May, 2023

• 28 May

  Ryanair wins fight with EU over Covid aid to rivals

  

  BLOOMBERG Ryanair Holdings Plc notched up another court victory in its fight against Covid-19 bailouts to rivals, this time winning its challenge to a €130 million ($140 million) subsidy for Italian carriers affected by the pandemic. The EU’s General Court annulled the European Commission’s 2020 decision to clear the Italian aid package under the bloc’s state-aid rules, saying regulators failed ...

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• 28 May

  Cathay CEO says cabin crew incident hurt Hong Kong’s image

  

  BLOOMBERG An incident involving three Cathay Pacific Airways Ltd cabin crew making “inappropriate comments” about customers on a recent flight has set back the airline’s recovery and caused significant damage to its image, as well as Hong Kong’s, the carrier’s chief executive officer told employees. Ronald Lam, who became CEO at the start of the year, was referring to a ...

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• 28 May

  EU’s top lenders would need central bank aid in crisis: SRB

  

  BLOOMBERG The failure of Credit Suisse Group AG shows that Europe’s top lenders would still need liquidity assistance from central banks if they were to collapse, according a top regulator. That case made clear that the needs of a so-called global systemically important bank in crisis would outstrip the bloc’s bank failure fund, as well as a planned additional facility, ...

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• 28 May

  Indian central bank’s dollar purchases cast a pall over the rupee

  

  BLOOMBERG Dollar purchases by the Indian central bank to limit the impact of foreign inflows are helping lead to shortages of the US currency in the Indian banking system and weighing on the rupee, according to analysts. The rupee has given up all of this year’s gains, having been up about 1% at the beginning of May and among Asia’s ...

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• 28 May

  Scotiabank misses estimates as provisions bigger than forecast

  

  BLOOMBERG Bank of Nova Scotia (Scotiabank) missed analysts’ estimates as the lender failed to capitalise on rising interest rates and took a bigger provision for potentially souring loans than expected. Net interest margin — the difference between what the bank earns from loans and what it pays depositors — was 2.13% in the fiscal second quarter, compared with 2.11% in ...

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• 28 May

  Bank of Montreal reports surprise drop

  BLOOMBERG Bank of Montreal posted a surprise drop in fiscal second-quarter profit as it set aside a larger provision for loan losses than analysts had expected and trading revenue fell. The bank’s provision for credit losses of C$1.02 billion ($755 million) included an initial C$517 million on the performing loan portfolio of Bank of the West, the bank said in ...

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• 28 May

  DBS sees profit exceeding $7.4 billion within five years

  

  BLOOMBERG DBS Group Holdings Ltd expects to achieve earnings of more than S$10 billion ($7.4 billion) in the medium term, driven by a strong balance sheet and an ongoing digital transformation. Return-on-equity is expected to be in a range of 15% to 17%, Southeast Asia’s biggest lender said in an investor day presentation, referring to a time frame of three ...

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• 26 May

  UAE President issues law establishing Awqaf and Minors Affairs Authority

  ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, has issued a law establishing the Awqaf and Minors Affairs Authority (Amaa) in Abu Dhabi. Amaa will assume the responsibilities of the Social Care and Minors Affairs Foundation (SCMAF), with the transfer of all SCMAF’s assets, properties, rights ...

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• 26 May

  Khaled bin Mohamed bin Zayed visits  32nd Abu Dhabi International Book Fair

  ABU DHABI / WAM His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has visited the 32nd Abu Dhabi International Book Fair (Adibf) on Friday. Organised by Abu Dhabi Arabic Language Centre (ALC), part of the Department of Culture and Tourism — Abu Dhabi (DCT Abu ...

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• 26 May

  Benefits of expanding businesses to Ras Al Khaimah to Chinese investors highlighted

  

  RAS AL KHAIMAH / WAM A top-level delegation from Ras Al Khaimah Economic Zone (Rakez) concluded its trip to China, where it effectively engaged with numerous investors across five major cities with the exceptional benefits of expanding businesses to Ras Al Khaimah. The Rakez team interacted with prominent Chinese business owners operating in a diverse range of sectors, including master ...

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