHABI / WAM A delegation from Abu Dhabi’s Department of Municipalities and Transport (DMT) has visited Singapore to enhance cooperation and partnerships between the United Arab Emirates and Singapore. The delegation engaged in meetings with key government officials and stakeholders in urban development and sustainable transport to learn about the latest trends and innovations in municipal work and transportation. …

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• 17 July

  Stocks struggle as China weakness tempers risk-on

  

  BLOOMBERG Luxury and commodity stocks drove European stocks to their first decline in seven days on concerns about China’s sluggish economy. Investors prepared for the latest batch of earnings that’s handed Wall Street banks some of their best results even as other industries are poised to slump. Resources giants Anglo American Plc, Glencore Plc and Rio Tinto Plc dropped after …

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• 17 July

  JPMorgan strategists predict euro-area stock weakness

  

  BLOOMBERG It’s too early go long euro-area stocks versus US peers again, according to JPMorgan Chase & Co strategists. “We believe there is another leg of underperformance ahead,” strategists led by Mislav Matejka wrote in a note on Monday, keeping an underweight view on euro-zone equities. The strategists expect further weakness ahead in the region, citing a worsening “growth-policy trade-off” …

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• 16 July

  China intensifies military drills with Russia amid US sanctions

  

  BLOOMBERG  President Xi Jinping has resisted crossing Washington’s red lines over arming Russia’s war machine in Ukraine. But that hasn’t stopped China edging closer to Moscow’s military in another way: direct engagement. China and the armed forces of Vladimir Putin conducted six joint military exercises together last year, the most in data going back two decades. That accounted for two-thirds …

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• 16 July

  At least 35 people killed as storms batter South Korea

  

  BLOOMBERG  At least 35 people have died and 10 are missing in flooding and landslides across storm-battered South Korea, with heavy rainfall forecast to continue, Yonhap News Agency reported, citing the Central Disaster and Safety Countermeasures Headquarters. Eight bodies were recovered from a tunnel in the central city of Osong, North Chungcheong Province, where about 15 vehicles, including a bus, …

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• 16 July

  Thailand’s Pita Limjaroenrat should get more chances in PM vote, shows poll

  

  BLOOMBERG Pita Limjaroenrat, whose political party won the most seats in Thailand’s general election, should get more chances to secure enough votes from lawmakers and become prime minister, according to an opinion poll. He was backed by more than 60% of the 1,310 participants nationwide in the July 11-12 survey by the National Institute of Development Administration (NIDA) to be …

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• 16 July

  UK’s Keir Starmer promises spending restraint if elected

  

  BLOOMBERG The leader of the UK’s political opposition promised his party would avoid large government spending increases to ensure economic stability. In an article in the Observer newspaper, Labour Party leader Keir Starmer wrote that, if elected, his government would focus on regulatory changes, including reform to the planning system to increase housebuilding. “If we are to turn things around, …

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• 16 July

  MBRGI participates in UN high-level political forum

  

  DUBAI/ WAM Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) joined the UAE delegation to the United Nations High-Level Political Forum on Sustainable Development (HLPF), which runs from July 10-19 at the UN headquarters in New York. Established in 2012, the High-Level Political Forum is the UN’s central platform for the follow-up and review of the 2030 Agenda for Sustainable …

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• 16 July

  UAE President sends written letter to his Mexican counterpart with invitation to COP28

  

  ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan sent a written letter to Andres Manuel Lopez Obrador, President of Mexico, which included an invitation to the Conference of the Parties to the UN Framework Convention on Climate Change (COP28), which will be held in Expo City Dubai this November. The letter was delivered to …

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