January, 2023

• 11 January

  US consumer borrowing up in Nov 2022

    Bloomberg US consumer borrowing climbed in November by more than forecast as credit-card balances increased by the most in three months. Total credit rises $28 billion from the prior month, Federal Reserve figures showed. The median forecast in a Bloomberg survey of economists called for a $25 billion advance. The figures aren’t adjusted for inflation. Revolving credit outstanding, which ...

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• 11 January

  ECB member says rates must increase significantly, steadily

  

    Bloomberg European Central Bank Executive (ECB) Board member Isabel Schnabel said borrowing costs must be lifted much further, with inflation only just having dipped back into single digits. “Interest rates will still have to rise significantly at a steady pace to reach levels that are sufficiently restrictive to ensure a timely return of inflation to our 2 percent medium-term ...

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• 11 January

  Battered UK retail stocks begin New Year with unexpected rally

  

  Bloomberg UK retail stocks appear to be turning the corner in the New Year after a dismal 2022. JD Sports Fashion plc and J Sainsbury plc on Wednesday joined UK online shopping bellwether Next plc and small retailer Card Factory plc in providing a more upbeat outlook, potentially extending a surprise rally in consumer stocks. JD Sports shares jumped as ...

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• 11 January

  Risks rise for India stocks as investors turn wary before budget

  

  Bloomberg Stock investors in India are bracing for challenging weeks before the unveiling next month of the government’s federal budget as economic growth retreats from a peak and a resumption of selling by foreigners weighs on local shares. After beating most Asian and emerging market peers last year, India’s $3.4 trillion stock market is already overshadowed in 2023 as China’s ...

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• 11 January

  Meta named favourite internet stock for 2023

    Bloomberg Meta Platforms Inc. is expected to be the top-performing mega-cap internet stock this year, according to a JPMorgan survey of investors, suggesting a rebound for the Facebook parent after its worst year on record. According to the survey, 41% of respondents named Meta as the company they expect will perform the best this year, followed by Amazon.com Inc. ...

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• 11 January

  UAE takes part in key meeting to rally int’l support for flood-hit Pakistanis

  

  Geneva / WAM Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, headed the UAE delegation participating in a high-level international conference held in Geneva, which was organised by the Pakistani government and the United Nations. Held in the presence of Pakistani Prime Minister Shehbaz Sharif and UN Secretary-General António Guterres, the conference aimed to discuss efforts to ...

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• 11 January

  UAE welcomes begining of final round of Sudan’s political process

    Abu Dhabi / WAM The UAE welcomed the start of the final round of Sudan’s political process leading to a civilian-led government and expressed its wishes for the success of Sudanese parties in their aim to complete the transitional phase. The Ministry of Foreign Affairs and International Cooperation underscored the UAE’s readiness to deepen cooperation with Sudan and advance ...

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• 11 January

  Masdar to develop 1GW of clean energy in Kyrgyzstan

  

    Abu Dhabi / WAM Masdar announced the signing of an agreement with the Ministry of Energy of Kyrgyz Republic to develop a pipeline of renewable projects in the country. The projects, with a total capacity of up to 1 gigawatt (GW), start with a 200-megawatt solar photovoltaic (PV) plant. The implementation agreement was signed by Ibraev Taalaibek Omukeevich, Minister ...

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• 11 January

  Adnoc sets up new gas processing, operations and marketing company

  

    Abu Dhabi / WAM Abu Dhabi National Oil Company (Adnoc) has announced the formation of Adnoc Gas, effective January 1, its new world-scale gas processing, operations and marketing company. The flagship company combines the operations, maintenance and marketing of the Adnoc Gas Processing and Adnoc LNG businesses into one global and market-leading consolidated business. As Adnoc grows its gas ...

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• 11 January

  Investcorp to invest $1bn in GCC realty market in 5 years

  

    Manama / WAM Investcorp, a Bahrain-based asset manager which counts Mubadala Investment Company as its biggest shareholder, announced on Tuesday that it is planning to invest up to $1 billion in the real estate market in the GCC over the next five years. This follows Investcorp’s first real estate acquisition in Saudi Arabia. The investment is a new, state-of-the-art, ...

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