January, 2023

• 5 January

  Credit Suisse pays elevated rate in $3.75bn bond sale

  

  Bloomberg Credit Suisse Group AG is paying up to raise billions of dollars in the US and UK as the troubled lender relies on attractive terms to keep funding plans in place. The embattled Swiss lender’s New York branch sold $3.75 billion of two-year and five-year notes to yield 370 basis points over Treasuries, according to a person with knowledge ...

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• 5 January

  CIBC to set aside $628m to cover damage in lawsuit

  

    Bloomberg Canadian Imperial Bank of Commerce (CIBC) plans to set aside C$850 million ($628 million) to cover damages in a lawsuit with Cerberus Capital Management LP that it’s still fighting. The after-tax provision will reduce the bank’s Common Equity Tier 1 capital ratio by about 30 basis points, the Toronto-based bank said. CIBC reiterated that it plans to appeal ...

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• 5 January

  BMO takes top spot for Canadian IPOs in 2022

    Bloomberg Bank of Montreal’s (BMO) capital-markets unit was the top arranger of initial public offerings (IPOs) in Canada in 2022, eking out two significant deals in a year when plunging equity prices all but froze the market for companies seeking to sell shares for the first time. Canadian companies undertook 112 IPOs with a total value of C$1.82 billion ...

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• 5 January

  Foreigners cash out of Southeast Asia stocks after strong year

  

  Bloomberg The strong appetite for Southeast Asia stocks seen over the past year is starting to ebb as the reopening of China draws global funds to cheaper northern markets. An analysis of Asian mutual fund positions in November by HSBC Holdings Plc showed they cut exposure to the biggest overweight markets of Indonesia and Singapore, while increasing allocations to Taiwan ...

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• 5 January

  US futures tick higher before data; oil climbs

  

    Bloomberg US equity futures edged higher and European shares were steady as investors awaited data on the labor market after cautious commentary from the Federal Reserve’s last meeting. Oil snapped a two-day drop. Contracts on the S&P 500 rise 0.2% and those on the tech-heavy Nasdaq 100 were up 0.3%, as Amazon.com Inc rose in premarket trading after saying ...

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• 5 January

  dnata breaks ground on $14m cargo warehouse in Erbil, Iraq

  

    Dubai / WAM dnata, a leading global air and travel services provider, has broken ground on its new, 20,000 m2 cargo warehouse which will add significant expansion to its operations at Erbil International Airport (EBL). The facility represents an investment of $14 million and will create up to 50 additional, direct jobs with dnata in Iraq. The foundation stone ...

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• 5 January

  UAE President, Pakistan’s PM discuss developing relations

    Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan received a phone call from Muhammad Shehbaz Sharif, Prime Minister of the friendly Islamic Republic of Pakistan. During the call, the two leaders reiterated their mutual commitment to further develop bilateral ties between Pakistan and the UAE and reviewed a number of regional and international issues ...

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• 5 January

  Pakistan’s trade with UAE to surpass $10.6bn in 2023

  

  Abu Dhabi / WAM The bilateral trade between Pakistan and the United Arab Emirates is expected to grow double from the $10.6 billion volume achieved in 2021-2022, Pakistan’s top diplomat in the UAE said. The last calendar year recorded a $10.6 billion in trade “the highest volume Pakistan had in the Middle East and North Africa (Mena) region,” he added. ...

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• 5 January

  ‘Dubai Chamber’ launches solar & renewable energy business group

  

  Dubai / WAM Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, launched the Solar & Renewable Energy Business Group, to drive the uptake of renewable energy amongst businesses and the private sector in Dubai. “As the world shifts to renewable energy and a decarbonised economy, the establishment of the Solar & Renewable Energy Business Group ...

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• 5 January

  NBF launches CVVkey to tackle online card fraud

    Fujairah / Gulf Time In a nationwide first, National Bank of Fujairah (NBF) on Wednesday announced the introduction of CVVkey, a proven solution to online card fraud that can be used across all credit and debit cards issued by the bank. CVVkey will be a key element in NBF’s efforts to improve cybersecurity across its operations and protect its ...

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