August, 2023

• 1 August

  National Bank to acquire SVB’s Canadian portfolio

  

  BLOOMBERG National Bank of Canada has agreed to buy the Canadian commercial loan portfolio of Silicon Valley Bank (SVB) as part of a broader strategy to expand its footprint in the nation’s tech sector. The portfolio is comprised of approximately C$1 billion ($752 million) in loan commitments of which around C$325 million are outstanding, the bank said in a statement. ...

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• 1 August

  HSBC announces fresh buyback as higher rates propel profits

  

  BLOOMBERG HSBC Holdings Plc announced a new buyback program and painted a bullish outlook for its 2023 earnings, joining peers in benefiting from global rate rises that have been boosting income. The London-based lender, which generates most of its income in Asia, will repurchase an additional $2 billion on top of a previous programme announced just three months ago, according ...

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• 1 August

  Government Experience Exchange office showcases UAE’s expertise in government development in New York

  

  DUBAI / WAM Abdulla Nasser Lootah, Deputy Minister of Cabinet Affairs for Competitiveness and Knowledge Exchange, expressed the UAE’s unwavering dedication to advancing its global engagement and preparedness for the future through forging meaningful global partnerships to empower governments, support comprehensive development efforts, and build a better world for future generations. This aligns with the vision of President His Highness ...

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• 1 August

  Ford blames EV price war for delay in plans to boost output

  

  BLOOMBERG Ford Motor Co’s is throttling back on plans to ramp-up electric vehicle production, pointing the finger at a price war for battery-powered vehicles. The automaker said it would need another year to meet a year-end target to reach an annual production rate of 600,000 EVs, which it now expects to reach in 2024. Ford also abandoned plans to be ...

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• 1 August

  Evergrande loses $2.8 billion market value after shares dive

  

  BLOOMBERG China Evergrande New Energy Vehicle Group Ltd plunged as trading resumed in its shares for the first time since April 2022, wiping $2.8 billion off the company’s market value in Hong Kong. The China Evergrande Group unit was down 62%, having fallen as much as 69% when trading started, leaving it with a market value of about $1.7 billion. ...

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• 1 August

  China’s stock rally holds promise as bullish indicators emerge

  

  BLOOMBERG Chinese equities have staged a sharp rebound as Beijing makes the right noises on the policy front, and some key market indicators are pointing to more gains. Bullish technical formations, an improving earnings outlook and rising inflows augur well for stocks after key gauges in Hong Kong and the mainland capped their biggest monthly rally since January. While equities ...

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• 1 August

  Stocks pull back from July rally on weak earnings

  

  BLOOMBERG The stocks rally that catapulted the S&P 500 to a 16-month high lost momentum after a flurry of companies reported disappointing earnings. BMW AG dropped more than 6% after warning about higher costs for developing electric cars, while logistics giant DHL Group gave a profit guidance that missed analyst estimates. ZoomInfo Technologies, which makes business software, plunged 20% in ...

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July, 2023

• 31 July

  Dubai Airports welcomes its first flight at DXB Terminal 3

  

  DUBAI / WAM Dubai Airports has welcomed Air Canada’s first inbound flight at Dubai International (DXB) Terminal 3, making it the fourth international airline to operate out of the terminal. Air Canada flight AC056 from Toronto, arrived at its new base, one of the largest airport terminals in the world, at 18:56 UAE time on Wednesday. Air Canada flights previously ...

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• 31 July

  AD Ports-Saab pact to set new industry standards

  

  ABU DHABI / WAM AD Ports Group and Saab UAE, a leading defence and security company based in Abu Dhabi’s Tawazun Industrial Park, have signed a memorandum of understanding (MoU) to establish a strategic cooperative relationship, which will see both entities collaborate on develping maritime surveillance solutions and sensors. Under the agreement, AD Ports Group will provide access to relevant ...

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• 31 July

  Emirates NBD signs UAE Climate-Responsible Companies Pledge

  

  DUBAI / WAM Emirates NBD has signed the UAE Climate-Responsible Companies Pledge initiated by the UAE Ministry of Climate Change and Environment. Emirates NBD Group is among the seventh cohort of 15 signatories in the UAE to sign the pledge, commit to implementing carbon emission reduction goals, and follow more sustainable methods in managing their operations, according to a timeline ...

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