August, 2022

• 25 August

  China plans $29bn in special loans to troubled developers

  

    Bloomberg China will offer 200 billion yuan ($29.3 billion) in special loans to ensure stalled housing projects are delivered to buyers, people familiar with the matter said, ramping up financing support for its beleaguered property sector. The previously unreported size of the lending program, which was announced with scant details by China’s housing ministry, finance ministry and the central ...

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• 25 August

  Euro’s decline below dollar parity brings little cheer to business

  

    Bloomberg Euro-area businesses spent years wishing for a weaker euro. Now it’s here and it couldn’t have come at a worse time. The currency has slid more than 12% against the dollar this year, taking it below parity for the first time in two decades. That decline is boosting import costs, compounding a damaging surge in energy prices and ...

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• 25 August

  Big banks are wary of hasty bets on LatAm rate cuts

  

    Bloomberg As many investors pivot to strategies that profit from a drop in interest rates in Latin America, some big banks are warning that it’s too early to declare victory over inflation. Bank of America Corp (BofA) said rates in the region may stay high for longer than markets are expecting, and it’s worth holding onto positions that benefit ...

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• 25 August

  MUFG inches closer to buy two home credit lending units in Asia

  

  Bloomberg Mitsubishi UFJ Financial Group Inc. is in advanced talks to acquire consumer lender Home Credit’s assets in Indonesia and the Philippines, according to people familiar with the matter. MUFG, as Japan’s biggest lender is known, has emerged as the likeliest buyer for the businesses after outbidding other rivals, the people said, asking not to be identified because the matter ...

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• 25 August

  Four-day week is ‘future of working life’, says Atom Bank

    Bloomberg Six months after switching to a four-day working week, the UK’s Atom Bank said it has seen benefits from talent retention to improved productivity. There was a 49% increase in job applications at the bank in January 2022 compared to a year ago, while staff retention rates have also risen, according to a press release on Wednesday. Days ...

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• 24 August

  US futures waver amid Federal Reserve policy, growth risks

  

    Bloomberg US index futures struggled for direction as investors digested the latest hawkish noises from the Federal Reserve amid mounting signs of a global economic slowdown. Futures on the S&P 500 and Nasdaq 100 fluctuated between modest gains and losses, with markets on edge ahead of the Jackson Hole central bankers’ retreat later this week. The 10-year Treasury yield ...

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• 24 August

  Hedge funds ramp up bets on megacap US tech stocks: Goldman

  

    Bloomberg Hedge funds ramped up bets on megacap US tech stocks and whittled down overall holdings to focus on favored names last quarter, with conviction climbing back to levels seen at the start of the pandemic, according to Goldman Sachs Group Inc. The funds boosted tech and consumer discretionary holdings, while cutting energy and materials wagers, strategists including Ben ...

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• 24 August

  EGA posts record AED5.9bn net profit in first half of 2022

  

    Abu Dhabi / WAM Emirates Global Aluminium (EGA) on Tuesday reported its best ever half-year earnings as strong operational performance throughout the value chain enabled the company to capitalise on favourable market conditions. EGA’s net profit for the first half of 2022 exceeded net profit for the entirety of 2021, itself a record year for the company. The company’s ...

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• 24 August

  UAE condoles Turkish President over victims of traffic accidents

    Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a cable of condolences to the President of Türkiye, Recep Tayyip ErdoÄŸan, over the victims of the traffic accidents in eastern Türkiye’s Mardin and Gaziantep and resulted in a number of deaths and injuries, wishing quick recovery for all the injured. His Highness Sheikh ...

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• 24 August

  Spanish exports to UAE set to grow 8% this year

  

    Abu Dhabi / WAM The Spain-UAE bilateral trade is bouncing back to pre-pandemic levels with Spanish exports to the UAE is projected to grow eight percent this year, a top Spanish diplomat told the Emirates News Agency (WAM). “Forecasts on bilateral trade are very promising. We expect an exports growth (from Spain) this year of more than 8 percent ...

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