March, 2022

• 11 March

  JPMorgan and Goldman lead Wall Street’s retreat from Russia

  

  Bloomberg JPMorgan Chase & Co joined Goldman Sachs Group Inc in pulling back from Russia in response to the country’s invasion of Ukraine last month. JPMorgan, the biggest US bank, is currently engaging in limited activities in the country, the New York-based company said in a statement. Goldman Sachs said it plans to close its operations there. The finance-industry titans ...

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• 11 March

  RBNZ urged to delay lending restrictions

    Bloomberg New Zealand banks are calling on the Reserve Bank to delay implementation of new mortgage lending restrictions such as debt-to-income ratios as the housing market cools. Existing restrictions and rising interest rates are already slowing home-lending growth, and banks are concerned the introduction of further limits could have “unintended consequences,” the New Zealand Bankers Association said in a ...

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• 11 March

  US futures rise; traders on edge over war in Ukraine

  

    Bloomberg US stock-index futures advanced as investors eyed cheaper valuations even as they remained concerned about global growth amid a raging war in Ukraine and an impending rate-hike cycle at the Federal Reserve. Contracts on the S&P 500 and Nasdaq 100 indexes added 0.5% each, after swinging between gains and losses at least six times. Europe’s Stoxx 600 gauge ...

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• 11 March

  European stocks set for first weekly gain since start of war

  

    Bloomberg European stocks headed for their first weekly gain since the start of the Ukraine war as investors mulled central bank policy decisions and the outlook for economic growth. The Stoxx 600 Index was up 0.9% in London after briefly falling as much as 0.2% as Russia’s invasion of Ukraine caused continued volatility. Travel and leisure and mining stocks ...

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• 11 March

  FAB opens office in Iraq to expand its Mena footprint

  

    ABU DHABI / WAM First Abu Dhabi Bank (FAB) will be expanding its regional footprint with the opening of a representative office in Iraq, as part of its targeted international growth strategy to facilitate regional trade flows and continually strengthen its global client service model. The UAE is one of Iraq’s most important trading partners, with the value of ...

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• 11 March

  Wizz Air Abu Dhabi unveils new route to Sri Lankan city

  

    ABU DHABI / WAM Wizz Air Abu Dhabi has announced the launch of a new route from Abu Dhabi to Mattala, Sri Lanka, to introduce a new segment of travel by adding its first destination to South Asia. Michael Berlouis, Managing Director of Wizz Air Abu Dhabi, commented, “Sri Lanka is an exciting destination that has everything; beautiful beaches, ...

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• 11 March

  UAE, New Zealand to boost trade ties

    Dubai / WAM Etihad Credit Insurance (ECI), the UAE Federal export credit company, has signed a Memorandum of Arrangement (MoA) with New Zealand Export Credit (NZEC) to boost bilateral trade relations and enhance the capabilities of SMEs in both countries to expand globally, without worrying about the payment risks due to commercial or non-commercial reasons. ECI and NZEC have ...

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• 11 March

  UAE focuses on building new generation of coders: Al Olama

  

    DUBAI / WAM Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, has said that the UAE government is focusing on building a new generation of young coders, enhancing their capabilities and skills in the fields of coding and modern technology, and empowering them with tools and expertise. This aligns with the ...

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• 11 March

  UAE committed to Opec+ pact, existing mechanism: Minister

  

    ABU DHABI / Agencies The UAE on Thursday affirmed its commitment to the Opec+ agreement. “The UAE remains committed to the Opec+ agreement and its existing monthly production adjustment mechanism,” affirmed Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, in a statement to Emirates News Agency (WAM). “The UAE believes in the value the Opec+ agreement brings ...

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• 11 March

  Masdar City, Mashreq join forces to support start-ups and SMEs

  

    ABU DHABI / WAM Masdar City and Mashreq Bank have signed a Memorandum of Understanding (MoU) to provide financial services to Small and Medium-sized Enterprises (SMEs) and start-ups based in the City. This will include easy access to NeoBiz, the bank’s first digital banking platform designed specifically for start-ups and SMEs. The MoU was signed by Abdulla Balalaa, Executive ...

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