November, 2023

• 6 November

  GPSSA participates in 22nd GCC civil retirement and social security meeting

  

  ABU DHABI / WAM The General Pension and Social Security Authority (GPSSA) is participating on Monday in the 22nd annual meeting of heads of civil retirement and social security authorities. The delegation, led by Faras Al Ramahi, GPSSA’s Director-General, is accompanied by several high-ranking officials. The two-day meeting in Muscat, Oman, will focus on a comprehensive review of the technical ...

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• 6 November

  MBRL, ALC discuss cooperation in translation, publishing

  

  DUBAI / WAM Mohammed Ahmed Al Murr, Chairman of the Mohammed bin Rashid Al Maktoum Library Foundation, and Dr Mohammed Salem AlMazrooei, Board Member of the Foundation, welcomed Dr Ali bin Tamim, Chairman of the Abu Dhabi Arabic Language Centre (ALC), at the Mohammed Bin Rashid Library (MBRL). During their meeting, the two parties discussed ways to enhance cooperation in ...

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• 6 November

  Zambia moves to halt world’s worst currency fall

  

  BLOOMBERG Zambia’s central bank raised the ratio of deposits that commercial lenders must hold in a bid to reverse a slide in the world’s worst-performing currency after Argentina’s peso.The Bank of Zambia will increase the statutory reserve ratio requirement for local- and foreign-currency deposits by 3 percentage points to 14.5% with effect from November 13, it said in a circular ...

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• 6 November

  South Korea to ban short-selling of stocks until June 2024

  

  BLOOMBERG South Korea will prohibit stock short-selling until June 2024 to allow regulators to “actively” improve rules and systems, the Financial Services Commission said. Trading with borrowed shares, an essential component of short selling, will be banned for companies in the Kospi 200 Index and Kosdaq 150 Index from Monday until the end of June, the commission said. “Amidst market ...

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• 6 November

  Stocks seek direction after interest rates-driven rally

  

  BLOOMBERG Stock and bond markets steadied after last week’s blockbuster rally, with traders still optimistic that US and European central banks may start cutting interest rates as soon as next year. Europe’s Stoxx 600 index held to recent gains and US futures added about 0.2%. Asian markets jumped, with South Korea’s Kospi finishing more than 5% higher after regulators banned ...

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• 6 November

  Former crypto day traders say no thanks even as Bitcoin roars back

  

  BLOOMBERG Between 2013 and 2017, Peter To claims he made more than $1 million by day-trading Bitcoin during its bull runs. While the world’s largest cryptocurrency has rallied in recent weeks, more than doubling from levels after last year’s epic collapse that helped blow up the FTX exchange, the 34-year-old professional stock trader in New York says it’s not enough ...

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• 6 November

  ECB to get inflation down to 2% target in 2025: Lagarde

  

  BLOOMBERG European Central Bank (ECB) President Christine Lagarde said that slowing inflation is “certainly our forecast” and that the institution is determined to return prices to its target. “We are determined to bring inflation down to 2%,” Lagarde told the Greek newspaper Kathimerini in remarks posted on the ECB’s website. “According to our projections we will get there in 2025.” ...

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• 6 November

  Emerging Asia currencies buoyed by rate hikes set to outperform

  

  BLOOMBERG Asia’s emerging-market currencies are proving attractive to investors willing to bet on local central banks keeping interest rates high and the fading strength of the dollar. In the view of Brendan McKenna, an emerging market strategist at Wells Fargo & Co, the Indonesian rupiah, Philippine peso and Thai baht are among the best bets. Other experts point the fact ...

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• 6 November

  Warning signs grow Apple is losing China consumers to Huawei

  BLOOMBERG There is growing evidence that Apple Inc’s latest iPhone is falling shy of its predecessor in China, suggesting a setback for the world’s most valuable company in its most important overseas market. The iPhone 15 series saw a 6% decline in sales in its launch month compared with the prior year, according to data from market researcher GfK that ...

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• 6 November

  Apple looks to capitalise on computer sales comeback with new Macs

  BLOOMBERG Apple Inc is set to capitalise on a computer market resurgence when the company unveils two new Macs and processors on Monday. The company will hold an online event at 5 pm California time — dubbed “Scary Fast” —  where it’s poised to announce a new iMac and updates to its high-end MacBook Pro. Apple also is slated to ...

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