May, 2023

• 15 May

  Honda climbs after profit outlook tops estimates

  

  BLOOMBERG Honda Motor Co shares rose the most in seven weeks after the Japanese automaker forecast profit for the current fiscal year that slightly exceeded analysts’ projections and a buy back of as much as ¥200 billion ($1.5 billion) of its own shares. Operating profit for the period through March 2024 will be ¥1 trillion, the company said. That compares ...

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• 15 May

  Sunak backs ‘jets coalition’ to get Ukraine fighter aircraft

  

  BLOOMBERG Prime Minister Rishi Sunak pledged support for a coalition to help provide Ukraine with a fleet of Western-made fighter jets, although he stopped short during a surprise UK visit by President Volodymyr Zelenskiy of promising actual aircraft. Sunak told Zelenskiy on Monday that he was “very keen to build that coalition of countries to give Volodymyr and his people ...

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• 15 May

  Thailand’s top opposition parties agree to link up after vote

  

  BLOOMBERG Thailand’s two biggest pro-democracy parties agreed to join in a coalition that would give them a clear majority in the lower house, moving to quickly maintain momentum after a stronger-than-forecast showing in the elections. The liberal Move Forward party claimed a mandate to lead after topping the polls, with party chief Pita Limjaroenrat taking to Twitter to say he ...

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• 15 May

  Philippine central bank may pause interest rate hikes soon, says Governor

  

  BLOOMBERG  The Philippine central bank is likely to leave its key interest rate unchanged this week, Governor Felipe Medalla said, as cooling inflation gives monetary authorities reason to pause the most aggressive tightening cycle in two decades. “If for sure this is a permanent trend, clearly we must pause,” Medalla told reporters on the side-lines of a forum of the ...

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• 15 May

  PBOC extends cash support in May after credit growth drop

  

  BLOOMBERG  China’s central bank injected more long-term liquidity into the financial system for the sixth month in a bid to bolster economic growth after multiple indicators revealed faltering recovery momentum. The People’s Bank of China (PBOC) offered 125 billion yuan ($18 billion) of medium-term lending facility, 25 billion yuan more than the amount maturing in May. Eight of 10 analysts ...

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• 15 May

  Stocks advance on hopes for debt-ceiling breakthrough

  

  BLOOMBERG Stocks and commodities climbed as investors bet that US politicians will be able to negotiate a solution to the debt-ceiling standoff, with President Joe Biden voicing optimism that a deal could be reached. S&P 500 futures climbed 0.4%, signalling a rebound from May 12 retreat. Other markets tilted risk-on, with copper advancing and mining shares leading gains among European ...

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• 15 May

  Adani stocks decline as fundraising plans spur dilution concerns

  

  BLOOMBERG Shares of Indian billionaire Gautam Adani’s group declined on Monday after boards of two firms approved proposals to raise as much as $2.6 billion, with market watchers flagging concerns about potential equity dilution. Adani Enterprises Ltd, the incubator for new group businesses, slid 4.4% — the most intraday since May 3. The firm got a nod to raise as ...

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• 14 May

  Sheikh Mohammed announces record participation in 7th Arab Reading Challenge for 2023

  

  DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced that the 7th edition of the Arab Reading Challenge for 2023 has seen record participation and an 11 percent increase compared to last year’s numbers. Around 24.8 million students, including over 22,500 people of determination, are taking ...

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• 14 May

  Abu Dhabi chamber sponsors Emirates Labour Market Award

  

  ABU DHABI / WAM The Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced its sponsorship of the Emirates Labour Market Award, organised under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Minister of the Presidential Court. The award aims to recognise the efforts of leading private sector entities and outstanding ...

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• 14 May

  UAE’s EDB discusses future of banking at MEA summit

  

  ABU DHABI / WAM Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement of the UAE, took part in the annual MEA Finance Banking Technology Summit and Awards 2023. The lively summit, held at the Armani Hotel, Burj Khalifa, gathered top banking and finance leaders and the region’s leading technology professionals to debate the ...

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