May, 2022

• 20 May

  Chinese banks may cut lending rates, giving relief to economy

  

    Bloomberg Chinese banks may cut their benchmark lending rates for a second time this year, giving consumers and businesses some relief as Covid-19 lockdowns and outbreaks wreak havoc on the economy. The one-year loan prime rate — the de facto benchmark lending rate — will likely be reduced by 5-10 basis points from 3.7% on Friday, according to 11 ...

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• 20 May

  Goldman Sachs report shows bank is losing senior Black women

  

    Bloomberg Goldman Sachs Group Inc. is losing its most powerful Black women, according to new data the firm released in a report on its website. The bank had 19 Black women among its executives and senior officials as of November 2021, the bank said, down from 25 a year earlier, while the 24 Black men in that top rank ...

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• 20 May

  ‘Global banks too slow on post-Brexit staff moves’

  

    Bloomberg Some of the world’s biggest banks haven’t moved enough senior staff into the European Union (EU) after Brexit, the bloc’s top regulator has concluded, an assessment that will likely lead to renewed pressure for more job moves to the EU. An exercise by the European Central Bank (ECB), known as “desk mapping,” found that several of the lenders reviewed ...

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• 20 May

  European stocks drop as selloff in US shares fuels risk-off mood

  

    Bloomberg European stocks extended declines as a sharp selloff in US equities fuelled concerns of an economic slowdown and further dented demand for risk assets. The Stoxx Europe 600 Index was down 2% as of 10:01 am in London after the S&P 500 posted its biggest drop in almost two years. Personal care stocks were the biggest decliners, followed ...

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• 20 May

  Stocks pricing elevated odds of recession, says Goldman strategist

  

    Bloomberg US stock investors are pricing in stronger odds of a recession than are evident from positive macroeconomic indicators, according to Goldman Sachs Group Inc strategists. “A recession is not inevitable,” Goldman strategists led by David Kostin wrote in a note. “Rotations within the US equity market indicate that investors are pricing elevated odds of a downturn compared with ...

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• 19 May

  Adnoc, Borealis to list 10% of chemical JV Borouge on ADX

  

    Abu Dhabi / WAM Abu Dhabi National Oil Company (Adnoc), together with its long-standing partner Borealis AG, on Wednesday announced an intention to float 10 percent of Borouge plc, their petrochemicals joint venture, on the Abu Dhabi Securities Exchange (ADX) through an initial public offering (IPO). The offering is expected to open on May 23, subject to regulatory approvals ...

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• 19 May

  UAE president receives Czech president’s letter

    ABU DHABI / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan received a letter from President MiloÅ¡ Zeman of the Czech Republic regarding the development of relations between the two countries. The letter was delivered to His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, by Jiří Slavík, Ambassador of ...

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• 19 May

  Abu Dhabi, SAP enter deal to accelerate digital shift

  

  Abu Dhabi / WAM The Abu Dhabi Department of Economic Development (Added) signed a memorandum of understanding (MoU) with the leading provider of enterprise business software, SAP. As part of the agreement, the parties will explore collaboration opportunities to enhance industry innovation and digital transformation, develop advanced business models, nurture Emirati talent, and foster local digital competencies, particularly through supporting ...

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• 19 May

  ADX facilitates investors access to growing market opportunities

  

    Abu Dhabi / WAM Abu Dhabi Securities Exchange (ADX) has announced that it is facilitating access to the exchange for investors registered on other UAE financial markets. The ADX initiative applies to investors with investor numbers issued by other exchanges licenced by the Securities and Commodities Authority (SCA). The initiative, which promotes increased participation in the country’s capital markets, ...

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• 19 May

  Adafsa awards AED310m contracts to build 2 farms

  

    Abu Dhabi / WAM The Abu Dhabi Agriculture and Food Safety Authority (Adafsa) signed two Musataha contracts with two local private sector companies to build and operate two farms, one in Al Ain and the other in Abu Dhabi, with a total value of around AED310 million. The first Musataha contract was signed with Emirates Hydroponics Farms to build ...

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