February, 2023

• 28 February

  ‘Rally in India’s largest consumer stocks over’

  

  BLOOMBERG The rally in India’s largest consumer stocks has likely run its course as margins are near historical highs and the firms appear reluctant to boost investment, according to one of the nation’s biggest money managers. “We think earnings growth will disappoint,” said Anish Tawakley, who oversees about $4.8 billion as deputy equity chief investment officer at ICICI Prudential Asset ...

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• 28 February

  Yields jump as hot inflation reports embolden hawks

  

  BLOOMBERG European stocks slipped as euro-area bond yields surged on Tuesday as hot inflation reports ramped up the stakes for the region’s central bank to battle rampant price pressures. The Stoxx 600 fell 0.3%, trimming a 1.7% gain for February, in the wake of reports that showed accelerating inflation in France and Spain. US contracts were range-bound after a solid ...

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• 27 February

  UK, EU seal new post-Brexit deal on Northern Ireland trade

  

  BLOOMBERG The UK and European Union (EU) reached a deal on Northern Ireland’s trading arrangements, ending more than a year of often acrimonious wrangling over the post-Brexit settlement for the region, people familiar with the matter said. The agreement follows a meeting between British Prime Minister Rishi Sunak and European Commission President Ursula von der Leyen, according to the people, ...

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• 27 February

  Italy’s left faces shakeup as Elly Schlein wins race

  

  BLOOMBERG Supporters of Italy’s Democratic Party have chosen Elly Schlein as their next leader, a surprise result that signals a shakeup in the country’s main political opposition and also means that women now lead both of the country’s biggest parties. The 37-year-old, who also holds US citizenship, won about 54% of the over 1 million votes cast during an informal ...

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• 27 February

  Philippines files 10 protests against China

  

  BLOOMBERG The Philippines has filed 10 diplomatic protests against China over alleged “violations” in the South China Sea with barely two months into 2023, underscoring renewed tensions between the two nations over the disputed waters. These form part of the 77 diplomatic protests filed against China under President Ferdinand Marcos Jr, the Philippines’ Department of Foreign Affairs said in a ...

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• 27 February

  US sees China in ‘awkward’ global position on Ukraine

  

  BLOOMBERG China’s stance on the Russian invasion of Ukraine puts it in an “awkward” position internationally and any weapons support to Russia would come with “real costs,” US National Security Advisor Jake Sullivan said. Sullivan emphasized in three interviews with US television networks that the Biden administration doesn’t have evidence that China is giving “lethal support” to President Vladimir Putin’s ...

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• 27 February

  HFZA explores investment opportunities with Turkey

  

  SHARJAH / WAM A delegation of 143 senior officials and directors from prominent food and beverage companies in Turkiye recently visited the Hamriyah Free Zone Authority (HFZA) to explore new investment opportunities and experience the quality services provided to investors in the sector. During the visit, the Turkish delegation was briefed on the investment incentives and advantages offered by the ...

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• 27 February

  Tawazun Council establishes free zone for military, security sectors

  

  ABU DHABI / WAM  Tawazun Council has established a free zone dedicated to the military and security sector in Tawazun Industrial Park. The free zone covers 2.8 square kilometres and has been established to commence operations related to defence and security industries, including electronic and technological activities, clear-cut metal industries, safety and security, research and development, as well as logistics ...

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• 27 February

  Adnoc Gas raises IPO size to AED9.3b on heavy demand

  

  ABU DHABI / WAM Adnoc Gas plc on Monday announced that, following approval from the SCA, its selling shareholder, Abu Dhabi National Oil Company (Adnoc or the selling shareholder) has exercised its right set out in the UAE prospectus to increase the number of ordinary shares offered in the initial public offering (IPO) of the company. Adnoc will now offer ...

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• 27 February

  Sheikh Mohammed approves 8,500 land plots for Emiratis

  

  DUBAI / WAM  In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued directives to immediately allocate 8,500 land plots to Emirati citizens in the Al Yalayis 5 area. The plots are located on an area spanning 120 million square feet. His Highness Sheikh Mohammed’s ...

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