November, 2022

• 24 November

  ICBC leads state banks to offer $129 billion to China builders

  

    Bloomberg China’s mega banks, led by Industrial & Commercial Bank of China Ltd., (ICBC) pledged financing support of at least 925 billion yuan ($129 billion) to property developers as part of a push to ease turmoil in the nation’s real estate market. ICBC, the world’s largest bank by assets, on Thursday said it would provide 655 billion yuan in ...

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• 24 November

  Credit Suisse clients flee to UBS in Asia as rich weigh options

  

    Bloomberg UBS Group AG has seen significant inflows into its Asia Pacific wealth management over the past three months from clients fleeing Credit Suisse Group AG, as its smaller Swiss rival struggles with a crisis of confidence. Hundreds of wealthy customers have sought to place their funds with UBS in the key growth region, and the bank is planning ...

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• 24 November

  Bank of Korea’s governor raises prospect of hike cycle nearing end

  

  Bloomberg Bank of Korea (BOK) Governor Rhee Chang-yong signalled the end may be near for the country’s unprecedented streak of policy tightening to curb inflation, returning to a smaller interest-rate hike as concerns grow over economic growth and credit markets. “I am aware that the pain among economic players is deepening as rates rise and the economy weakens,” Rhee said ...

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• 24 November

  Printer of King Charles III banknotes slumps by 25%

    Bloomberg The company that’s reprinting Britain’s banknotes following the accession of King Charles III saw its shares tumble 25% after it issued a profit warning. De La Rue Plc slumped after it said full-year adjusted operating profit would miss market expectations, days before a shareholder vote on the future of the money printer’s chairman that comes amid a battle ...

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• 24 November

  Morgan Stanley mulls sale of education firm

    Bloomberg Morgan Stanley Private Equity Asia is considering selling Chinese financial education company Coinage International. The buyout firm could seek a valuation of about $500 million for the education business in a deal. Morgan Stanley PE Asia has received interest from companies in the industry and financial sponsors. Deliberations are preliminary and the private equity firm could decide against ...

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• 24 November

  European stocks boosted by rate-hike outlook; dollar slips

  

    Bloomberg European stocks gained and the dollar fell after Federal Reserve meeting minutes showed support for more moderate interest rate increases. The Stoxx Europe 600 Index extended its recent rally as the real estate sector outperformed, boosted by the prospects of slower rate hikes and analyst upgrades. Dr. Martens Plc shares plunged the most on record after the bootmaker’s ...

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• 24 November

  Malaysia stocks advance most since March 2020

  

    Bloomberg Malaysian stocks surged the most in over two years after veteran opposition leader Anwar Ibrahim was appointed the new prime minister, ending a political impasse that’s weighed on markets this week. The benchmark FTSE Bursa Malaysia KLCI Index rallied 4% at the close. Gaming companies including Genting Malaysia Bhd., Sports Toto Bhd. And Magnum Bhd rise as the ...

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• 24 November

  DoH, Eversight to set up UAE’s first eye and tissue bank in Abu Dhabi

  

  Abu Dhabi / WAM The Department of Health – Abu Dhabi (DoH), the regulator of the healthcare sector in the emirate, and US-based Eversight, one of the leading non-profit eye banks in the world, partnered to establish the UAE’s first Eye and Tissue Bank. The agreement will witness the creation, development and operation of a comprehensive and seamless eye transplantation ...

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• 24 November

  UAE’s SMEs could see $17.1b boost from cloud computing

  

  Abu Dhabi / WAM Hyperscale cloud computing is expected to provide SMEs and start-ups in the UAE with $17.1 billion (AED62.6 billion) worth of economic benefits from 2022 and 2030 — the equivalent of four percent of the country’s 2021 gross domestic product (GDP) — says a new report commissioned by Amazon Web Services (AWS) in partnership with Dubai Chamber ...

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• 24 November

  UAE to scale-up nature-based solutions in Middle East region

    Dubai / WAM During a high-level meeting at COP27 in Sharm El-Sheikh, a collaboration agreement was signed between Mariam bint Mohammed Almheiri, UAE Minister of Climate Change and Environment, Dr Shaikha Salem Al Dhaheri, Secretary-General of the Environment Agency Abu Dhabi (EAD), and Laila Mostafa Abdullatif, Director-General of Emirates Nature-WWF (ENWWF). The collaboration showcases the UAE’s commitment to scaling ...

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