August, 2022

• 12 August

  Indonesia’s rupiah seen rising to one-year high as funds return

  

  Bloomberg Indonesia’s rupiah will advance to strongest level in almost a year as the country’s trade surplus and attractive yields lure overseas investors to local stocks and bonds, according to TD Securities. The currency will appreciate to 14,057 per dollar in the next three months, matching the high set in October 2021, said Mitul Kotecha, head of emerging-market strategy at ...

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• 12 August

  ABN Amro expects to benefit from higher rates after beating estimates

  

    Bloomberg ABN Amro Bank NV said it expects to see the benefits from higher interest rates in the second half of the year, joining European peers in cheering the end of negative rates. The Dutch lender reported higher-than-expected profit as improvements in its loan book allowed it to release provisions for bad debt. While net interest income continued to ...

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• 12 August

  Australia’s CBA sees 11% jump in profit

    Bloomberg Commonwealth Bank of Australia (CBA), the country’s largest lender, posted an 11% jump in profit but warned that steeper borrowing costs and inflation were hitting consumer demand. The Sydney-based bank warned of a challenging outlook as the twin economic pressures worsened the cost-of-living burden, when it reported full-year earnings. It posted a cash profit of $6.7 billion for ...

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• 12 August

  Stocks pare rally as risk-on mood after consumer price index cools

  

    Bloomberg Stocks trimmed a rally on Thursday spurred by softer-than-expected US inflation data as investors digested comments from Federal Reserve officials who remained resolute on the need for further interest-rate increases. Europe’s Stoxx 600 Index surrendered an initial advance. US futures pared gains, after the S&P 500 hit a three-month high and the Nasdaq 100 pulled 20% above a ...

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• 12 August

  Swire to buy back $510 million shares, sending stock surging

  

    Bloomberg Swire Pacific Ltd, one of the two remaining British trading houses in Hong Kong, announced plans to buy back up to HK$4 billion ($510 million) of shares, sending the stock surging. The buyback comes as Swire reported a 38% increase in underlying profit to HK$1.7 billion in the six months ended June 30, mostly due to smaller losses ...

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• 11 August

  UAE leaders wish President of Ecuador on Independence Day

    Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a congratulatory message to President Guillermo Lasso of Ecuador on the occasion of his country’s Independence Day, marked annually on August 10. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, also sent ...

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• 11 August

  Adnic reports net profit of AED186.9mn in H1

  

    Abu Dhabi / WAM Abu Dhabi National Insurance Company (Adnic) has reported its financial results for the six-month period ended June 30, recording a net profit of AED186.9 million. Commenting on Adnic’s performance, Sheikh Mohamed bin Saif Al-Nahyan, Chairman of Adnic, said, “Adnic continued to deliver steady performance in the face of challenging global economic conditions. As we move ...

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• 11 August

  UAE, UK back emergency services project in Senegal

  

    DUBAI / WAM Etihad Credit Insurance (ECI), the UAE Federal export credit company, and UK Export Finance (UKEF) announced that they have jointly supported a major project in the Republic of Senegal to strengthen its national emergency response infrastructure. This national emergency response project, called the Redco Project Senegal, will see the supply and building up of emergency services ...

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• 11 August

  Etihad Airways to double daily flights to Manila

    ABU DHABI / WAM Etihad Airways is set to strengthen air connectivity between the UAE and the Philippines this winter with an additional daily service to Manila. A second daily flight will be established on October 30, providing guests with a total 14 flights per week between Abu Dhabi and the Filipino capital. Both daily frequencies will be operated ...

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• 11 August

  Sheikh Hamdan directs urgent aid for flood-hit victims in Balochistan

  

    Abu Dhabi / WAM His Highness Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region and Chairman of the Emirates Red Crescent (ERC), has directed providing urgent humanitarian aid and support to those affected by floods in Balochistan province of Pakistan. The ERC began the implementation of the first phase of the relief programme immediately to ...

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