June, 2021

• 27 June

  Mexico central bank to keep 4% rate amid inflation debate

  

  Bloomberg Mexico’s central bank is seen holding its key interest rate at a five-year low, as policy makers expect that recent price shocks will prove to be transitory. The bank, known as Banxico, unanimously voted to keep borrowing costs at 4% in its last two meetings, after inflation hit 5.9% in May — far above the bank’s 4% target ceiling. ...

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• 27 June

  BOE warns against tightening too soon as inflation surges

  

  Bloomberg The Bank of England (BOE) pushed back against speculation that a surge in UK inflation means it’s preparing to boost interest rates, saying the economy still needs support to recover from the pandemic. The central bank warned against “premature tightening,” toughening its language on the need to maintain stimulus. The remarks contrasted with a sharp increase in the bank’s ...

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• 27 June

  Reopening stocks fuel $6 trillion boom in post-pandemic market

  

  Bloomberg A $6 trillion boom in US equities to open 2021 is leaving the pandemic’s winners in the dust as investors shift their focus to companies taking advantage of a reopening economy. Americans’ renewed interest in shopping and travel — not to mention meme stocks — helped send the S&P 500 Index to a 14% gain. Losing out were the ...

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• 27 June

  Global IPO market has never been hotter than it is right now

  

  Bloomberg Companies are racing to public markets like never before, cashing in on record-high stock prices. An all-time high of almost $350 billion has been raised in initial public offerings in the first six months of this year, according to data compiled by Bloomberg, surpassing the previous peak of $282 billion from the second half of 2020 and enriching entrepreneurs ...

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• 27 June

  Sheikh Mohammed approves new structure of Dubai Chamber entities

  

  DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved a new structure of Dubai Chambers’ board, on Sunday, to drive Dubai’s economic transformation and place the city as a global business hub. “We approved the new structure of the three Dubai chambers: Dubai Chamber of ...

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• 27 June

  IMF gives unanimous support to $650 billion reserves plan

  

  Bloomberg The International Monetary Fund (IMF) board gave its unanimous support to a proposal to create a record $650 billion of new reserves for its members, bringing the plan to increase resources for nations struggling with the pandemic one step closer to final approval. All members attending the meeting of the executive board — composed of 24 individuals from IMF ...

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• 27 June

  FTA urges registrants to benefit from penalty redetermination

  Abu Dhabi / WAM The Federal Tax Authority (FTA) has called on tax registrants in the UAE to benefit from the penalty redetermination scheme introduced by Cabinet Decision No 49 of 2021 on Amending Some Provisions of Cabinet Decision No 40 of 2017 on the Administrative Penalties for Violation of Tax Laws in the UAE, which will be effective from ...

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• 27 June

  UAE, Comoros to boost bilateral cooperation

  

  MORONI / WAM The UAE Ambassador to the United Republic of Comoros, Saeed Mohamed Al Meqbali, has met with the Speaker of the Assembly of the Union of Comoros, Abdou Moustadroine, in the capital, Moroni. During the meeting, they discussed ways to enhance cooperation between the two countries across various sectors, ways to develop bilateral ties, in addition to several ...

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• 27 June

  Oil rises for fifth week as focus turns to upcoming Opec+ meet

  

  Bloomberg Oil posted its fifth straight weekly gain, the longest winning streak since December, as demand recovers and supplies continue tighten in the US and China. Futures in New York rise 3.4% this week to the highest level since October 2018. Demand continues to rebound while the market expects output will only get a modest increase from the Opec+ alliance, ...

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• 27 June

  Bano Puratos to expand operations at Saif Zone

  

  Sharjah / WAM Bano Puratos, the leading Belgian-Lebanese manufacturer and supplier of innovative products of raw materials, utensils and machinery used in the chocolate, bakery, pastry, and ice cream industry, has announced expansion plans to double its monthly production capacity from 300 to 600 tonnes and increase the list of products from 45 to 150, in 2022. Bano’s production capacity ...

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