July, 2023

• 18 July

  Ajman CP receives National Guard Commander

  

  AJMAN / WAM His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, commended the high level of professionalism reached by the UAE Armed Forces under the strategic vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, Supreme Commander of the UAE Armed Forces. Sheikh Ammar said the UAE Armed Forces had made a paradigm shift ...

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• 18 July

  Ola advances plan for IPO as electric scooters take off in India

  

  BLOOMBERG Ola Electric Mobility Pvt is in line for an initial public offering (IPO) sooner than its founder previously imagined, reflecting the Indian startup’s whirlwind pace of growth since it started selling electric scooters in late 2021. “I thought it would take me four to six years of revenue to go public,” Founder and Chief Executive Officer Bhavish Aggarwal said ...

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• 18 July

  China’s growth disappoints as Beijing hints at stimulus

  

  BLOOMBERG China’s economic recovery lost momentum in the second quarter, adding to risks for the world economy as Beijing hints that any stimulus measures will be targeted rather than broad. Gross domestic product (GDP) grew at a slower-than-expected pace of 6.3% in the second quarter compared with a year earlier, when dozens of Chinese cities were in lockdown, but just ...

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• 18 July

  Deutsche Bank draws fresh ECB scrutiny over FX sales

  

  BLOOMBERG  Deutsche Bank AG has drawn fresh criticism from the European Central Bank (ECB) over foreign-exchange (FX) sales even after the lender completed an internal probe into past practices that led to initial changes. An ECB supervisory team has told Deutsche Bank that it needs to improve oversight and checks at its business that pitches FX derivatives such as swaps ...

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• 18 July

  MUFG overhauls JV with Morgan Stanley in Japan

  

  BLOOMBERG  Mitsubishi UFJ Financial Group Inc and Morgan Stanley will merge some operations at their Japan-based joint ventures, in the first major reorganisation since the two entities were formed more than a decade ago. The companies will integrate Japan equity sales for institutional clients, along with corporate access, research and a part of execution services, MUFG and Morgan Stanley said ...

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• 18 July

  Swedbank second quarter profit tops estimates on rates tailwind

  

  BLOOMBERG  Swedbank AB delivered better-than-expected income from lending activities in the second quarter, joining peer Nordea Bank Abp in enjoying the benefits of rising interest rates. Net interest income at Sweden’s second biggest bank rose 7% to 12.77 billion kronor ($1.2 billion) in the three months through June, compared to the first quarter, according to a statement on Tuesday. Analysts ...

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• 18 July

  World’s worst currency flips to best, hurting Zimbabwe’s economy

  

  BLOOMBERG In most countries, the currency turning from the world’s worst to best in the space of a month would be good news. Not in the largely dollarised economy of Zimbabwe, where the local dollar has recouped nearly half of its value against the US dollar after a 90% plunge this year. That’s hurting businesses selling goods using exorbitant exchange ...

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• 18 July

  European bonds rally as ECB official signals rate reprieve

  

  BLOOMBERG A rally in European bonds gained steam on Tuesday after a key European Central Bank (ECB) official raised hopes that the end of the rate-hiking cycle is in view. Yields tumbled across the region, with those on Italian debt sinking 12 basis points after ECB Governing Council member Klaas Knot said monetary tightening beyond next week’s meeting is anything ...

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• 17 July

  Abdullah bin Zayed receives Tunisian FM

  

  ABU DHABI / WAM H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, today received Nabil Ammar, Tunisia’s Minister for Foreign Affairs, Migration and Tunisians Abroad, in Abu Dhabi. The meeting discussed ways to strengthen UAE-Tunisia ties and cooperation across economic, trade and investment fields. Sheikh Abdullah underscored the deep-rooted relations between their countries, and affirmed that the ...

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• 17 July

  Khaled bin Mohamed bin Zayed launches Balghaiylam residential development valued at AED 8 billion

  

  ABU DHABI / WAM H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, has launched Balghaiylam, a new residential development located north-east of Yas Island. Aldar Properties in partnership with the Abu Dhabi Housing Authority (ADHA) is developing the AED8 billion project as part of Abu Dhabi Government’s ...

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