July, 2023

• 12 July

  Adib raises $750m in US dollar denominated AT1 sukuk

  

  ABU DHABI / WAM Abu Dhabi Islamic Bank (Adib) announced on Wednesday that it has successfully raised $750 million in the world’s first dollar denominated additional tier-one (AT1) perpetual sukuk issued since March 2023. Adib, which is rated A2 by Moody’s and A+ by Fitch, in each case with a stable outlook, priced the perpetual non-call, five and half-year sukuk ...

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• 12 July

  Agthia Group unveils $54 million corporate venture capital fund

  

  ABU DHABI / WAM Agthia Group PJSC on Wednesday announced the launch of Agthia Ventures, a corporate venture capital (CVC) fund designed to expand Agthia’s innovation capabilities and create mutual value with startups as the company continues to drive profitable growth in both new and existing markets. Funded by Agthia and its parent company ADQ, Agthia Ventures will be managed ...

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• 12 July

  National Programme for AI launches 5th edition of UAE AI Camp

  

  DUBAI / WAM The National Programme for Artificial Intelligence, in collaboration with the National Programme for Coders, has launched the fifth edition of the UAE AI Camp, a five-day camp that aims to empower new generations with advanced technology, tools, and skills in artificial intelligence. The camp targets school and university students, as well as various groups of society. It ...

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• 12 July

  HDFC merger to lower costs for Indian rupee debt borrowers

  

  BLOOMBERG  Housing Development Finance Corp, India’s largest mortgage financier, merging into HDFC Bank Ltd is likely to lead to a drop in borrowing costs in the rupee bond market, a senior official at the merged unit, said. “If the amount of supply comes down and demand remains the same, then prices will reflect that,” Keki Mistry, a non-executive director on ...

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• 12 July

  Rupee’s plunging volatility leaves investors guessing RBI moves

  

  BLOOMBERG  Even in a year where currency volatility is falling worldwide, the slump in swings in the Indian rupee has traders from London to Singapore asking when the central bank will loosen its iron grip. The rupee’s one-month implied volatility versus the dollar crashed to its lowest since 2005 in June, drawing queries from investors on roadshows of Citigroup Inc ...

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• 12 July

  UBS Group names top markets heads after Credit Suisse takeover

  

  BLOOMBERG  UBS Group AG named Sylvia Coutinho Brazil country head and the regional leader for Latin America businesses as the Swiss bank integrates teams from its acquisition of Credit Suisse Group AG. Marcello Chilov, Credit Suisse’s former chief executive officer in Brazil and head of wealth management for Latin America, will run UBS global wealth management in Latin America, according ...

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• 12 July

  EAD targets 20 million reduction in single-use plastic bottles in 2023

  

  ABU DHABI/ WAM The Environment Agency — Abu Dhabi (EAD), in collaboration with key stakeholders, has set the ambitious target of collecting 20 million single-use plastic bottles a year for recycling. This will be achieved, in part, by installing 70 Reverse Vending Machines (RVMs) and 26 Smart Bins in areas with high footfall in the emirate of Abu Dhabi such ...

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• 12 July

  UAE leaders wish Solomon Islands Governor General on National Day

  

  ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a cable of congratulations to Sir David Vunagi, Governor General of the Solomon Islands , on the occasion of his country’s National Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and ...

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• 12 July

  Dollar drops, stocks advance ahead of US inflation data

  

  BLOOMBERG The dollar weakened, stocks rose and Treasury yields dipped on expectations slowing US inflation will erode the case for more rate hikes. A gauge of the greenback dropped to the lowest since April as traders focus on US consumer price data, with a Bloomberg survey showing expectations for both core and headline inflation continuing to moderate in the face ...

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• 12 July

  European stocks gain with focus on US inflation for policy cues

  

  BLOOMBERG European stocks advanced, catching up to overnight gains on Wall Street, as investors awaited data that is likely to show a cooling in US inflation. The Stoxx 600 Index was up 0.6% in London, with technology and insurance stocks leading the gains. Travel and leisure and healthcare sectors underperformed. JD Wetherspoon Plc climbed after the UK pub operator gave ...

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