September, 2022

• 10 September

  Vietnam sets dong fixing at record low

    Bloomberg Vietnam set its reference rate for the dong at a record low, setting the stage for more weakness in the country’s currency The State Bank of Vietnam set the currency fixing at 23,281 dong per dollar, the weakest since at least 2005, according to data compiled by Bloomberg. That’s after the dong fell to the lowest in more ...

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• 10 September

  UBS abandons $1.4bn deal for robo-adviser Wealthfront

  

  Bloomberg UBS Group AG has abandoned its plan to acquire US robo-adviser Wealthfront, unwinding what would have been the Swiss bank’s first major acquisition under Chief Executive Officer Ralph Hamers. The companies together decided to terminate their January merger agreement, valued at $1.4 billion, according to statements from both of them that didn’t specify a reason. UBS will purchase a ...

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• 10 September

  Wall Street’s commodity traders on track to break profit records

  

    Bloomberg The world’s biggest banks are on track to make a killing in commodities this year, surpassing the record sums they made in the financial crisis. The 100 biggest banks by revenue are set to make $18 billion from commodities trading in 2022, according to data and estimates from Vali Analytics in London. That would be the highest in ...

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• 10 September

  BofA says ‘appalling’ mood fuels $11bn US stocks exodus

  

    Bloomberg Investors are rushing out of US equities as the likelihood of an economic downturn increases amid a myriad of risks, according to Bank of America Corp (BofA) strategists. The nation’s stock funds had outflows of $10.9 billion in the week to September 7, according to EPFR Global data cited by the bank. The biggest exodus in 11 weeks ...

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• 10 September

  Stocks, US equity futures gain as dollar slides

  Bloomberg Stocks and US equity futures advanced on Friday as investors assessed whether monetary tightening to tackle inflation in the US and Europe is getting closer to being priced in. A gauge of dollar strength dropped the most in a month. Europe’s Stoxx 600 Index jumped as miners rallied on optimism over Chinese demand. Gains in S&P 500 and Nasdaq ...

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• 9 September

  Dubai real estate deals surge to record AED24.3b in August

  

    Dubai / WAM The real estate market in Dubai recorded 9,720 total sales worth AED24.3 billion in August, the highest performing month in terms of sales transactions volume and value in 12 years, according to Property Finder, the leading Menat’s proptech company. Comparing period-over-period growth, August witnessed a monthly growth rate in volume of around 37.1 percent and 69.6 ...

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• 9 September

  Queen Elizabeth II, Britain’s longest-reigning monarch, dies

  BALMORAL / WAM Queen Elizabeth, Britain’s longest-reigning monarch and the nation’s figurehead for seven decades, has died aged 96, Buckingham Palace said on Thursday, Reuters reported. With her death, her eldest son Charles, the former Prince of Wales, will lead the country in mourning as the new King and head of state for 14 Commonwealth realms.

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• 9 September

  ADFD financed projects worth AED156.9b by ’21

  

    ABU DHABI / WAM Abu Dhabi Fund for Development (ADFD) continued its support and investment activities across developing economies in 2021, despite the challenges posed by Covid-19. The fund stepped up its efforts to strengthen the local private sector and promote exports as part of its priority to bolster the national economy. ADFD’s annual report for 2021 highlights its ...

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• 9 September

  Safeen Feeders joins French firm to launch new service for Southeast Asia

  

    Abu Dhabi / WAM AD Ports group’s Safeen Feeders will collaborate with shipping leader CMA CGM group, a global player in sea, land, air and logistics solutions, in launching a new Southeast Asia service linking Singapore, Colombo and Chennai. The company’s ‘Safeen Pioneer,’ which has a container capacity of 2,034 TEUs, will join CMA CGM group’s ‘Songa Tiger’ on ...

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• 9 September

  Sharjah reports AED2b in realty deals in August

  

    Sharjah / WAM The emirate of Sharjah completed real estate transactions totalling AED 2 billion during August, according to the monthly report published by Sharjah Real Estate Registration Department (SRERD). The total number of transactions executed by the (SRERD) during the past month amounted to 2,409, with 747 sales transactions representing 31% of total transactions. Mortgage transactions amounted to ...

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