November, 2022

• 5 November

  UAE imposes AED2.25m in fines on three firms

  

  Abu Dhabi / WAM The Ministry of Economy imposed AED2.25 million worth of administrative sanctions on three companies, two of them working in the gold and gemstones sector and one in the real estate sector. The move is part of the ministry’s efforts to strengthen the compliance of the business sector and non-designated financial professions (DNFBP) in the country with ...

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• 5 November

  Wizz Air Abu Dhabi to start flights to Tashkent

  

  Abu Dhabi / WAM Wizz Air Abu Dhabi has announced the launch of its latest route to Uzbekistan’s capital Tashkent. This step reaffirms the airline’s commitment to provide travellers with the opportunity to explore numerous experiences across many destinations within its network. The flight to Tashkent will commence in January 2023 and will operate on Monday, Wednesday and Friday. Michael ...

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• 5 November

  EGA receives platinum UAE Innovation Award

  

  Dubai / WAM Emirates Global Aluminium (EGA) has won a platinum UAE Innovation Award from Dubai Quality Group for the company’s success in creating a global competitive advantage through innovation and continuous improvement. Abdulnasser bin Kalban, Chief Executive Officer of EGA, said, “We are honoured to be recognised at the UAE Innovation Awards. Innovation and continuous improvement have been at ...

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• 5 November

  Sheikh Zayed Festival to open in Al Wathba on November 18

  

  Abu Dhabi / WAM Under the auspices of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the guidance of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court, Sheikh Zayed Festival 2022-2023 will be launched on November 18 at Al Wathba, Abu Dhabi. The Higher Organising Committee of the Sheikh Zayed ...

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• 5 November

  Czechs stick to stable rates mantra as longer recession looms

  

  The Czech central bank confirmed a preference for keeping borrowing costs stable, defying its new forecast that called for significant monetary tightening. Policy makers left the benchmark rate at 7%, keeping it unchanged for a third meeting after the bank’s new leadership halted a year of rapid hikes. Officials also reaffirmed their intervention policy of preventing excessive koruna swings, which ...

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• 5 November

  RBI starts pilot program of its digital currency

  

  India’s central bank started a pilot program of its digital currency, allowing select banks to use it for settling secondary-market transactions in government securities. Several lots of bonds were traded, with data from Clearing Corp of India showing 7.38% 2027 debt and 7.26% 2032 bonds were among the first to change hands using new form of currency. Nine banks are ...

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• 5 November

  ING plans $1.47bn buyback as one-off charges hit profit

  

  ING Groep NV said it will buy back as much as €1.5 billion ($1.47 billion) of shares to reward investors, after a mixed third quarter in which profit missed estimates following charges at its Polish business and in accounting for hedges. Net income of the bank reached €979 million in the three months through September compared with analysts’ expectations for ...

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• 5 November

  Recession alone won’t tame inflation: Lagarde

  

  European Central Bank (ECB) President Christine Lagarde warned that a “mild recession” is possible but that it wouldn’t be sufficient in itself to stem soaring prices. Speaking a week after the ECB’s second straight 75 basis-point hike in borrowing costs, and as fears mount that the energy crisis will drag down output in the 19-nation euro zone, Lagarde said “we ...

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• 5 November

  PBOC reaffirms pledge to make yuan more flexible

  

  The People’s Bank of China’s (PBOC) Governor Yi Gang reaffirmed a pledge to make the yuan exchange rate more flexible, while vowing to improve the monetary policy. The central bank will keep the yuan basically stable at a reasonable equilibrium level, Yi reiterated in a meeting held to study the Communist Party’s twice-a-decade congress, according to a statement published by ...

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• 5 November

  To buy or rent, that is too big a question

  

  Brooke Sample Remember when New Yorkers began fleeing the city at the beginning of the pandemic, escaping to their summer homes in the Hamptons or snapping up houses in the country? Those who dreamed of living in New York suddenly saw an opportunity to make it happen as landlords dropped rents in a desperate effort to fill now-empty units. Unfortunately, ...

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