August, 2022

• 23 August

  Pakistan names former deputy as central bank head to aid economy

  

    Bloomberg Pakistan appointed a former central banker to head the monetary authority as the nation contends with one of Asia’s fastest inflation rates and faltering foreign currency reserves. Jameel Ahmad, a former deputy governor will now head the State Bank of Pakistan for a term of five years, according to a statement of the finance ministry. He will replace ...

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• 23 August

  South Korea’s KakaoBank drops to record

    Bloomberg Shares of KakaoBank Corp., a South Korean online-only lender, tumbled 8.2% to a record low after one of its key shareholders raised $320 million in a block trade. Kookmin Bank offered about 14.8 million shares in a club deal, according to terms of the deal obtained by Bloomberg News. The lender sold shares at 28,704 won each, a ...

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• 23 August

  African bank’s unit sees home loans booming in Kenya

  

    Bloomberg Stanbic Bank Kenya Ltd., a unit of Africa’s biggest lender by assets, forecasts its mortgage business in the nation to surge as the economy recovers from the pandemic and the end of presidential elections brings political stability. The unit of South Africa’s Standard Bank group Ltd says it’s Kenya’s second-largest mortgage lender and demand for the product is ...

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• 23 August

  ING beats estimates

    Bloomberg ING Groep NV reported second-quarter profit that beat analyst estimates after freeing up provisions for its shrinking business in Russia. Net income of 1.18 billion euros ($1.2 billion) in the three months through June compared with expectations for profit of 1.07 billion euros. , according to a statement by the Dutch lender on Thursday. Loan loss provisions of ...

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• 23 August

  US futures, stocks decline as Fed outlook takes toll

  

    Bloomberg Stocks in Europe retreated on Monday along with US equity futures as the Federal Reserve’s commitment to tighter monetary settings and worries about the effect on economic growth weigh on investor sentiment. Futures on the S&P 500 and Nasdaq 100 fall more than 1% each. The 10-year Treasury yield was little changed while two-year yields rise about five ...

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• 23 August

  Indian stocks’ fastest rebound since 2003 invites skepticism

  

  Bloomberg The fastest rebound in Indian stocks in nearly two decades has some investors wondering whether the foreign-buying powered momentum can continue amid global volatility. The NSE Nifty 50 Index has surged more than 14% from a mid-June low as overseas investors turned buyers after months of withdrawals. That drove the benchmark from levels described by traders as oversold to ...

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• 22 August

  Oil closes week lower amid global slowdown worries

  

    Bloomberg Oil falls for the week as lingering concerns over a global economic slowdown overshadowed signs of improving US demand. West Texas Intermediate futures edged higher in a choppy session but not enough to erase steep losses earlier in the week. Traders reported some pre-weekend liquidation with uncertainty around Iran’s supplies as the European Union (EU) and the US ...

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• 22 August

  UAE ambassador to Iran to resume duties within days

    Abu Dhabi / WAM In line with UAE efforts to strengthen relations with the Islamic Republic of Iran, and as part of a previous decision to increase diplomatic representation to the rank of ambassador, and the recent phone call in this regard, held in July 26, between HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and ...

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• 22 August

  UAE investments in Egypt rise by 169% in 6 months

  

    Abu Dhabi / WAM The data of the Egyptian Central Agency for Public Mobilisation and Statistics (Capmas) revealed that value of Emirati investments in Egypt increased to AED6.98 billion during the first half of the 2021-2022 fiscal year, compared to AED2.617 billion during the same period of the fiscal year 2020-2021, an increase of 169.1 percent. In a statement ...

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• 22 August

  WGES to encourage investment partnerships in green projects

  

    Dubai / WAM The 8th World Green Economy Summit (WGES), to be held in Dubai, will focus on developing investment partnerships in green projects and financing. It will promote investment and employment opportunities provided by the green economy. During the summit, several local and global high-profile participants, including heads of states and governments, as well as prominent global speakers, ...

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