May, 2023

• 30 May

  Sheikh Sultan issues Emiri Decree on Sharjah Social Security Fund

  

  SHARJAH / WAM His Highness Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, issued Emiri Decree No 30 of 2023 on the formation of the Board of Directors of the Sharjah Social Security Fund (SSSF). The Emiri Decree stipulates that the Board of Directors of the Sharjah Social Security Fund is formed, headed by ...

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• 30 May

  Latifa bint Mohammed attends graduation of Dubai Institute of Design and Innovation’s second cohort

  

  DUBAI / WAM Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority (Dubai Culture) and Member of the Dubai Council, attended the graduation ceremony of the second cohort of design students of the Dubai Institute of Design and Innovation’s (DIDI), at the Mohammed bin Rashid Library in Dubai. HH Sheikha Latifa highlighted Dubai’s ...

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• 30 May

  Dubai Chamber of Digital Economy concludes Asia visit

  

  DUBAI / WAM The Dubai Chamber of Digital Economy, a division of Dubai Chambers, has completed a successful roadshow across Hong Kong, the Philippines, South Korea, Malaysia, Singapore, and Japan. The purpose of the roadshow was to identify promising startups to participate in the upcoming Expand North Star event, scheduled to take place in Dubai from October 15-18. During the ...

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• 30 May

  Japan startup raises $30mn to build space robot workforce

  

  BLOOMBERG The Japanese startup Gitai, fresh off raising a new round of funding, is expanding in the US as it seeks to create a robot workforce that will reduce the costs and risks of operating in space. While Elon Musk and Jeff Bezos are working on rockets and the challenges of getting to space, Gitai Chief Executive Officer Sho Nakanose ...

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• 30 May

  Thailand must raise revenue to boost spending, says World Bank

  

  BLOOMBERG Thailand must bolster its revenue collection in the long term to meet growing public spending needs stemming from an aging population, according to the World Bank. Government expenditure on pensions, healthcare, education and climate adaptation will need to increase and this must be achieved without constraining economic growth and keeping public debt under control, the bank said in a ...

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• 30 May

  China, Japan ministers trade barbs at US meet

  

  BLOOMBERG The trade ministers of China and Japan exchanged protests over chip export controls and the detention of Japanese citizens at a meeting in Detroit, according to statements from both governments. Chinese Commerce Minister Wang Wentao complained about Japan’s chip export curbs and a Group of Seven “attack” on China during a meeting with Japanese Trade Minister Yasutoshi Nishimura in ...

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• 30 May

  South Korea to avoid cashing in on China’s US chipmaker ban

  

  BLOOMBERG South Korea will avoid capitalising on China’s ban on a US chipmaker, seeing the move by Beijing as an attempt to drive a wedge between Seoul and Washington, according to a person familiar with the situation. The South Korean government won’t encourage its memory-chip firms to grab market share in China lost by Micron Technology Inc, which has been ...

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• 30 May

  Morgan Stanley Asia job cuts include key China bankers

  

  BLOOMBERG  Morgan Stanley is letting go of at least six managing directors, including some key China bankers, as part of broader job cuts in Asia where dealmaking has been stymied by growing China-US tensions and tepid economic growth. Clarence Kwok, who’s focussed on mergers and acquisitions in China, Julia Xiao in corporate finance, and Tony Yin on the technology coverage ...

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• 30 May

  Bank of Japan to build case for big move in latter half of 2024

  

  BLOOMBERG  The Bank of Japan (BOJ) will gradually build a case for a major overhaul of its stimulus framework in the second-half of next year, using the results of a review to support its move, according to Bloomberg Economics (BE). Governor Kazuo Ueda is aware that the current yield curve control stimulus framework is unsustainable, as it distorts prices, lacks ...

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• 30 May

  MUFG’s $4 billion bond deal is Japan’s biggest this year

  

  BLOOMBERG  Mitsubishi UFJ Financial Group Inc raised 570 billion yen ($4 billion) worth of debt in what is Japan’s biggest yen bond deal this year. With yields rising, the lender offered a coupon of 2.127% on the perpetual non-callable 10-year and one-month Additional Tier 1 (AT1) bonds, underwriter Mitsubishi UFJ Morgan Stanley Securities Co said. That’s the highest coupon on ...

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