February, 2023

• 23 February

  Bangladesh banks face stress as funding costs jump: Moody’s

    Bloomberg Profitability of local lenders in Bangladesh will likely come under strain from rising funding costs amid a liquidity squeeze in the banking system, according to Moody’s Investors Service. “A spike in imports, declines in remittance inflows and high inflation have drained liquidity,” analysts led by Chong Jun Wong said. The funding costs “have increased materially because demand has ...

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• 23 February

  US futures advance as Fed aligns with street wagers

  

    Bloomberg US equity-index futures rose as investors grew confident the Federal Reserve’s peak interest rate would be within levels already priced in by markets. Contracts on the S&P 500 and Nasdaq 100 climbed at least 0.4% each after the underlying indexes avoided a selloff following the Fed’s minutes and remarks by officials. The dollar pared its losses and Treasuries ...

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• 23 February

  Taiwan removes short selling curbs as markets stabilise

  

    Bloomberg Taiwan’s financial regulator has removed stock short-selling restrictions that were put in place to curb market declines during a turbulent period in the final quarter of 2022. Taiwan’s Financial Supervisory Commission in October banned shorting stocks at a price lower than the previous close if shares drop more than 3.5% the day before. The ban will be lifted ...

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• 23 February

  Techtronic slumps most since 2008 after short-seller’s report

    Bloomberg Techtronic Industries Co. slumped by the most since November 2008 after short-seller Jehoshaphat Research questioned the accounting methods of the Hong Kong power-tool maker. Shares of Techtronic fell as much as 19% before trading was halted in Hong Kong. The company has been “inflating its profits dramatically for over a decade with manipulative accounting,” Jehoshaphat alleged in a ...

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• 23 February

  UAE rescue mission enters recovery, rehabilitation stage in Syria, Türkiye

  

  Abu Dhabi / WAM The UAE’s Joint Operations Command has announced that the “Chivalrous Knight / 2” operation has entered the recovery and rehabilitation stage to support those affected by the earthquake in Syria and Türkiye. The Joint Operations Command — through maritime aid corridor — will mobilise humanitarian, food, and medical assistance while continuing the operations through the existing ...

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• 23 February

  UAE, Saudi non-oil trade jumps 9% to AED136 billion in 2022

  

    Abu Dhabi / WAM Preliminary data from the Federal Center for Competitiveness and Statistics indicates that non-oil trade exchange between the UAE and Saudi Arabia in 2022 experienced a growth rate of 9%, reaching AED136.09 billion, compared to AED124.6 billion at the end of 2021. Over the period of 2013-2022, non-oil trade between the two countries increased by 70%, ...

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• 23 February

  UAE leaders wish King Salman on Saudi Arabia’s Founding Day

    Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, have sent congratulatory messages to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud of Saudi Arabia, on the Founding Day of ...

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• 23 February

  Day-3: AED5.8bn worth of deals inked at Idex, Navdex

  

    Abu Dhabi / WAM Tawazun Council signed nine deals, worth AED5.7 billion, with local and international companies on behalf of the Ministry of Defense, and two deals worth AED134 million on behalf of Abu Dhabi Police on the third day of the International Defence Exhibition (Idex) and the Naval Defence Exhibition (Navdex) 2023, bringing the total number contracts signed ...

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• 23 February

  Khalifa Fund-Al Dhafra Co-operative deal to support SMEs in F&B sector

  

    Abu Dhabi / WAM Khalifa Fund for Enterprise Development and Al Dhafra Co-operative (ADCS) signed a memorandum of understanding to encourage entrepreneurship and stimulate the development of SMEs in the UAE’s F&B sector. The partnership between the two respective parties will see Khalifa Fund members receive a number of benefits, such as a full waiver of the ADCS entry ...

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• 23 February

  Edge, Italy’s Fincantieri sign cooperation deal

  

    Abu Dhabi / WAM Edge entity Abu Dhabi Ship Building (ADSB) and Fincantieri, one of the world’s leading shipbuilding groups, on Wednesday signed an Industrial Cooperation Agreement at the International Defence Exhibition and Conference (Idex 2023). Under the terms of the agreement, Edge and Fincantieri will join forces on the design, construction, and fleet management of military and commercial ...

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