August, 2022

• 31 August

  Banxico debates whether to ‘decouple’ from US Fed

    Bloomberg Mexico’s central bank (Banxico) board is debating how closely to follow US interest rate rises, as members grapple with slowing growth and the fastest inflation in two decades. One of the five board members argued that Mexico’s interest rate increase had to match that of the US Federal Reserve to preserve the spread between rates in the two ...

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• 31 August

  Global bond index falls towards bear market on Powell pushback

  

    Bloomberg Bonds are sliding toward the first bear market in a generation, burning investors who erred in bets that central banks would pivot away from rapid interest-rate hikes. The Bloomberg Global Aggregate Index, which tracks total returns from investment-grade government and corporate bonds, is within a percentage point of falling 20% from its peak after another bout of selling ...

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• 31 August

  Credit Suisse cuts global equities call, warns of more pain ahead

  

    Bloomberg Credit Suisse Group AG recommended investors to go underweight global equities following the Jackson Hole symposium, where central bankers doubled down on their bid to tame inflation through higher interest rates. The argument for an early dovish pivot by the Federal Reserve and other major central banks is now “clearly out of the window,” Michael Strobaek, global chief ...

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• 30 August

  Ambani’s Reliance to spend $25bn on 5G across India

  

  Bloomberg Reliance Industries Ltd will invest 2 trillion rupees ($25 billion) to roll out its 5G services across India, its billionaire-chairman Mukesh Ambani said as he continues to expand and diversify his $220 billion empire. Reliance Jio Infocomm Ltd., the telecom unit of the retail-to-refining conglomerate will deploy a “standalone 5G” version that doesn’t depend on the earlier 4G network ...

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• 30 August

  UAE sends humanitarian aid to flood victims in Pakistan

    Abu Dhabi / WAM The Ministry of Defence – represented by the Joint Operations Command – has begun operating an air bridge to transport humanitarian aid provided by the UAE to Pakistan. The relief aid includes shelter materials, humanitarian needs, food and medical parcels for those affected by torrential rains and floods, with the aim of contributing to supporting ...

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• 30 August

  Emirati women invested AED34.6b at ADX in ’22

  

    Abu Dhabi / WAM Emirati women have invested AED34.6 billion at the Abu Dhabi bourse since the beginning of the year until mid-August, figures by the Abu Dhabi Securities Exchange (ADX) have revealed. This represents a 74.7 percent growth over the corresponding period last year, when their trading value was around AED19.8 bn, ADX said in a statement marking ...

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• 30 August

  Deal signed to support prosperity of ADGM’s international community

  

    Abu Dhabi / WAM Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, and the Abu Dhabi Residents Office (ADRO), a sector of the Department of Economic Development – Abu Dhabi, have signed a partnership agreement to support the prosperity of ADGM’s international community, ensuring the seamless integration and continued stability of the diverse cultures in ...

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• 30 August

  China’s grid giant sets up office in DIFC

    Dubai / WAM State Grid Corporation of China (SGCC), the largest utility company in the world, has expanded its presence in the region by setting up in Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (Measa) region. This is the first office the Chinese state-owned electric utility corporation has ...

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• 30 August

  Emirati women are icons of national achievements, says Sheikha Fatima

  

    Abu Dhabi / WAM HH Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union (GWU), Chairwoman of the Supreme Council for Motherhood and Childhood, Supreme Chairwoman of the Family Development Foundation (FDF), has stressed that women are the cornerstone of the country’s process of building and empowerment, and are the icons of its national achievements. In her exclusive ...

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• 30 August

  EDB to approve AED5mn loans to SMEs, startups within five days

  

    Abu Dhabi / Gulf Time Emirates Development Bank (EDB), the key financial engine of the UAE’s economic diversification and industrial transformation agenda, has announced a new lending feature that allows SMEs and startups to apply for loans of up to AED5 million directly through its digital banking app and receive approval or feedback within five days. The service, in ...

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