January, 2023

• 26 January

  IMF says BOJ should consider more long-term yield flexibility

  

  Bloomberg The Bank of Japan (BOJ) should consider boosting flexibility in long-term yields as rising inflation risks call for securing more room for policy maneuvering, according to the International Monetary Fund (IMF). Options include raising its 10-year yield target, widening the yield trading band, switching back to a quantity goal for bond buying and aiming at a shorter-maturity yield, the ...

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• 26 January

  BOC expects law change to ease mounting losses

  

    Bloomberg The Bank of Canada (BOC) will soon be allowed to retain some of its earnings to offset financial losses, which could persist for years as the central bank raises rates and reverses its early-pandemic emergency programs, Governor Tiff Macklem said. The government plans to amend legislation to “allow, on a temporary basis, the Bank of Canada to retain ...

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• 26 January

  Morgan Stanley fines bankers $1 million over messaging breaches

  

    Bloomberg Morgan Stanley fined some of its own bankers more than $1 million each for conducting business on WhatsApp and other messaging platforms, the latest fallout from an industrywide probe that saw US regulators impose the record penalties for monitoring lapses. The funds have either been clawed back from previous bonuses or will be docked from future pay, according ...

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• 26 January

  Indonesia signals end to rate hike

    Bloomberg Bank Indonesia has delivered enough interest-rate increases, according to Governor Perry Warjiyo, who signalled that this round of tightening is coming to an end as the Federal Reserve also winds down. The Fed rate will likely peak at 5.25%, with a chance of easing to 5% by the end of this year as US inflation cools, Warjiyo told ...

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• 26 January

  British retail bank TSB’s profit up on BOE rate hikes

    Bloomberg British retail bank TSB’s profit jumped in 2022 on the back of the Bank of England’s interest rate increases and “strong growth” in mortgage volumes. The lender’s full-year pretax profit rose 16.5% to £184 million ($228 million) compared to 2021, TSB’s owner Banco de Sabadell SA said on Thursday. Net interest income — the money a bank makes ...

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• 26 January

  UAE banks’ investments reach AED511bn in November 2022

  

  Abu Dhabi / WAM The investments of banks operating in the UAE exceeded AED511 billion at the end of November 2022, the highest level in 13 months, according to the latest statistics of the central bank of the UAE (CBUAE). The CBUAE’s statistics – in its banking indicators report issued on Wednesday – also showed an annual increase of 7.7 ...

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• 26 January

  WAM signs five pacts with media entities in Costa Rica

    Abu Dhabi / WAM A delegation from the Emirates News Agency (WAM) headed by Mohammed Jalal Al Rayssi, Director-General of WAM, has visited a number of media entities in Costa Rica to promote cooperation in news exchange. The visit aligns with the UAE’s hosting of the United Nations Climate Change Conference of the Parties (COP28) in Expo City Dubai ...

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• 26 January

  Abu Dhabi hotel revenues up 23% to AED5.4b in ’22

  

    Abu Dhabi / WAM A total of 4.1 million hotel visitors stayed in Abu Dhabi hotels during 2022, 24% up from 2021, data by the Department of Culture and Tourism – Abu Dhabi, revealed. Hotel revenues climbed by 23% from the previous year to AED5.4 billion in 2022. The statistics showed that Abu Dhabi hotels recorded occupancy rates of ...

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• 26 January

  FAB successfully places its second int’l debt capital markets offering

  

    Abu Dhabi / WAM First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has successfully issued a 5.25-year $600 million bond at US Treasury +105 Basis Points (bps) which resulted in an all-in yield of 4.514 percent, on January 19. This marks FAB’s second USD issuance in a space ...

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• 26 January

  AD Ports signs deal with Türkiye’s steel producer

  

    Abu Dhabi / WAM AD Ports group has signed a memorandum of understanding with Tosyalı, one of Türkiye’s largest private steel producers, which has operations in three continents. The MoU looks to establish the framework for AD Ports group to collaborate with Tosyalı on a broad range of shipping, logistics, ports, and freight forwarding services, including potentially jointly investing ...

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