January, 2023

• 26 January

  Nokia’s quarterly earnings beat estimates amid ‘robust’ demand

  

  Bloomberg Nokia Oyj reported better-than-expected earnings, saying demand “remains robust” even amid a weaker macro-economic backdrop with phone carriers set to take a more cautious approach to spending on 5G networks. Adjusted operating profit rose 27% to €1.15 billion ($1.3 billion) for the fourth quarter, the Espoo, Finland-based mobile network company said in a statement on Thursday. That compares to ...

  Read More »
• 26 January

  UK business confidence drops to 13-year low

    Bloomberg Business confidence in Britain has sunk to its lowest level since the global financial crisis, according to a survey of accountants, amid persistently high inflation and fears that the country is already in a recession. The Institute of Chartered Accountants in England and Wales said Thursday that its latest monitor of business sentiment dropped to an index reading ...

  Read More »
• 26 January

  US filed Microsoft-Activision suit to head off EU settlement

  

    Bloomberg The US Federal Trade Commission filed its lawsuit to block Microsoft Corp.’s $69 billion takeover of gaming company Activision Blizzard Inc. in December partly to get ahead of its European counterparts and dissuade them from accepting a settlement allowing the deal, according to people familiar with the investigations. The FTC filed a complaint challenging the merger on Dec ...

  Read More »
• 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 ...

  Read More »
• 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 ...

  Read More »
• 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 ...

  Read More »
• 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 ...

  Read More »
• 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 ...

  Read More »
• 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 ...

  Read More »
• 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 ...

  Read More »