May, 2022

• 24 May

  Navalny loses appeal over new prison term

  

  Bloomberg Russian opposition leader Alexey Navalny lost his appeal against a new 9-year prison sentence and will be transferred to a high-security prison in a move that his supporters say is aimed at isolating President Vladimir Putin’s top critic even further. Navalny, 45, who was already serving a 2 1/2 year-sentence that the European Court of Human Rights called politically ...

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• 24 May

  Turkey set to meet with Sweden, Finland on Nato

    Bloomberg Swedish and Finnish officials are expected to travel to Ankara on Wednesday to try to overcome Turkey’s objections to the two nations’ bids to join Nato. Sweden’s state secretary, Oscar Stenstrom, and his Finnish counterpart Jukka Salovaara, will meet with Turkey’s chief presidential aide, Ibrahim Kalin, according to a statement from the Turkish foreign ministry. The formal acceptance ...

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• 24 May

  Climate change comments don’t reflect bank’s views: HSBC chief

  

    Bloomberg HSBC Holdings Plc Chief Executive Officer Noel Quinn said an executive’s remarks playing down the risk of climate change are “inconsistent” with the bank’s strategy and don’t reflect views of senior management. “Our ambition is to be the leading bank supporting the global economy in the transition to net zero,” he said in a post on LinkedIn. “I ...

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• 24 May

  Indonesia’s central bank lifts reserve requirement ratio

  

    Bloomberg Indonesia’s central bank tightened reserve requirements for lenders, while keeping its benchmark interest rate unchanged, as it seeks to withdraw excess liquidity without hurting economy’s recovery from the pandemic. Bank Indonesia plans to raise the reserve requirement ratio for banks to 9% in September from previously announced 6.5%, Governor Perry Warjiyo said in a briefing on Tuesday. It ...

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• 24 May

  PBOC, regulator urge lenders to boost lending

  

    Bloomberg China’s central bank and banking regulator urged lenders to boost loans as the economy is battered by Covid outbreaks that have threatened growth this year. People’s Bank of China (PBOC) Governor Yi Gang and other officials met with 24 major financial institutions to discuss credit conditions and work, the central bank said in a statement on Tuesday. The ...

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• 24 May

  Stocks, futures decline as tech slides; euro advances

  

    Bloomberg Stocks declined on Tuesday after a profit warning from Snap Inc weighed on technology shares and fuelled concerns about risks to economic growth. Tech shares were among the worst performers in Europe’s Stoxx 600, while Nasdaq 100 futures tumbled more than 2% and Chinese tech stocks by more than 4%. S&P 500 futures fall, just as the benchmark ...

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• 24 May

  Goldman strategist says stocks will bottom once Fed signals shift

  

  Bloomberg The selloff in equities will reach a bottom once the Federal Reserve signals the end of tightening, which may not happen until recession is apparent, according to Goldman Sachs Group Inc. “It may be necessary for the market to become more confident than it is that financial conditions tightening has been sufficient and that the Fed has delivered and ...

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• 24 May

  Ministers, officials highlight UAE’s Vision at WEF meeting

    DUBAI / WAM A UAE high-level delegation, encompassing UAE ministers, government officials and private sector leaders, is attending the World Economic Forum (WEF) annual meeting in Davos, taking place until May 26, to share the UAE’s vision and future directions in vital sectors and draw the features of agile partnerships in line with the new global changes. The meeting ...

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• 24 May

  ADFD, Mauritius explore prospects for cooperation

  

    Abu Dhabi / WAM Khalifa Al Qabisi, Deputy Director-General of ADFD, hosted Shaukat Ali Soudhan, Ambassador of Mauritius, at the fund’s headquarters in Abu Dhabi, where the parties explored expansion of cooperation that would bolster crucial sectors in Mauritius. Al Qabisi said that the meeting was part of periodic interactions that are held to discuss cooperation over mutual interests ...

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• 24 May

  EGA, GE to upgrade gas turbines in Al Taweelah, cut greenhouse gases

  

    ABU DHABI / WAM Emirates Global Aluminium (EGA), the largest industrial company in the UAE outside oil and gas, and GE Gas Power signed an agreement to upgrade four existing GE 9F gas turbines at EGA’s Al Taweelah power plant, reduce greenhouse gas emissions intensity, and contribute to the UAE’s Net Zero by 2050 Strategic Initiative. GE’s Advanced Gas ...

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