September, 2023

• 14 September

  Abu Dhabi continues to be destination of choice for global players

  

  ABU DHABI / WAM Abu Dhabi, the capital of the United Arab Emirates, has continued to attract major global and regional players to its International Financial Centre (IFC), Abu Dhabi Global Market (ADGM). A strong performance during the first half of 2023 (H1 2023) by ADGM has demonstrated significant growth across various aspects, setting a positive tone for the rest ...

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• 14 September

  FTA showcases stages of development of UAE tax system at BRITACOF

  

  TBILISI/ WAM Khalid Ali Al Bustani, Director General of the Federal Tax Authority (FTA), Vice President of the Belt and Road Initiative Tax Administration Cooperation Forum (BRITACOF), underlined the remarkable achievements it has made over the past four years since the launch of its first edition in 2019. He noted that the BRITACOF managed to play an effective role in ...

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• 14 September

  UAE supports GCC trade, industry, investment integration and non-oil growth

  

  SALALAH / WAM Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led the UAE delegation participating in the 65th GCC Trade Cooperation Committee meeting, the 51st GCC Industrial Cooperation Committee meeting, and the sixth meeting of the GCC Ministerial Committee for Standardisation. The UAE delegation that attended these meetings in Salalah, Oman, included Abdullah Ahmed Al ...

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• 14 September

  Mohammed bin Rashid issues law instituting Hamdan bin Rashid Al Maktoum Establishment for Medical and Educational Sciences

  

  DUBAI / WAM In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No. (13) of 2023 instituting the Hamdan bin Rashid Al Maktoum Establishment for Medical and Educational Sciences. He also issued Decree No. 32 of 2023 appointing Sheikh Rashid bin Hamdan bin ...

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• 14 September

  Stocks mixed as European Central Bank interest-rate decision nears

  

  BLOOMBERG European stocks were little changed and the euro edged higher as traders braced for the European Central Bank’s (ECB) interest-rate decision. The Stoxx 600 was steady, while S&P 500 futures climbed after Wednesday’s US inflation report was in line with estimates, fanning hopes the Federal Reserve will pause rate hikes. The dollar weakened against its Group-of-10 peers and oil ...

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• 14 September

  Yuan is set to rebound, says ‘super bullish’ Citic Securities Co

  

  BLOOMBERG The yuan is set to bounce as the government’s efforts to boost consumption bear fruit and the lure of higher-yielding assets abroad diminishes, according to the offshore wealth arm of Citic Securities Co. The currency is likely to gain 5% versus the dollar over the next year or two as economic data start to show measures to bolster demand ...

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• 14 September

  National Australia Bank to shut its Hong Kong office

  

  BLOOMBERG National Australia Bank (NAB) is planning to close its Hong Kong office and consolidate operations into mainland China, Singapore and Japan. The closure of the office will take place over the next 18 months, Krista Baetens, a Singapore-based NAB executive, said in a statement. The Australian Financial Review earlier reported the decision, saying the office houses about 50 staff ...

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• 14 September

  Laurentian Bank ends review without sale

  

  BLOOMBERG Laurentian Bank of Canada ended its strategic review without finding a buyer and plans to carry on as an independent firm with a slimmer management team. The company’s shares plunged. The Canadian bank announced in July it was examining its options. It hired JPMorgan Chase & Co to run the process and considered a number of possibilities, including a ...

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• 14 September

  Toyota’s profit tops estimates, sending shares to all-time high

  

  BLOOMBERG Toyota Motor Corp’s quarterly profit exceeded estimates as improvements in supply of semiconductors and a weak yen helped it capitalise on a global rebound in demand for vehicles. The stock closed at a record high. Operating profit for the three months through June was a record ¥1.1 trillion ($7.7 billion), the world’s No 1 carmaker said in a statement. ...

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• 14 September

  BMW plugs $751mn into electric Minis in win for UK

  

  BLOOMBERG BMW AG will invest in the 110-year-old plant where the Mini brand was born to make electric models, tapping the UK government for support in the fight to prop up the country’s flagging automaking industry. The company’s more than £600 million ($751 million) outlay averts what would have been a disaster for the UK, where car production slumped last ...

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