June, 2023

• 26 June

  Hong Kong’s stock trading in yuan starts with one exception

  

  BLOOMBERG  Hong Kong’s initiative to allow trading of some locally-listed stocks in yuan has seen a muted start, with an average of just 1% of volume in those counters using the Chinese currency. One outlier has been China Mobile Ltd, which has seen yuan trading account for almost 10% of shares exchanged since the ability to transact the stock using ...

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• 26 June

  Apple illegally interrogated retail staff about union, rules judge

  

  BLOOMBERG  Apple Inc “coercively interrogated” retail employees about their pro-union sympathies and restricted the circulation of union flyers, a US labour board judge ruled, marking a victory for labor organisers at the world’s most valuable company. In a decision, a National Labor Relations Board (NLRB) judge wrote that Apple violated the rights of employees at its World Trade Center store ...

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• 26 June

  Nvidia tops Tesla as ESG funds ratchet up AI exposure

  

  BLOOMBERG  Nvidia Corp’s stratospheric ascent has lured at least 100 more ESG funds in recent weeks, transforming the company into one of the most popular stocks among asset managers who integrate environmental, social and governance metrics into their investment strategies. There are now over 1,400 ESG funds directly holding Nvidia, according to data compiled by Bloomberg based on the latest ...

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• 26 June

  Bank stocks hit by worst week since May as regulatory ‘waves’ loom

  

  BLOOMBERG  Bank stocks’ recovery from their swoon earlier this year took a step back, with one prominent analyst cautioning that US lenders face a series of regulatory headwinds over the next few months. After rallying for the better part of a month since hitting their lowest level in more than two years, banking shares once again find themselves under pressure, ...

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• 26 June

  Powell wins over bond traders dialing back bets on downturn

  

  BLOOMBERG  The bond market is finally getting in sync with Jerome Powell’s outlook for the economy. Traders have scrapped once-aggressive wagers that the Federal Reserve chief would pivot to easing policy before the end of this year, reflecting deeply diminished expectations that the central bank’s rate hikes are poised to set off a sharp recession. Bond yields have risen back ...

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• 26 June

  UK banks to pass all of rate hikes to some savers, says JPMorgan

  

  BLOOMBERG British lenders will likely have to pass on all of the Bank of England’s record rate hikes to some savers, a JPMorgan Chase & Co analyst predicted as he warned of intensifying risks to profits in the sector. “With increased political pressure, we believe that deposit pass-through is likely to be closer to 100% on interest-bearing time deposits, with ...

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• 26 June

  Goldman Sachs to layoff 125 managing directors globally

  

  BLOOMBERG  Goldman Sachs Group Inc has started cutting managing directors (MD) across the globe as the firm reduces its headcount amid a deals slump, according to people familiar with the matter. About 125 MDs, including some in investment banking, will lose their jobs, said one of the people, who asked not be identified because the cuts aren’t public. Not all ...

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• 25 June

  Mohammed bin Rashid congratulates top high-school achievers

  

  DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, on Sunday congratulated top high school achievers of the current academic year. His Highness Sheikh Mohammed called Yasmin Mahmoud Abdullah Mohammed Ali, who finished first in the Elite Stream at Rashidiya High School in Dubai, to congratulate her. “I spoke with ...

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• 25 June

  UAE leaders wish President of Slovenia on National Day

  

  ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to Nataša Pirc Musar, President of Slovenia, on the occasion of her 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 His Highness Sheikh Mansour ...

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• 25 June

  UAE’s GDP grew by 7.9% in 2022, says economy minister

  

  DUBAI / WAM Abdullah bin Touq Al Marri, Minister of Economy, said that the preliminary estimates of the UAE’s gross domestic product (GDP) for 2022, issued by the Federal Competitiveness and Statistics Centre, reaffirm the robustness of the country’s economic performance and its achievement of positive growth rates that exceeded estimates. The UAE’s GDP in 2022 at constant prices totalled ...

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