May, 2023

• 17 May

  Sheikh Abdullah bin Zayed meets EU’s High Representative for Foreign Affairs and Security

  

  BRUSSELS / WAM HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, held a meeting with Josep Borrell, European Union High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission. The discussions, which took place in Brussels, focussed on strengthening bilateral relations between the UAE, the EU, and its member states ...

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• 17 May

  UAE and Oman to enhance collaboration in field of education

  

  DUBAI / WAM The UAE Ministry of Education announced a collaboration agreement with its counterpart in the Sultanate of Oman, during an official visit by Dr Ahmad Belhoul Al Falasi, Minister of Education and the ministry’s delegation to Oman. This agreement aims to enhance collaboration and the exchange of expertise in the field of education between the two ministries. Dr ...

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• 17 May

  Microsoft cloud service under scrutiny from EU antitrust arm

  

  BLOOMBERG Microsoft Corp’s Azure cloud business has been targeted by the European Union’s antitrust arm, amid concerns the US software firm is leveraging its market power to squeeze out rivals. As part of an informal probe, regulators are quizzing competitors and customers about how Microsoft may be abusing its access to business-sensitive information belonging to cloud firms it has commercial ...

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• 17 May

  Macron pitches France to Elon Musk as top hub for electric cars

  

  BLOOMBERG Emmanuel Macron made his pitch that France is a leading hub for foreign investments and electric cars directly to Elon Musk, as the president seeks to attract global businesses. Macron and Musk, the head of electric-car maker Tesla Inc and the world’s second-richest person, discussed prospects for development in the electric vehicle and energy sectors at the presidential palace, ...

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• 17 May

  New York manufacturing index plunges most since April 2020

  

  BLOOMBERG A gauge of New York state manufacturing activity slumped in May by the most in more than three years as orders and shipments shrank abruptly. The Federal Reserve Bank of New York’s general business conditions index dropped 42.6 points to minus 31.8 in May, data showed. Readings below zero indicate contraction and the gauge was weaker than all estimates ...

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• 17 May

  EU raises euro zone inflation outlook on surge in core prices

  

  BLOOMBERG The European Commission raised its euro-zone inflation outlook and warned of “persistent challenges” even as it acknowledged the resilience of the region’s economy. Citing the strength of underlying pressures, European Union (EU) officials lifted their projections for consumer-price growth to 5.8% this year and 2.8% in 2024 from 5.6% and 2.5% respectively. Forecasts for economic expansion were also increased ...

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• 17 May

  UBS sees $34.8b gain on Credit Suisse, warns on markdowns

  

  BLOOMBERG UBS Group AG is gearing up for an estimated $34.8 billion gain as a result of its emergency takeover of Credit Suisse Group AG, while warning it faces billions in potential legal and regulatory costs from the rescue of its stricken former rival. The Swiss bank stands to benefit from the combined firms’ negative goodwill, based on a first ...

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• 17 May

  SNB says 1,000-franc bills account for half of all Swiss cash

  

  BLOOMBERG  More than half of all Swiss cash in circulation, almost 50 billion francs ($56 billion), is held in 1,000-franc bills, though a significant part of those notes might be in other countries, according to Swiss National Bank (SNB) Vice President Martin Schlegel. “We assume that a good portion is also circulating abroad and is used to store value,” Schlegel told ...

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• 17 May

  Deutsche Bank seeks 40% cut to Frankfurt offices on remote work

  

  BLOOMBERG  Deutsche Bank AG is seeking to cut office space by 40% at its key base as a rising number of employees work from home. Germany’s largest lender expects to achieve reductions across Frankfurt and neighbouring Eschborn by the end of 2024, it said in a response to an investor question at its annual general meeting on Wednesday. Almost two ...

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• 17 May

  RBI to consider dividend payout on May 19

  

  BLOOMBERG  The Reserve Bank of India’s (RBI) board will meet on May 19, when it is expected to consider a dividend payout to the government. The meeting will be held in Mumbai, the people said, asking not to be identified as the details are private. The authority typically reviews its finances and how much it can transfer to the government ...

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