May, 2023

• 28 May

  Scotiabank misses estimates as provisions bigger than forecast

  

  BLOOMBERG Bank of Nova Scotia (Scotiabank) missed analysts’ estimates as the lender failed to capitalise on rising interest rates and took a bigger provision for potentially souring loans than expected. Net interest margin — the difference between what the bank earns from loans and what it pays depositors — was 2.13% in the fiscal second quarter, compared with 2.11% in …

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• 28 May

  DBS sees profit exceeding $7.4 billion within five years

  

  BLOOMBERG DBS Group Holdings Ltd expects to achieve earnings of more than S$10 billion ($7.4 billion) in the medium term, driven by a strong balance sheet and an ongoing digital transformation. Return-on-equity is expected to be in a range of 15% to 17%, Southeast Asia’s biggest lender said in an investor day presentation, referring to a time frame of three …

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• 28 May

  Bank of Montreal reports surprise drop

  BLOOMBERG Bank of Montreal posted a surprise drop in fiscal second-quarter profit as it set aside a larger provision for loan losses than analysts had expected and trading revenue fell. The bank’s provision for credit losses of C$1.02 billion ($755 million) included an initial C$517 million on the performing loan portfolio of Bank of the West, the bank said in …

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• 26 May

  UAE President issues law establishing Awqaf and Minors Affairs Authority

  ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, has issued a law establishing the Awqaf and Minors Affairs Authority (Amaa) in Abu Dhabi. Amaa will assume the responsibilities of the Social Care and Minors Affairs Foundation (SCMAF), with the transfer of all SCMAF’s assets, properties, rights …

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• 26 May

  Khaled bin Mohamed bin Zayed visits  32nd Abu Dhabi International Book Fair

  ABU DHABI / WAM His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has visited the 32nd Abu Dhabi International Book Fair (Adibf) on Friday. Organised by Abu Dhabi Arabic Language Centre (ALC), part of the Department of Culture and Tourism — Abu Dhabi (DCT Abu …

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• 26 May

  Benefits of expanding businesses to Ras Al Khaimah to Chinese investors highlighted

  

  RAS AL KHAIMAH / WAM A top-level delegation from Ras Al Khaimah Economic Zone (Rakez) concluded its trip to China, where it effectively engaged with numerous investors across five major cities with the exceptional benefits of expanding businesses to Ras Al Khaimah. The Rakez team interacted with prominent Chinese business owners operating in a diverse range of sectors, including master …

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• 26 May

  Adgma, Al Ghurair Investment partner to empower local talent

  

  ABU DHABI / WAM  Abu Dhabi Global Market Academy (Adgma) and Al Ghurair Investment announced signing a MoU aimed at supporting local talent. The MoU is based on four strategic pillars, which include; training programmes for an effective and high-skilled workforce, National Development Programmes to support in retention of local talent, upskilling existing and new Emirati talent through the Financial …

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• 26 May

  Sheikh Saif bin Zayed attends Majlis lecture exploring climate resilience, emerging technology

  

  ABU DHABI / WAM His Highness Lt General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, attended the latest Majlis Mohamed bin Zayed lecture, titled ‘Advancing Technologies for a Climate Resilient Future’. The lecture was presented by Dr Sharron McPherson, a strategic advisor to governments and corporations and a ‘social impact’ entrepreneur with a …

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• 26 May

  Emirati Engineer named UAE Liaison on behalf of COP28 Presidency at UN

  

  ABU DHABI / WAM Abdulla Al Remeithi, a Fellow of the UAE National Experts Programme and Senior Advisor at the Office of the UAE Special Envoy for Climate Change, has been named as UAE Liaison on behalf of the COP28 Presidency at the United Nations Framework Convention on Climate Change (UNFCCC) in Bonn, Germany. The UNFCCC Secretariat (UN Climate Change) …

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• 26 May

  ITC collaborates with Google to leverage AI data, technologies

  

  ABU DHABI / WAM The Integrated Transport Centre (ITC) of the Department of Municipalities and Transport in Abu Dhabi has signed two agreements with Google. The agreements showcase UAE’s efforts that aim towards advancing the country’s key AI priorities in the fields of research and sustainability. The announcement was made during an event at the Mohamed bin Zayed University of …

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