January, 2023

• 27 January

  Pakistan’s money exchangers to let currency decline slowly

  

    Bloomberg Pakistan’s money exchange companies will let the currency drop slowly in the open market after deciding to abolish the limit on the dollar-rupee rate. The Exchange Companies Association of Pakistan (ECAP) has informed the central bank of its decision to remove the limit, President Malik Bostan said in a phone interview. The group had earlier voluntarily decided to ...

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• 27 January

  Colombia all set to lift key rate to most since 1999

    Bloomberg Colombia is forecast to extend its biggest-ever series of interest rate rises to curb inflation that is defying a regional downward trend. The central bank will lift its policy rate one percentage point to 13%, its highest level since 1999, according to 16 of 28 economists surveyed by Bloomberg. The rest expect a smaller move, of half or ...

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• 27 January

  Mastercard says card spending slows in Q4

  

    Bloomberg Mastercard Inc. dropped after warning revenue growth would slow even faster than expected this quarter, stoking fears that inflation has put a damper on consumer spending. The payments giant said spending on its cards increased 11% to $1.73 trillion in the fourth quarter, missing the $1.77 trillion average of analyst estimates compiled by Bloomberg. The company also warned ...

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• 27 January

  South Africa slows pace of rate hikes

    Bloomberg South Africa’s central bank slowed the pace of interest-rate hikes as it slashed its economic-growth forecast for this year and warned of continuing risks to the inflation outlook. The monetary policy committee increased the benchmark interest rate to 7.25% from 7%, Governor Lesetja Kganyago said at a briefing in Pretoria. Only six of 21 economists surveyed by Bloomberg ...

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• 27 January

  Deutsche Bank fund unit doubles down on ETF target

  

    Bloomberg Deutsche Bank AG’s investment arm said it won’t walk away from a goal of becoming Europe’s second-biggest ETF provider, after an analysis showed it was among the few in the industry to lose client cash in 2022. DWS Group, which remains the subject of US and German investigations into alleged greenwashing, saw a decline in its European market ...

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• 27 January

  Adani rout crosses $51bn as stocks plunge by daily limits

  

    Bloomberg The selloff in Gautam Adani’s corporate empire accelerated on Friday, erasing more than $51 billion of market value in two sessions as Asia’s richest man struggles to contain the fallout from a scathing report by US short seller Hindenburg Research. The rout is piling pressure on the Indian tycoon as it erodes his net worth and threatens to ...

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• 27 January

  BofA: Investors flock to European stocks leaving US behind

  

    Bloomberg Investors are chasing European stocks at the fastest pace in nearly a year, while US equity inflows remain muted amid concerns of a recession, according to Bank of America Corp. European stock funds had $3.4 billion of inflows in the week through January 25, according to a note from the bank’s strategists led by Michael Hartnett, citing EPFR ...

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• 27 January

  FAB net profit surges 7% to AED13.4 billion in 2022

  

  Abu Dhabi / WAM First Abu Dhabi Bank (FAB) has reported a group net profit of AED13.4 billion during 2022, up 7% year-on-year (yoy) compared to the same period in 2021, with earnings per share at AED1.18. HH Sheikh Tahnoun bin Zayed Al Nahyan, National Security Adviser and Chairman of FAB, said, “2022 was a year of continued strategic diversification ...

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• 26 January

  UAE leaders wish Indian president on Republic Day

    Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to President Droupadi Murmu of India on the occasion of the Republic Day, which is observed on January 26. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, also ...

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• 26 January

  DGCX sees 16% growth in volume of trades in ’22

  

    Dubai / WAM Dubai Gold and Commodities Exchange (DGCX), the largest and most diversified derivatives exchange in the Middle East, on Thursday announced its full-year market statistics for 2022, reporting a total of 8.239 million contracts with a total value of $162.01 billion during the year, representing growth of 16 percent and 8.24 percent, respectively. With inflation rising steadily ...

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