January, 2023

• 23 January

  Axis Bank posts 62% jump in Q3 profit on strong loan growth

  

  Bloomberg Axis Bank Ltd.’s quarterly profit jumped 62% and topped estimates amid robust growth in lending and improved margins. Net income climbed to 58.5 billion rupees ($719 million) in the third quarter, compared with 36.1 billion rupees a year ago, according to a statement on Monday. That beat the average estimate of 53.4 billion rupees by analysts in a Bloomberg ...

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• 23 January

  Brazil, Argentina renew talks on combining currencies

  

    Bloomberg Argentina and Brazil are in the preliminary stages of renewing discussions on forming a common currency for financial and commercial transactions, reviving an often-discussed plan that would face numerous political and economic hurdles. South America’s two largest economies have considered options to coordinate their currencies for decades, often to counter the influence of the dollar in the region. ...

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• 23 January

  HDFC sees stable bonds in tough year for traders

    Bloomberg India’s largest private lender is expecting a calmer year for bond yields in 2023, which will make it harder for traders to prosper after global volatility seen last year. With the end of the rate-hike cycle near, there should be much more stability in yields, with large volatility likely behind us and the amplitude of future swings much ...

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• 23 January

  Pakistan central bank hikes key rate to 24-year high

  

    Bloomberg Pakistan increased its benchmark interest rate by 100 basis points, to the highest in more than 24 years, as the economy grapples with raging inflation, supply shortages, dwindling currency reserves and stalled foreign financing. State Bank of Pakistan raised the target rate to 17%, a move expected by 25 of 43 economists in a Bloomberg survey. The majority ...

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• 23 January

  John Kingman named Barclays UK chair

    Bloomberg Barclays appointed John Kingman to replace Crawford Gillies as chair of Barclays UK, one of a number of board changes the bank is making as two of its long-standing directors step down. Kingman, who is chair of Legal & General Group Plc and whose former roles include positions at the UK Treasury and Rothschild, will join the board ...

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• 23 January

  Dollar, US stocks struggle as Fedspeak sours mood

  

    Bloomberg The dollar held just off nine-month lows against the euro and a group of other currencies, after a slew of Federal Reserve officials laid out the case for a downshift in the US central bank’s rate-tightening campaign, while concerns about a potential economic downturn weighed on equities. Investors are increasingly contrasting the US picture with a relatively rosier ...

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• 23 January

  Investors aren’t sure when to dive back into US stock market

  

    Bloomberg The pause in the stock market’s strong start to 2023 underscores the main question vexing much of Wall Street: When will it be safe to start buying again? Yes, markets have grown increasingly confident that the slowdown in inflation will allow the Federal Reserve to soon end the cycle of aggressive interest-rate hikes that last year drove the ...

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• 23 January

  UAE distributes AED200 million in marriage grants to Emiratis

  

  Dubai / WAM Hessa bint Essa Buhumaid, Minister of Community Development, revealed that the total amounts disbursed for marriage grants last year reached AED199,080,000, reaching 2,844 beneficiaries across the UAE compared to 2,727 beneficiaries during 2021. Buhumaid said that the marriage grants by the Ministry of Community Development (MoCD) align with the leadership’s keenness and government support to Emirati youth ...

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• 23 January

  UNA condemns burning of copy of Holy Quran in Stockholm

    Abu Dhabi / WAM The Union of OIC News Agencies (UNA) has condemned the burning of the Holy Quran by extremists, which took place on in front of the Turkish embassy in Stockholm, Sweden. UNA urged the Swedish authorities to take necessary measures against the perpetrators of this hate crime and called for increased international efforts to prevent the ...

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• 23 January

  Inaugural edition of Mena IPO summit starts in Dubai

  

    Dubai / WAM HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of the Higher Committee for the Development of Financial Markets and Exchanges in Dubai, on Sunday said that the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of ...

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