May, 2023

• 11 May

  Beyond Meat plans to raise $200m in offering

  

  BLOOMBERG Beyond Meat Inc seeks to raise as much as $200 million in an equity offering as the plant-based burger maker contends with falling sales and a decline in cash reserves. The company filed a prospectus supplement with the US Securities and Exchange Commission, according to a statement. The proceeds will be used for “general corporate and working capital purposes,” ...

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• 11 May

  Ryanair wins EU fight over Covid aid for Lufthansa, SAS

  

  BLOOMBERG A European Union (EU) court toppled Germany’s massive bailout of Deutsche Lufthansa AG at the height of the Covid-19 pandemic, backing Ryanair Holdings Plc’s claims that the package unfairly tilted competition towards its rival. Terms of a €6 billion-euro ($6.6 billion) recapitalisation approved by the European Commission were too favourable to Lufthansa, and demands that Europe’s biggest network carrier ...

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• 11 May

  Pakistan’s top court frees ex-PM Imran Khan from custody

  

  BLOOMBERG Pakistan’s Supreme Court ruled that former premier Imran Khan’s arrest by the anti-graft agency was illegal and ordered for the ex-cricket star to be freed from custody, a dramatic about-turn in the ongoing political drama. Khan was presented before the top court for an appeal hearing against his arrest, which has fuelled nationwide protests. Security officials were stationed around ...

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• 11 May

  Turkish president contender withdraws days before poll

  

  BLOOMBERG Turkish presidential contender Muharrem Ince withdrew from Sunday’s election, narrowing the field of rivals to incumbent Recep Tayyip Erdogan and injecting fresh uncertainty into the contest over how his supporters will vote. “I am withdrawing from the race. I am doing this for my homeland,” Ince told reporters in a press briefing in Ankara. He asked for “a vote ...

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• 11 May

  Myanmar peace plan stalls as Asean sees no major progress

  

  BLOOMBERG There’s been no significant progress on the Association of Southeast Asian Nations’ (Asean) five-point peace proposal for Myanmar that would include ending violence and committing to free elections, according to Indonesia President Joko Widodo. “Asean unity is needed to formulate the way forward,” Indonesia’s leader said as the two-day summit wraps up in the island of Labuan Bajo. “But ...

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• 11 May

  Ukraine needs more than a $30b arsenal to strike back

  

  BLOOMBERG Armed with well over $30 billion in weapons freshly supplied by its allies, Ukraine is gearing up for a counteroffensive that may push Russia closer to ending its war, or show neither side has enough firepower to seize the advantage. Kyiv’s troops will leverage that hardware — shipments delivered since December that cost more than any North Atlantic Treaty ...

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• 11 May

  Abu Dhabi, AIM partner with China to attract capital-rich firms

  

  ABU DHABI / WAM The United Arab Emirates’ capital, Abu Dhabi, is set to further solidify its prominence as a leading hub of dynamic institutions and industry-leading initiatives with the Annual Investment Meeting (AIM) entering into a partnership with Beijing-based investment banking firm and fund manager China Bridge Capital and Silicon-based NextG Tech Ltd. The agreement was signed during this ...

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• 11 May

  UAE-France trade up 17% to hit AED29.5bn in 2022

  

  ABU DHABI / WAM The trade exchange between the UAE and France grew by 16.8 percent in 2022, reaching AED29.44 billion ($8 billion), compared to AED25.2 billion ($6.8 billion) in 2021, according to data from the Federal Competitiveness and Statistics Centre. In 2022, the bilateral trade between the two countries consisted of imports valued at AED 25.2 billion, while exports ...

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• 11 May

  Adnoc Gas reports Q1 net income of $1.3bn

  

  ABU DHABI / WAM Adnoc Gas plc on Thursday announced its first quarterly financial results since its formation and initial public offering (IPO) for the three months ended on March 31. The company’s unaudited pro forma financial results for the comparative period (the three-month period ended on March 31, 2022 (Q1 2022)) noted herein are reported on a pro forma ...

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• 11 May

  Three UAE aid planes arrive to assist Sudanese people

  

  ABU DHABI / WAM The UAE sent three aid planes to support the Sudanese people, carrying more than 116 tonnes of medical and food supplies. The aid comes as part of efforts to provide urgent relief to affected civilians in Sudan, support the displaced in neighbouring countries, and contribute to alleviating the humanitarian impact of the current crisis, particularly prioritising ...

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