June, 2021

• 21 June

  IMF sees $45bn deal with Argentina pushed into 2022

  

  Bloomberg The International Monetary Fund (IMF) privately estimates that a deal allowing Argentina to reschedule payments on $45 billion owed to the lender will be pushed into 2022 as President Alberto Fernandez has little incentive to quickly agree on the basis of a new program. While the IMF has said it’s constructively engaging with Fernandez’s administration, negotiations entailing fiscal austerity ...

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• 21 June

  UK dodges downgrade from Fitch with outlook shifted to stable

  

  Bloomberg The outlook for the UK’s sovereign debt score has been upgraded to stable by Fitch Ratings, which said that the country’s economy and public finances have proved more resilient to the pandemic shock than the credit assessor had anticipated. Fitch previously had a negative outlook on the UK, but the country avoided being downgraded, with the firm keeping its ...

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• 21 June

  Polish wages rise at fastest pace since 2008

  

  Bloomberg Polish wages are growing at the fastest pace since 2008, raising concern over a spike in inflation that the central bank said is temporary. Average wages in industrial sector jumped 10.1% in May compared with a year earlier, the Statistical Office said. When Poland last had double-digit wage growth, the central bank’s benchmark interest rate stood at 6%, compared ...

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• 21 June

  US retail sales drop as spending pivots to services

  

  Bloomberg US retail sales declined in May, after a stimulus-related splurge in the prior two months, suggesting consumers are starting to shift more of their spending to services as economy reopens. The total value of retail purchases fall 1.3% in May following an upwardly revised 0.9% gain in April, Commerce Department figures showed. The median estimate in a Bloomberg survey ...

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• 20 June

  Investors eye pockets of value in near-record European markets

  

  Bloomberg With European stocks only just off record-highs, investors have to look harder than ever to find pockets of value. Companies that can absorb an inflation spike are in hot demand, while many think so-called value stocks are still cheap relative to growth, even after a huge rally. Others see upside potential in laggard sectors like energy and health care, ...

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• 20 June

  Taper no grounds for tantrum to stock bulls wielding $28 billion

  

  Bloomberg The thought of central bank policy makers easing off their campaign to liquefy bond markets has hung like a sword over equity investors for years. At least at the earnings level, there may be less reason for anguish than is usually recognised. Research from UBS Group AG says that should the Federal Reserve turn off the spigot on its ...

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• 20 June

  UAE will remain staunch supporter, financier for refugees: Hamdan

  

  Abu Dhabi / WAM The UAE will remain a staunch supporter and advocate of refugee issues across the world, affirmed HH Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region, and Chairman of the Emirates Red Crescent (ERC), in a statement ahead of the World Refugee Day. HH Sheikh Hamdan said that contributing to innovative and appropriate ...

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• 20 June

  Jafza reports 12% growth in healthcare, pharma tenants

  

  DUBAI / WAM DP World, UAE Region’s Jebel Ali Free Zone (Jafza) witnessed a 12 percent growth in its healthcare and pharmaceuticals customer base between 2019-2020. To showcase their commitment to promote the growth of healthcare and pharmaceutical companies, DP World, UAE Region and Jafza will participate in Arab Health 2021, one of the leading medical equipment exhibitions in the ...

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• 20 June

  Saudi Aramco closes $12bn pipeline deal

  

  Bloomberg China’s Silk Road Fund and Saudi Arabia’s Hassana Investment Co joined a group investing $12.4 billion in Saudi Aramco’s oil pipelines. The consortium, led by US firm EIG Global Energy Partners LLC, has now closed a deal to acquire a 49% equity stake in Aramco Oil Pipelines Co, a new subsidiary, according to an emailed statement. The group includes ...

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• 20 June

  UAE leaders greet Iran’s newly-elected president

  ABU DHABi / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan, has sent a message of congratulations to President-elect Ebrahim Raisi on winning Iran’s presidential election. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of ...

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