April, 2023

• 3 April

  Won’s bad start to year poised to get even worse

  

  BLOOMBERG The South Korean won, Asia’s worst-performing currency this quarter, will soon have a new item added to its long list of troubles — the dividend payment season in April. This month normally sees overseas investors take dividends out of the country. Expected handouts to foreign investors at the top 10 Korean companies with the largest dividends allotted to global ...

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• 3 April

  China’s CBIRC warns top bankers of deepening crackdown on graft

  

  BLOOMBERG Chinese authorities warned the nation’s top banking executives that the crackdown on the $60 trillion industry is far from over in a private meeting, just as they were about to announce the probe of the most senior state banker in nearly two decades. Officials from the China Banking and Insurance Regulatory Commission (CBIRC) and the Central Commission for Discipline ...

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• 3 April

  ECB warns of risks posed by $1.1trn real estate funds

  

  BLOOMBERG Funds investing in commercial property pose a threat to financial stability after growing significantly over the last decade, according to the European Central Bank (ECB). The net asset value of the real estate investment funds more than tripled to more than €1 trillion ($1.1 trillion) in the past 10 years, boosting their interdependence with property markets, the ECB said ...

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• 3 April

  US tech stocks’ rally overdone: Strategist

  

  BLOOMBERG Morgan Stanley’s Michael Wilson — among the most prominent bearish voices on US equities — warns the rally in tech stocks that’s exceeded 20% isn’t sustainable and that the sector will return to new lows. The Nasdaq 100 has soared into a bull market as investors fled economically sensitive sectors like banks following the collapse of several US lenders. ...

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• 3 April

  Treasury yields advance as oil jump adds to inflation concerns

  

  BLOOMBERG Treasury yields rose on concern a rally in oil prices will keep inflation elevated and put pressure on the Federal Reserve to go on raising interest rates. The two-year US yield rose as much as 11 basis points to 2.73% as crude prices jumped after Opec+ announced a surprise oil production cut. This reignited concern about inflation and led ...

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• 3 April

  125 million euros investment for new projects in UAE, Mena announced

  

  ABU DHABI / WAM The global investment platform, Investopia, has revealed one of the key outcomes of its annual conference held in Abu Dhabi, which is the launch of ‘Smart Clinics’ in the UAE and the wider Middle East region, a new concept in the healthcare sector that focusses on improving life quality and establishing wellness pathways. Technology and precision ...

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• 3 April

  UAE to cut oil output by 144,000 bpd from May

  

  ABU DHABI / WAM Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, announced that the UAE will voluntarily cut its oil output by 144,000 bpd, effective May through the end of 2023, in coordination with some countries that are parties to the Opec+ agreement. “This voluntary initiative is a precautionary measure taken to ensure market balance and comes ...

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• 3 April

  AIM tackles market challenges, funding prospects

  

  ABU DHABI / WAM The 12th Annual Investment Meeting (AIM Global 2023), which is supported by the Ministry of Industry and Advanced Technology in partnership with the Abu Dhabi Department of Economic Development, will feature a number of local and international events, forums, and conferences from May 8-10 at the Abu Dhabi National Exhibition Centre and discuss the latest investment ...

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• 3 April

  Dewa’s achievements in AI, data management reviewed

  

  DUBAI / WAM HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy (DSCE), chaired the 75th meeting of the council, which was held virtually in the presence of Saeed Mohammed Al Tayer, Vice Chairman of the DSCE. The meeting was also attended by Ahmed Buti Al Muhairbi, Secretary-General of the Dubai Supreme Council of ...

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• 3 April

  In line with directives of the UAE President, nation’s second aid ship arrives at Latakia Port

  

  LATAKIA / WAM In line with the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, a second UAE aid ship, carrying over 2,000 tonnes, arrived at the Port of Latakia as part of the UAE’s post-quake recovery plan in Syria under “Operation Gallant Knight / 2”. The Ministry of Defence’s Joint Operations Command announced the largest aid ...

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