June, 2022

• 11 June

  UK’s biggest lenders are no longer too big to fail, says BOE

  

    Bloomberg The Bank of England (BOE) has concluded that emergency planning at the UK’s biggest banks means none should require a public bailout in event of a crisis. The central bank’s long-awaited response to the self-assessments of eight lenders, including HSBC Holdings Plc and Barclays Plc, found that their internal systems should avert the kind of state intervention needed ...

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• 11 June

  BOJ to stand pat unless yen breaches 140: Economists

  

  Bloomberg The Bank of Japan (BOJ) is expected to hold firm next week with expectations of policy adjustments this year weakening among economists unless the yen breaches the 140 mark against the dollar. All but one of 45 analysts said the bank will leave its yield curve control program and asset purchases untouched at the conclusion of a two-day meeting ...

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• 11 June

  Peru lifts key rate half-point to 5.5 percent

    Bloomberg Peru raised borrowing costs for an 11th straight month with a half percentage point interest rate hike to curb the fastest inflation in a quarter century, which triggered rioting in the recent months. The central bank increased its policy rate to 5.5% from 5%, in line with forecasts. The new rate is the highest since 2009. Central banks ...

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• 11 June

  Euro traders signal skepticism over ECB’s rate-hike plans

  

    Bloomberg Even the prospect of an historic rate hike isn’t enough to bolster the euro, which is feeling the weight of risks from the region’s uneven economic recovery and the war in Ukraine. The common currency shrugged off the European Central Bank’s (ECB) most hawkish messaging in more than a decade and its planned reversal from an era of ...

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• 11 June

  Cash, stocks attract billions as investors seek inflation havens

  

  Bloomberg Investors are putting billions of dollars into cash and stock funds as they seek protection from surging inflation. Cash saw the biggest inflows in six weeks at about $54 billion, while exchange-traded funds led additions of about $12 billion into equities in the week through June 8, according to Bank of America Corp (BofA) note, which cited EPFR Global ...

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• 10 June

  China markets spring back into action as Covid lockdowns ease

  

    Bloomberg Financial markets across China are buzzing with activity as easing Covid lockdowns boost trading. Yuan-trading volumes in the onshore market bounced off two-year lows while stock turnover topped the key $149 billion mark for two straight sessions this week. That’s after Shanghai officially reopened following a two-month lockdown and Beijing further loosened Covid-19 curbs, spurring bets of an ...

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• 10 June

  UAE sends humanitarian aid aircraft to South Africa

    Abu Dhabi / WAM The UAE on Thursday sent an aid aircraft carrying 50 metric tonnes of food supplies to Durban city in South Africa to support those affected by floods on the eastern coast, which resulted in significant losses to life and property. This aid comes within the UAE’s efforts to provide relief to other countries. Mahash Saeed ...

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• 10 June

  Global wealth hit record high of $530trn in 2021

  

  Bloomberg Global wealth rises 10.6% last year to reach a record high of $530 trillion in 2021 and is set to continue rising in all regions despite inflationary pressures and Russia’s invasion of Ukraine. Strong equity markets and a surge in demand for real assets such as property and art drove the increase, according to a report by Boston Consulting ...

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• 10 June

  UAE boosts ties with South Korea, advances strategic partnerships

  

    Abu Dhabi / WAM Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Special Envoy for Climate Change, held a series of high-level meetings with government and business leaders in South Korea to strengthen bilateral ties and drive opportunities for low-carbon economic growth. During the two-day official visit, which concluded on Wednesday, Dr. Al Jaber ...

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• 10 June

  UAE prioritises food security in its development plans

  

    Dubai / WAM Dr Tarifa A. Alzaabi, Acting Director General of the International Centre for Biosaline Agriculture (ICBA), said the UAE is prioritising food security in its development plans and aims to utilise the latest technologies to increase production and address related challenges. She then expressed her appreciation for the visit of President His Highness Sheikh Mohamed bin Zayed ...

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