June, 2023

• 23 June

  Dubai’s DET signs pact with Mastercard to launch Digital City Partnership

  

  DUBAI / WAM Dubai’s Department of Economy and Tourism (DET) signed a memorandum of understanding (MoU) with Mastercard, a global leader in payment innovation and technology, to form a Digital City Partnership to further accelerate the emirate’s economic growth in line with the goals of the Dubai Economic Agenda, D33. A global first at a city level, the strategic alliance ...

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• 23 June

  AD Ports, Karachi Port sign 50-year concession pact

  

  KARACHI / WAM AD Ports Group announced on Thursday the signing of a concession agreement with Karachi Port Trust (KPT), the Pakistani federal government agency that oversees the operations of the Port of Karachi. Under the terms of the 50-year concession agreement, a Joint Venture between AD Ports Group, as a majority shareholder, and Kaheel Terminals, a UAE-based company has ...

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• 23 June

  Sheikh Khaled attends graduation ceremony of 18th cohort of UAE National Service programme

  

  ABU DHABI / WAM HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has attended the graduation ceremony of the 18th UAE National Service programme cohort (2022-2023), held at Sweihan Training Centre in Abu Dhabi. During the ceremony, His Highness congratulated the graduates and wished them success ...

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• 23 June

  UAE President receives Turkish Vice President

  

  ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan on Thursday met with Cevdet Yilmaz, Vice President of Türkiye, to discuss ways to further develop cooperation between the two countries within the framework of their Comprehensive Economic Partnership Agreement. HH received Yilmaz and accompanying delegation at Al Shati Palace in Abu Dhabi. The Turkish Vice ...

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• 23 June

  Australia’s central bank frets over inflation risk in ‘balanced’ rate call

  

  BLOOMBERG Australia’s central bank weighed the risk of upside surprises to inflation from a tight labour market and rising home prices when it decided to deliver a surprise interest-rate increase this month. The Reserve Bank’s board discussed the case to pause but concluded the “finely balanced” arguments were in favour of raising the cash rate to 4.1% — a level ...

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• 23 June

  UBS to face fresh penalties over Credit Suisse’s fiasco

  

  BLOOMBERG UBS Group AG faces hundreds of millions of dollars in regulatory fines over Credit Suisse Group AG’s dealings with Archegos Capital, as the Swiss bank inherits its former rival’s entire litigation portfolio, according to a person familiar with the matter. The US Federal Reserve’s fine over Archegos may be as high as $300 million, while the UK’s Prudential Regulation ...

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• 23 June

  New Zealand announces banking inquiry amid concerns

  

  BLOOMBERG New Zealand’s government announced an inquiry into its banking sector amid concerns that lenders are making excessive profits. Cabinet has agreed to a market study into competition in the sector for personal banking services to ensure the market is working well for New Zealanders, Finance Minister Grant Robertson said in Wellington. It will be conducted by the antitrust watchdog ...

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• 23 June

  Chinese banks disappoint investors with modest reduction to five-year rate

  

  BLOOMBERG Chinese banks followed the central bank by lowering their benchmark lending rates, although a relatively modest reduction to the mortgage reference rate disappointed investors. The one-year and five-year loan prime rates were reduced by 10 basis points each, according to a statement by the People’s Bank of China (PBOC). While that was in line with the reduction in the ...

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• 23 June

  India Palace and Golden Dragon – Two new restaurants open in Sharjah’s Al Heera Beach

  

  SHARJAH / GULF TIME UAE’s Favourite Indian Restaurant, India Palace, and favourite Asian restaurant Golden Dragon opens doors to two new outlets in Sharjah, giving more people in UAE the opportunity to indulge in authentic Indian cuisine and savor their legendary biryanis, carefully curated selection of Indian kebabs, and exquisite curries, in Sharjah at its new flagship location at Al ...

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• 22 June

  UAE President receives Iran’s foreign minister

  

  ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan on Thursday met with Hossein Amir-Abdollahian, Minister of Foreign Affairs of the Islamic Republic of Iran, who is on a working visit to the UAE. During the meeting, which took place at Al Shati Palace in Abu Dhabi, the Iranian Foreign Minister conveyed to His Highness ...

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