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ABU DHABI / WAM In line with the directives of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the follow-up of HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Executive Council, Modon Properties, which specialises in developing vibrant communities, unique hospitality and lifestyle experiences, and world-class sports facilities, ...
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June, 2023
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13 June
UAE’s ECI, KazakhExport ink pact to boost trade ties
DUBAI / WAM Etihad Credit Insurance (ECI), the credit protection company of the UAE government, has signed an MoU with Export Insurance company “KazakhExport†to enhance trade and support sustainable economic growth between the UAE and Kazakhstan. The MoU is in line with the “We the UAE 2031†vision aimed at strengthening bilateral economic relations between the two countries, driving ...
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13 June
ERC distributes Eid clothing to orphans, cancer patients children in Syrian governorates
LATAKIA / WAM The Emirates Red Crescent (ERC) delegation has distributed Eid clothing to more than 100 orphan and cancer patients children in the governorate of Latakia, Syria. The gesture was part of Operation Gallant Knight 2, a humanitarian initiative launched by the Joint Operations Command of the Ministry of Defence. The aim of the operation is to bring joy ...
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13 June
China’s surprise rate cut fuels expectations of more easing
BLOOMBERG China’s central bank surprised most economists and market participants by cutting a short-term policy interest rate, a sign that officials are increasingly concerned about faltering growth and are stepping up stimulus to boost the recovery. The People’s Bank of China (PBOC) lowered the seven-day reverse repurchase rate by 10 basis points to 1.9% on Tuesday, the first reduction in ...
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13 June
India’s inflation to cool gradually, says RBI chief
BLOOMBERG India’s disinflation process is “likely to be slow and protracted†and the central bank may meet its 4% target only in the medium term, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. “The cumulative impact of our monetary policy actions over the last one year is still unfolding and yet to materialise fully,†Governor Das said ...
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13 June
Gold jewellery recycling in India matches record in ’23
BLOOMBERGÂ Indians will probably sell a record amount of used gold jewelry this year to take advantage of a surge in domestic prices of the precious metal, according to the World Gold Council. If local prices continue to rise, recycled bullion sales are expected to jump more than 20% and match the previous high of 119.5 tons set in 2019, ...
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13 June
Santander cuts UK jobs, moves more equity research to Spain
BLOOMBERG Banco Santander SA has closed down its UK-based equity research team as it shifts analysis of companies to its headquarters outside Madrid, according to two people familiar with the matter. Four London-based analysts have left the lender, which had offered them the option of relocating to Spain, according to the people, who can’t be named because the matter isn’t ...
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13 June
UBS plans HK investor event to carry on Credit Suisse legacy
BLOOMBERGÂ UBS Group AG will host a major conference in Hong Kong next year to carry on the tradition of Credit Suisse Group AG after acquiring its former Swiss rival earlier this week. The event will be held from May 27 to 29 next year in Hong Kong, according to Tim Wannenmacher, co-head of global markets for Asia-Pacific at UBS. ...
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13 June
Shell chief’s latest strategy sees long-term future for natural gas
BLOOMBERG Shell Plc sees a long-term role for natural gas in the world’s energy mix and aims to expand in key growth markets as Chief Executive Officer Wael Sawan revises the company’s strategy. Liquefied natural gas (LNG) teams are being urged to do more business in China and India, and the company is providing higher bonuses for deals struck in ...
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13 June
Vietnam’s factories boost operations as power shortages ease
BLOOMBERGÂ Severe power shortages in northern Vietnam are beginning to ease, allowing manufacturers to extend operating hours after blackouts curtailed production. Thousands of factories in the region, which houses plants owned by Samsung Electronics Co and suppliers to iPhone-maker Apple Inc, have gone without sufficient power since nationwide outages began last month. Northern provinces, including Bac Giang, have been worst ...
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