October, 2022

• 6 October

  North Korea test-fires missile after criticising US aircraft carrier move

    Bloomberg North Korea fired two suspected short-range ballistic missiles toward waters where a US aircraft carrier had been deployed, ratcheting up tensions in the region. The missile launches off North Korea’s east coast Thursday added to one of its biggest barrage of tests under leader Kim Jong Un, including its first launch of a rocket over Japan in five ...

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• 6 October

  Czech banks face 60% windfall tax to fund state energy subsidies

  

    Bloomberg The Czech Finance Ministry told the country’s largest banks it plans to impose a windfall tax on them to fund energy subsidies, according to a summary of the meeting. The government would apply a tax rate of 60% on lenders’ extraordinary profit, seeking to raise about 25 billion koruna ($1 billion) a year, according to a note summarising ...

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• 6 October

  New Zealand’s central bank poised for fifth half-point rate hike

  

    Bloomberg New Zealand’s central bank is poised to raise interest rates by half a percentage point for a fifth straight time, and some economists are tipping it will need to keep tightening well into next year as an aggressive Federal Reserve weakens the kiwi dollar. The Reserve Bank will lift the Official Cash Rate to 3.5% from 3% in ...

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• 6 October

  CIBC shuffles leadership in US division, investment banking

  

    Bloomberg Canadian Imperial Bank of Commerce (CIBC) named Chief Risk Officer Shawn Beber as the new head of its US division and tapped Susan Rimmer to lead the company’s global corporate and investment banking franchise. Current US chief Mike Capatides will take over as the bank’s vice chair in the country when the changes become effective on November 1, ...

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• 6 October

  Philippine to curb market disruption

    Bloomberg The Philippine central bank said it is taking steps to “manage any disruption” in the financial market, as it asked people not to take undue advantage of developments. “We ask those who have the means not to take undue advantage of changing market conditions,” Bangko Sentral ng Pilipinas said in an emailed statement. “This does not help the ...

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• 6 October

  ‘Uninvestable’ UK market lost $340bn in Truss’s first month

  

  Bloomberg A wild first month for Liz Truss’s government has seen at least £300 billion ($340 billion) wiped from the combined value of the nation’s stock and bond markets. While assets globally have been roiled by central bank efforts to tame surging inflation, confidence in the UK has been shaken. The September selloff on concerns about the Truss government’s tax ...

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• 6 October

  Citi strategists favour technology, US stocks as recession looms

  

  Bloomberg With the global economy likely to slow down next year, tech stocks and US equities are looking more attractive, according to Citigroup Inc. strategists. Strategists led by Robert Buckland expect 18% returns for global stocks by the end of 2023 but warn “it will likely be a volatile ride.” Growth strategies will be back in play as investor focus ...

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• 6 October

  Burjeel raises AED1.1bn from oversubscribed IPO

  

    Abu Dhabi / WAM Burjeel Holdings has announced the successful completion of the bookbuild and public subscription process for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). The price for the offering has been set at AED2.00 per ordinary share (the final offer price), and the offering size confirmed at 550,729,221 ordinary shares (offer shares), ...

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• 6 October

  UAE continues to bolster domestic labour rights

    Abu Dhabi / WAM The UAE is continuing to establish legal rights frameworks to keep pace with its social values, such as tolerance and coexistence. Under this framework, Decree Federal Law No.9 for 2022 was issued to strengthen domestic labour rights. The decree law covers all aspects of domestic labour law and guarantees the rights of all parties in ...

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• 6 October

  UAE, New Zealand discuss ways to boost defence ties

  

  Abu Dhabi / WAM Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs, received on Wednesday New Zealand Defence Minister Peeni Henare and his accompanying delegation. Mattar Salem Ali Al Dhaheri, Under-Secretary of the Ministry of Defence, and a number of senior military officers, were also present. Al Bowardi welcomed the visit of the New Zealand minister of ...

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