May, 2023

• 15 May

  Kezad, SWS ink agreement for polished water pilot project

  

  ABU DHABI / WAM Khalifa Economic Zones Abu Dhabi – Kezad group, a subsidiary of AD Ports group, and Sustainable Water Solutions Holding Company (SWS), have signed a framework agreement under which they will cooperate on the development and operation of a pilot polished water plant, as well as polished water distribution to industries in Kezad Musaffah. The partnership aims …

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• 15 May

  Global climate change, net zero commitments discussed

  

  SHARJAH / WAM As the world rises to combat climate change and the UAE prepares to host the United Nations Climate Change Conference (COP28) towards the end of this year, the Department of Chemical Engineering at American University of Sharjah (AUS) has hosted a talk by the Sharjah National Oil Corporation (Snoc) on understanding global climate change and net zero …

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• 15 May

  Nissan Motor’s profit forecast exceeded analyst projections

  

  BLOOMBERG Nissan Motor Co forecast operating profit for the current fiscal year that exceeded analyst projections, as the Japanese carmaker gets costs under control while expanding output, thanks to improving supplies of semiconductors. Operating profit will be Â¥520 billion ($3.9 billion) for the period through March 2024, the Yokohama-based company said. That compares with the average estimate for Â¥402.8 billion. …

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• 15 May

  India to raise dragon fruit cultivation 16 times in five years

  

  NEW DELHI / WAM With an eye of markets in the Gulf, India is to expand the cultivation of dragon fruit by more than 16 times, the Ministry of Agriculture and Farmers Welfare here has announced. To help augment this effort, the ministry has authorised the setting up of a Centre of Excellence for dragon fruit cultivation in Bengaluru in …

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• 15 May

  Chinese property firm faces key shareholder revolt on debt plan

  

  BLOOMBERG A Chinese property developer whose default in 2021 has since fed into a broader industry rout is facing resistance to its restructuring plan from a major shareholder. Fantasia Holdings Group Co’s second-biggest shareholder TCL Industries Holdings Co opposes the terms of the debt-to-equity swaps, a key part of the restructuring proposal that would dilute shareholders’ stakes, according to people …

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• 15 May

  Honda climbs after profit outlook tops estimates

  

  BLOOMBERG Honda Motor Co shares rose the most in seven weeks after the Japanese automaker forecast profit for the current fiscal year that slightly exceeded analysts’ projections and a buy back of as much as Â¥200 billion ($1.5 billion) of its own shares. Operating profit for the period through March 2024 will be Â¥1 trillion, the company said. That compares …

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• 15 May

  Thailand’s top opposition parties agree to link up after vote

  

  BLOOMBERG Thailand’s two biggest pro-democracy parties agreed to join in a coalition that would give them a clear majority in the lower house, moving to quickly maintain momentum after a stronger-than-forecast showing in the elections. The liberal Move Forward party claimed a mandate to lead after topping the polls, with party chief Pita Limjaroenrat taking to Twitter to say he …

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• 15 May

  Sunak backs ‘jets coalition’ to get Ukraine fighter aircraft

  

  BLOOMBERG Prime Minister Rishi Sunak pledged support for a coalition to help provide Ukraine with a fleet of Western-made fighter jets, although he stopped short during a surprise UK visit by President Volodymyr Zelenskiy of promising actual aircraft. Sunak told Zelenskiy on Monday that he was “very keen to build that coalition of countries to give Volodymyr and his people …

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• 15 May

  Philippine central bank may pause interest rate hikes soon, says Governor

  

  BLOOMBERG  The Philippine central bank is likely to leave its key interest rate unchanged this week, Governor Felipe Medalla said, as cooling inflation gives monetary authorities reason to pause the most aggressive tightening cycle in two decades. “If for sure this is a permanent trend, clearly we must pause,” Medalla told reporters on the side-lines of a forum of the …

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• 15 May

  PBOC extends cash support in May after credit growth drop

  

  BLOOMBERG  China’s central bank injected more long-term liquidity into the financial system for the sixth month in a bid to bolster economic growth after multiple indicators revealed faltering recovery momentum. The People’s Bank of China (PBOC) offered 125 billion yuan ($18 billion) of medium-term lending facility, 25 billion yuan more than the amount maturing in May. Eight of 10 analysts …

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