February, 2023

• 4 February

  BMO expects benefits in Bank of the West’s smaller markets

  

    Bloomberg Bank of Montreal (BMO), which just completed its $16.3 billion takeover of Bank of the West, expects to be able to gain share even in US markets where the firm only has a sparse branch presence. The Bank of the West deal expands Bank of Montreal’s US footprint to 32 states and gives it 1.8 million new customers. ...

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• 4 February

  Deutsche Bank prepares to reduce more staff

  

    Bloomberg Deutsche Bank AG is preparing further job cuts to keep costs in check, with the focus likely to be areas outside the trading unit. Meeting expense targets in an inflationary environment will require a redoubling of savings efforts, including job cuts, Chief Executive Officer Christian Sewing said at an earnings press conference. He singled out the lender’s consumer ...

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• 4 February

  Denmark hikes key rate under new governor

    Bloomberg Denmark’s Nationalbanken raised its benchmark interest rate less than the European Central Bank (ECB) as its new governor seeks to weaken the krone and defend the peg to the euro. The central bank in Copenhagen, which doesn’t hold scheduled meetings, raised the current account rate to 2.1% from 1.75%, it said. The 35 basis-point hike comes on the second ...

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• 4 February

  Santander profit beats estimates on rate boost as costs jump

  

    Bloomberg Banco Santander SA’s earnings beat estimates as a revenue boost stemming from central-bank rate hikes offsets the impact of higher expenses and the cost of covering souring loans. The Spanish retail-banking giant posted net income of €2.29 billion in the fourth quarter of 2022, exceeding the consensus analyst forecast of €2.1 billion, according to a statement. The lender ...

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• 3 February

  Chinese stock rally falters as investors seek fresh impetus

  

  Bloomberg Chinese stocks saw their worst week in more than a month as investors looked for further catalysts to sustain a world-beating rally since the nation’s reopening. The CSI 300 Index, a benchmark of mainland shares, fell 1% on Friday and also for the week, ending this year’s run of weekly gains. The Hang Seng China Enterprises Index, which tracks ...

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• 3 February

  US futures decline as tech earnings curb enthusiasm

  

  Bloomberg US equity futures dropped after disappointing earnings from Apple Inc., Amazon.com Inc. and Alphabet Inc. poured cold water on the rally fuelled by investor optimism that rates are getting close to peaking. Positive sentiment from this week’s surge in the Nasdaq 100 and S&P 500 evaporated as investors parsed late results from the tech trio that showed an economic ...

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• 3 February

  Bloom Holding begins handover of Aldhay, six months ahead of schedule

  

    Abu Dhabi / Gulf Time Leading real estate development company, Bloom Holding, announced on Friday that it has begun the early handover of townhouses to owners at Bloom Garden’s fifth phase Aldhay. Aldhay was completed six months ahead of its scheduled handover date, which was set for the third quarter of 2023, adding 181 spacious two to five-bedroom townhouses ...

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• 3 February

  DHA, Diez join hands to support founding of healthcare companies

  

    Dubai / WAM Dubai Health Authority (DHA) has signed a memorandum of understanding (MoU) with Dubai Integrated Economic Zones Authority (Diez), to promote cooperation and coordination between the two sides to enhance investment opportunities in Dubai’s healthcare sector, support the formation of healthcare start-ups, and develop innovative technological solutions. This aligns with the Dubai Economic Agenda D33 agenda, which ...

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• 3 February

  Sheikha Fatima, Uzbek Senate chairperson discuss relations

    ABU DHABI / WAM HH Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union (GWU), Chairwoman of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation (FDF), on Thursday received Tanzila Narbaeva, Chairperson of the Senate of the Republic of Uzbekistan, who is on a working visit to the UAE. During the ...

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• 3 February

  Borouge sees AED5.1b net profit during 2022

  

    Abu Dhabi / WAM Borouge on Thursday announced its financial results for the twelve-month and three-month periods ended December 31, 2022, with strong year-on-year growth in sales volumes driving healthy revenue growth. Highlights for the twelve months to December 31, 2022; Borouge reported a net profit of AED 5.14 billion) ($1.4 billion), in line with market expectations and holding up ...

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