March, 2022

• 31 March

  China weighs raising billions to rescue troubled financial firms

  

    Bloomberg Chinese authorities are considering a plan to raise several hundred billion yuan for a new fund to backstop troubled financial firms. The People’s Bank of China (PBOC) is leading the effort, seeking to shore up confidence in the $60 trillion financial system as the economy slows and a debt crisis in the property industry spreads. The stability fund ...

  Read More »
• 31 March

  ECB in daily contact with lenders on Russia sanctions

  

    Bloomberg The European Central Bank (ECB) said it is in daily contact with banks on how they’re dealing with implications from sanctions against Russia over its invasion of Ukraine. “In particular, we are assessing whether banks have implemented adequate internal governance arrangements and controls to adhere to the sanctions,” Andrea Enria, who leads the ECB’s supervisory board, said during ...

  Read More »
• 31 March

  Citi sells India retail unit to Axis Bank

  

    Bloomberg Citigroup Inc agreed to sell its India retail banking business for about 123 billion rupees ($1.6 billion) cash to Axis Bank Ltd., as the US lender seeks to consolidate its operations in identified markets. Citi will sell its consumer banking businesses including credit cards, retail banking, wealth management and consumer loans, it said in a statement. The transaction ...

  Read More »
• 31 March

  BNP Paribas loses franc loan case at French court

    Bloomberg BNP Paribas SA’s personal finance unit lost a case at France’s highest court in its dispute over swiss-franc mortgages marketed between 2008 and 2009. France’s Cour de Cassation said that the bank had not given enough information to its customers about the loans’ mechanism, according to the decision that partially overturned an earlier ruling. The loans, which were ...

  Read More »
• 31 March

  Hong Kong ETFs lure record $4.4bn on stock rebound bet

  

    Bloomberg Stocks in Hong Kong attracted record inflows via exchange-traded funds in March, as retail investors took advantage of a historic dip and an ensuing rebound to bet on further gains. Some 60 equity ETFs tracking the city’s indexes added $4.4 billion since end-February, the most in monthly data compiled by Bloomberg going back to 2000. The Tracker Fund, ...

  Read More »
• 31 March

  Energy stocks fall with oil as US weighs release

  

    Bloomberg Energy stocks dropped with oil prices as investors weighed reports that the Biden administration is considering a massive release of crude from US reserves to fight inflation. Stocks in Europe are set for the first quarterly decline since 2020. Shares in big US energy companies declined in premarket trading, while index futures mostly advanced, Treasuries held gains and ...

  Read More »
• 31 March

  Abu Dhabi Fund, AfDB ink deal to boost investments in Africa

  

  DUBAI / WAM Abu Dhabi Fund for Development (ADFD) has signed a Memorandum of Understanding (MoU) with the African Development Bank (AfDB), aimed at strengthening cooperation over investment in strategic sectors in Africa that would sustainably drive socioeconomic development in the continent, while also achieving the UAE’s development- financing goals for developing countries. The MoU was signed by Mohamed Saif ...

  Read More »
• 31 March

  Edge launches UAE’s innovation and industry 4.0 learning hub

  

    ABU DHABI / WAM Edge has officially launched the first major phase of its cutting-edge Learning & Innovation Factory (LIF), a pioneering Industry 4.0 ‘one-stop hub’ providing an inspiring and immersive environment for learning, innovation, and operational excellence — empowering talent with key skillsets and capabilities across multiple spheres of advanced technology. Edge, which is the region’s leading advanced ...

  Read More »
• 31 March

  Sharjah Airport wins ACI’s ‘best aiport’ award

  SHARJAH / WAM Sharjah Airport won the ‘Best Airport in the Middle East’ award in the 5 to 15 million passenger per year category and the ‘Voice of the Customer’ accreditation given by Airports Council International (ACI). It bagged the accolade at ACI World’s Airport Service Quality (ASQ) Awards 2021, an event sponsored by Amadeus, a leading global travel technology ...

  Read More »
• 31 March

  AI to add $10tn to global economy, says IBM chief

  

    DUBAI / WAM Arvind Krishna, Chairman and CEO of IBM, said that artificial intelligence (AI) will add up to $10 trillion to the global economy in the next decade. Greater adoption of AI in the UAE could also add up to $200 billion in productivity gains by 2030, Krishna told Omar bin Sultan Al Olama, Minister of State for ...

  Read More »