August, 2023

• 24 August

  RBC plans to slash jobs as CEO  McKay vows to rein in expenses

  

  BLOOMBERG Royal Bank of Canada (RBC) said it plans to cut as much as 2% of its full-time equivalent (FTE) staff in the coming quarter after a surge in expenses weighed on third-quarter results. Non-interest expenses climbed 23% to C$7.86 billion ($5.8 billion) for the fiscal third quarter, compared with the C$7.31 billion average of analyst estimates compiled by Bloomberg. ...

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• 24 August

  UBS poised to absorb Credit Suisse domestic bank

  

  BLOOMBERG UBS Group AG is poised to decide in favour of fully integrating Credit Suisse’s domestic bank, ending months of speculation about the future of the business. The Zurich-based lender has set a target of winding down the Credit Suisse brand in the country, people familiar with the matter said. Executives are preparing for an announcement as soon as the ...

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• 24 August

  Sharjah Public Library participates in WLIC in Netherlands

  

  SHARJAH / WAM Sharjah Public Library (SPL) has made its third consecutive appearance at the World Library and Information Congress (WLIC), which is hosting its 88th annual edition in Rotterdam, the Netherlands. SPL’s participation, from August 21-25, is aligned with the theme of the congress, ‘Let’s work together, let’s library’. SPL seeks to promote knowledge exchange and industry best practices ...

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• 24 August

  Dubai Chambers advances its sustainability agenda

  

  DUBAI / WAM Dubai Chambers has contributed to the emirate’s drive for sustainability by saving a total of 72,239 litres of water between June 2022 and June 2023, equivalent to 3,822 five-gallon bottles. The savings were achieved as part of the chambers’ participation in ‘Dubai Can’, a sustainability initiative launched by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, ...

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• 24 August

  Mass communication students from 174 universities to participate in GMC

  

  ABU DHABI / wam The second edition of the Global Media Congress (GMC) will welcome mass communication students from 174 universities around the world. Comprising a conference and an exhibition, the GMC will take place from  November 14-16, at the Abu Dhabi National Exhibition Centre (Adnec), under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, ...

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• 24 August

  Future of Maldives and its people depends on COP28’s success: Maldives FM

  

  ABU DHABI / WAM The future of the Maldives and its people depends on the success of COP28, the UN Climate Conference to be held in Dubai in November, the country’s top diplomat told the Emirates News Agency (WAM). Abdulla Shahid, Minister of Foreign Affairs of the Maldives, stressed that “For countries such as the Maldives, climate change is an ...

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• 24 August

  Ruler of Ras Al Khaimah attends reception in South Africa for 15th BRICS Summit

  

  JOHANNESBURG / WAM HH Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, attended a reception hosted by Cyril Ramaphosa, President of the Republic of South Africa, to mark his country’s hosting of the 15th BRICS Summit. The annual summit is taking place in Johannesburg from August 22-24, bringing together heads of state and ...

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• 24 August

  India first to land near moon south pole

  

  BLOOMBERG India became the first country to land a spacecraft near the moon’s south pole after Russia’s attempt at a lunar touch down in the same area ended in failure following an engine malfunction. Chandrayaan-3 — India’s spacecraft that launched last month — achieved a soft landing at 6:04 pm local time on August 23, after Russia’s Luna-25 crashed into ...

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• 24 August

  India sees inflation abating  after deploying its ‘toolkit’

  

  BLOOMBERG India’s inflation should abate in the coming months as policymakers are taking every possible step to cool down soaring prices, according to a top Finance Ministry official. “I am very confident that it is a temporary spike and will not sustain,” Finance Secretary TV Somanathan said in an interview in New Delhi. “Every instrument in the toolkit is being ...

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• 24 August

  India’s Adani touts cash to service debts

  

  BLOOMBERG Adani Group said cash and profit generated from its sprawling infrastructure business can cover all the debt maturing each year in the coming decade, as billionaire Gautam Adani tries to restore investor confidence days before India’s markets regulator is due to submit findings from a probe into the group’s alleged wrongdoings. In a credit report, the power-to-port conglomerate said ...

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