May, 2023

• 1 May

  JPMorgan to acquire failed regional bank First Republic

  

  BLOOMBERG  JPMorgan Chase & Co won the bidding to acquire First Republic Bank in an emergency government-led intervention after private rescue efforts failed to fill a hole on the troubled lender’s balance sheet and customers yanked their deposits. JPMorgan will take over First Republic’s assets, including about $173 billion of loans and $30 billion of securities, as well as $92 ...

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• 1 May

  Bond volatility has busted safety valve of 60/40 portfolio

  

  BLOOMBERG The biggest swings in bonds in more than a decade this year are a fresh challenge to the time-honoured 60/40 investment strategy. Holding 60% of portfolios in stocks and 40% in bonds, revered as reliable for decades, fell 17% last year, the worst performance since 2008. While it’s unlikely such a dismal result will be repeated this year, some ...

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• 1 May

  Hawkish Fed may damp stock rally, says Morgan Stanley

  

  BLOOMBERG Stock market investors holding on to hopes that the Federal Reserve will cut rates in the second half could be disappointed later this week, according to Morgan Stanley’s Michael Wilson — a staunch Wall Street bear. The US central bank is expected to hike interest rates on May 3, marking the 10th consecutive increase going back to March 2022. ...

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• 1 May

  Sheikh Mohammed issues directives to form Board of Trustees for ‘1 Billion Meals Endowment’

  

  DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued directives for the formation of a Board of Trustees for the “1 Billion Meals Endowment” initiative, which falls under the umbrella of Mohammed bin Rashid Al Maktoum Global Initiatives. The move aims to ensure managing and ...

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• 1 May

  Sheikh Mansour and Al-Burhan review situation in Sudan

  

  ABU DHABI / WAM His Highness Sheikh Mansour bin Zayed Al Nahyan, the UAE Vice President, and Lt General Abdel Fattah Al Burhan, Chairman of the Transitional Sovereignty Council of Sudan, reviewed the cooperation ties between the two nations and the latest developments in Sudan. This came over a phone call HH Sheikh Mansour held with Al Burhan, wherein the ...

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• 1 May

  Second evacuation plane from Sudan arrives in UAE

  

  ABU DHABI / WAM A second evacuation plane from Sudan, carrying 136 UAE citizens, along with diplomats and nationals from nine other countries, including vulnerable groups of the sick, children, the elderly and women, has arrived in the UAE. The evacuation operation aligns with the UAE’s commitment to humanitarian assistance and to its efforts to promote international solidarity and cooperation. ...

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• 1 May

  UAE participates in Joint Annual Meeting of Arab Financial Institutions in Morocco

  

  RABAT / WAM Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation participating in the Joint Annual Meeting of Arab Financial Institutions held in Rabat, Morocco. The meetings reviewed ways to promote sustainable development in the region and the most prominent global issues, including the circular economy and sustainable finance. The UAE delegation included Khaled ...

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• 1 May

  Team Abu Dhabi take lead in title race in Grand Prix of Zhengzhou

  

  ZHANGZHOU / WAM Shaun Torrente and Rashed Al Qemzi combined to give Team Abu Dhabi a rewarding end to the Grand Prix of Zhengzhou as Sweden’s Jonas Andersson won the second round of UIM F1H2O World Championship in China. Three-time world champion Torrente battled his way from fourth at the start to second place behind Andersson as the Swede produced ...

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April, 2023

• 30 April

  Colombia lifts key rate to most since 1999 after market dive

  

  BLOOMBERG Colombia raised interest rates to the highest level since 1999 after political turmoil triggered a plunge in the nation’s bonds and currency. The central bank lifted its benchmark rate by a quarter percentage point to 13.25% on, Governor Leonardo Villar told reporters in Bogota. Four of the seven-member board voted for the move, two voted to hold, and one ...

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• 30 April

  China’s biggest banks post scant profit gains

  

  BLOOMBERG China’s biggest lenders, including Industrial & Commercial Bank of China Ltd (ICBC), eked out profit growth in the first quarter of 2023 as they wrestled with shrinking margins and the lingering economic impact of China’s exit from Covid zero. Net income at ICBC rose 0.02% to 90.2 billion yuan ($13 billion) from the year-earlier period, according to an exchange ...

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