May, 2022

• 10 May

  Johnson shies away from escalating Brexit row

  

  Bloomberg The UK’s desire to rewrite the Northern Ireland protocol was absent in detail from the Queen’s Speech, amid reports that domestic legislation is being prepared to override large chunks of the Brexit deal. While the UK repeated its warning that it will take necessary steps to address problems caused by the protocol, no named bill or signal of future ...

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• 10 May

  Falling deposit rates in China may help banks cut loan costs

  

  Bloomberg China’s central bank repeated a pledge to proactively address mounting economic pressure and also highlighted a drop in deposit rates, a decline that could spur banks to lower the cost of borrowing for the first time in months. The People’s Bank of China (PBOC) reaffirmed it will focus on supporting small businesses, sectors and groups hit by Covid-19 outbreaks, ...

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• 10 May

  Dollar rally spurs Asia into action to curb currency losses

  

    Bloomberg The dollar’s relentless advance to a two-year high is roiling Asian currencies and pushing policymakers into action to curb losses. From direct dollar selling to verbal intervention, authorities are deploying every tool from their armouries to ward off currency threats. India and Taiwan have intervened in the market, while Japan has tried to talk up the yen. China ...

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• 10 May

  Goldman relocates Morse as co-head for China business

  

    Bloomberg Goldman Sachs Group Inc. appointed E.G. Morse to co-lead the China business and will relocate him to Shanghai as the US bank continues to ramp up in the world’s second-largest economy. Morse, currently head of Singapore, will become co-head of Goldman Sachs China alongside Wei Cai and Sean Fan, who are based in Hong Kong and Beijing, respectively, ...

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• 10 May

  Zimbabwe suspends bank lending

  

    Bloomberg Zimbabwe has adopted its harshest solution yet to halt a currency crisis — ordering banks to immediately stop all lending. The southern African nation’s President, Emmerson Mnangagwa, blames banks for flooding the financial system with excess funds, fueling a currency slide and inflation. The weekend directive to freeze loans is the latest in a series of orders since ...

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• 10 May

  Citigroup plans to add 700 private bankers

    Bloomberg Citigroup Inc is ramping up efforts to add 700 private bankers in coming years with the opening this week of two new private-banking offices in Paris and Frankfurt. The New York-based bank has begun relocating staff from its Luxembourg bureau to the new locations, which will be housed at existing offices in the two cities. Citigroup will increase ...

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• 10 May

  China tech stocks fall as growth woes, global rout grip traders

  

    Bloomberg Chinese tech stocks fall as Hong Kong markets reopened after a holiday to face renewed growth worries and persistent regulatory risks, sparking another bout of selling. The Hang Seng Tech Index tumbled 3.2% on Tuesday, extending its slide into a fifth day. JD.com Inc. and Alibaba Group Holding Ltd. were among the biggest drags. Key equities gauges across ...

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• 10 May

  Philippine stocks decline as traders weigh Marcos win

  

    Bloomberg The benchmark Philippine stock index dropped amid a global selloff, as investors awaited economic plans of Ferdinand Marcos Jr. who, based on an unofficial count of the vote, is headed for a landslide win in the presidential election. The Philippine Stock Exchange Index ended 0.6% down at 6,720.93, its lowest close in nine months. It falls as much ...

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• 10 May

  WAM signs agreements with three Uruguayan media outlets

    MONTEVIDEO / WAM The Emirates News Agency (WAM) signed cooperation agreements with three media outlets in the Republic of Uruguay, as part of its efforts to enhance joint cooperation in the media exchange. This came as part of a series of visits of a WAM delegation, headed by Mohammed Jalal Al Rayssi, Director-General of WAM, to the Republic of ...

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• 10 May

  ADQ, Greece launch $4.2b investment partnership

  

    Abu Dhabi / WAM ADQ, an Abu Dhabi-based investment and holding company, signed an investment partnership agreement with the Hellenic Development Bank (HDB), the national development bank of Greece, and Hellenic Development Bank of Investments (HDBI), Sovereign Fund-of-Funds of Greece, to fund investments worth €4 billion ($4.23 billion) across multiple sectors and asset classes of the Greek economy. The event ...

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