October, 2022

• 28 October

  Xi Jinping says China can work with US before Biden meeting

  

  Chinese President Xi Jinping said his nation is willing to work with the US to find ways to cooperate, comments that come before a potential meeting with President Joe Biden at a Group of 20 summit next month. Better communication between the two nations would bolster global peace and development, Xi said in a letter to the National Committee on ...

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• 28 October

  US may use nuclear weapons against non-nuclear threats, says Pentagon

  

  Citing burgeoning threats from Russia and China, the Pentagon’s new National Defense Strategy rejects limits on using nuclear weapons long championed by arms control advocates and, in the past, by President Joe Biden. “By the 2030s the United States will, for the first time in its history face two major nuclear powers as strategic competitors and potential adversaries,” the Defense ...

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• 28 October

  Credit Suisse posts $4 billion loss ahead of crucial revamp

  

  Credit Suisse Group AG reported its fourth straight loss as its investment bank continued to struggle, wealthy clients fled and the lender booked a charge related to a critical overhaul that’s been in the making for months. The net loss of 4.03 billion Swiss francs ($4.08 billion) in the three months through September included a 3.7 billion-franc impairment of deferred ...

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• 28 October

  JPMorgan recruits more staff for Asia Pacific units

  

  JPMorgan Chase & Co. is building out teams that handle card transactions and other payments for businesses by recruiting staff across key Asian markets amid the boom in digital commerce. The New York-based lender has begun providing services within its merchant-acquiring unit in Australia, India, Japan, Singapore, South Korea and New Zealand this year, with Hong Kong planned by the ...

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• 27 October

  ECB weighs options to limit banks’ gains from crisis loans

  

  The European Central Bank (ECB) is searching for ways to stop lenders from profiting unduly as it raises interest rates to combat record inflation. The issue concerns about €2.1 trillion ($2 trillion) of ultra-cheap loans, known as TLTROs, that were granted at the height of the pandemic to keep credit flowing and stave off deflation. While the initiative was successful, ...

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• 27 October

  Meta’s spiralling rout puts it on brink of losing top 20 status

  

  Meta Platforms Inc shareholders are paying dearly for its spending on the metaverse: The Facebook parent’s market value has collapsed by a whopping $520 billion in the past year, and now it’s on the brink of getting booted from the ranks of the 20 largest US companies. The punishment shows no signs of easing anytime soon. Meta’s stock is down ...

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• 27 October

  Tech leads gains as China stocks in Hong Kong extend rebound

  

  Chinese stocks in Hong Kong extended their recovery from a rout earlier this week, as investors focused on a slew of earnings and awaited further policy guidance following the Party congress. The Hang Seng China Enterprises Index, a gauge of Chinese equities trading in Hong Kong, climbed 0.5%. The third day of advance helped pare losses from a historic 7.3% ...

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• 27 October

  EU, GCC discuss energy efficiency in construction

  

  Abu Dhabi / WAM The European Union (EU) organised a webinar titled “EU-GCC Webinar on Energy Efficiency in the Building Sector: A Key Driver for Net-Decarbonisation”. Held in the context of the EU Climate Diplomacy Weeks 2022 and ahead of COP27, the webinar brought together around 100 European and Gulf policymakers, representatives of the private sector, including industrial and building ...

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• 27 October

  UAE-Kazakhstan trade exchange amounts to $907 million in 2021

  

  Abu Dhabi / WAM   Madyar Menelikov, ambassador of Kazakhstan to the UAE, said that the UAE is one of Kazakhstan’s main trading partners in the Middle East, and the volume of trade exchange between the two countries during the past year amounted to $907 million. The announcement came during a ceremony on the occasion of Kazakhstan National Day. During the ...

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• 27 October

  Tecom reports 51% rise in nine-month net profit

  

  Dubai  / WAM    Tecom group PJSC  the creator of specialised business districts and vibrant communities, on Wednesday announced its financial results for the third quarter of 2022 and first nine months ending September 30. The group’s revenue stood at AED490 million, increasing 12.48% year-on-year (y-o-y) driven by rising occupancy levels across the portfolio, especially office, warehouse, and worker accommodation. Ebitda ...

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