July, 2023

• 23 July

  Bank of America leaning on Wall Street for strong earnings

  

  BLOOMBERG Bank of America (BofA) Corp’s second-quarter profit soared after its core Wall Street businesses exceeded analysts’ expectations. The firm’s fixed-income and equity traders delivered a surprise gain, covering a slight miss in expected net interest income. Revenue from fixed-income, currencies and commodities trading rose 18% to $2.8 billion in the second quarter, as clients reacted to changing interest rates, ...

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• 23 July

  Morgan Stanley sells $6.75 billion of debt amid bond rush

  

  BLOOMBERG Morgan Stanley added to the recent wave of bank bond sales in the US investment-grade market, a sign that issuance is still going strong as lenders emerge from earnings blackout periods. The bank sold $6.75 billion of debt in a four-part deal, according to a person familiar with the matter, who asked not to be identified as the details ...

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• 23 July

  UAE, UN explore opportunities for cooperation to boost SDGs

  

  NEW YORK / WAM On the sidelines of the United Nations High-Level Political Forum (UN HLPF) on Sustainable Development, convened by the United Nations Department of Economic and Social Affairs, the UAE government delegation engaged in a productive discussion with New York City Mayor Eric Adams. The main focus of the meeting was to explore opportunities for joint collaboration and ...

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• 23 July

  UAE leaders wish Egyptian President on Revolution anniversary

  

  ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a congratulatory cable to Egyptian President Abdel-Fattah El Sisi on the anniversary of the 23rd of July Revolution. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, ...

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• 23 July

  ADJD Labs receive global accreditation in forensic tests

  

  ABU DHABI / WAM The forensic laboratories at the Centre for Criminal and Electronic Sciences of Abu Dhabi Judicial Department (ADJD) have obtained international accreditation in forensic tests, making it a first for the electronic laboratory. The chemical laboratory has also renewed its accreditation certificate for the second term (cycle of four years) after being accredited in 2019, in testing ...

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• 23 July

  Arab Children’s Parliament unites for climate action

  

  SHARJAH / WAM During the second session of the third Arab Children’s Parliament, hosted by the Arab League, 52 Arab children from fifteen countries came together under the parliamentary dome. The session’s crucial theme was “Arab Children: Sustainable Efforts for Climate”, rallying for collective action in building an Arab framework responsive to current and future climate challenges. The young participants’ ...

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• 23 July

  Dubai’s RTA constructs 19 truck rest stops, lay-bys

  

  DUBAI / WAM Dubai’s Roads and Transport Authority (RTA) is constructing 19 trucks rest stops and lay-bys across several hotspots in Dubai in collaboration with the private sector. The project includes 3 Integrated Truck Lay-bys: one in partnership with the Abu Dhabi National Oil Company (Adnoc) and two in partnership with Almutakamela Vehicle Testing and Registration. In cooperation with Adnoc, ...

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• 23 July

  Dubai Customs posts robust H1 performance with 14 million transactions processed

  

  DUBAI / WAM Dubai Customs cleared 14 million customs transactions during the first six months of this year, a 10 percent surge from the 12.7 million transactions registered in the same period last year. The UAE economy is poised to experience further growth and recovery over the second half of 2023, according to forecasts by international banks and organisations, like ...

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• 23 July

  AirAsia seeks to exit distressed status as finances improve

  

  BLOOMBERG Long haul budget carrier AirAsia X Bhd has applied to Bursa Malaysia to be removed from the exchange’s financially distressed category after reporting three straight quarters of profit and positive shareholders’ equity. The airline in a statement also asked the bourse to exempt it from the need to submit a regularisation plan, which was due by July 28, and ...

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• 23 July

  Shein spends $600,000 on US lobbying in Q2 as it faces Washington scrutiny

  

  BLOOMBERG Fast-fashion giant Shein spent $600,000 on US lobbying efforts in the second quarter as it continues to face questions from lawmakers about forced labor and its opaque supply chain. Lawmakers from both parties have sent letters to Shein expressing concerns about the company’s potential use of forced labour in the Xinjiang region of China. Further, there are bills pending ...

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