May, 2023

• 9 May

  Green education helps create sustainable future for our generations, says Abdullah bin Zayed

  

  ABU DHABI / WAM His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Chairman of the Education and Human Resources Council (EHRC), emphasised the pressing need for global action to preserve the planet in light of the challenges posed by climate change and environmental damage. HH Sheikh Abdullah noted that the world is ...

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• 9 May

  GPSSA provides extended Emirati families with fair share of pension

  

  ABU DHABI / WAM The General Pension and Social Security Authority (GPSSA) provides extended Emirati families with their fair share of pension and social security coverage, thanks to a flexible and secure insurance scheme that offers life-long financial sustainability for eligible UAE nationals. The ‘Get Ready — Proactive Financial Planning’ campaign showcases the generous disbursements released by the GPSSA to ...

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• 9 May

  China flags supply chains, population as top policy priorities

  

  BLOOMBERG China is expected to roll out new policies to protect supply chains and boost its birth rate, after President Xi Jinping led a high-profile meeting that established these areas as top economic priorities. Economists at Goldman Sachs Group Inc and Oversea-Chinese Banking Corp (OCBC) say the government could announce new specific measures on how to address those challenges in ...

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• 9 May

  BYD to make electric vehicles in Vietnam in Southeast Asia push

  

  BLOOMBERG BYD Co plans to produce electric vehicles (EVs) in Vietnam and expects support from the country’s government to do so, the Southeast Asian nation said following a meeting between Deputy Premier Tran Hong Ha and the automaker’s chairman and founder, Wang Chuanfu. Wang expects Vietnam to create “favourable conditions” for BYD to complete investment procedures so it can quickly start ...

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• 9 May

  Brutal heat continues to grip Asia in warning for the world

  

  BLOOMBERG Asia remains in the grip of a blistering heat wave, chiming with predictions from climate scientists that 2023 could be the world’s hottest year. In an ominous sign ahead of the northern hemisphere summer, an emerging El Nino weather pattern is pushing the mercury to unprecedented levels in southern parts of the continent. Vietnam reported its highest ever temperature ...

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• 9 May

  IMF team flags risks to Bangladesh as reserves fall further

  

  BLOOMBERG The International Monetary Fund (IMF) flagged risks to the Bangladesh economy such as inflation, growth and foreign reserves as it concluded its mission under the $4.7 billion loan programme. “Persistent inflationary pressures, elevated volatility of global financial conditions, and slowdown in major advanced trading partners continue to weigh on growth, foreign currency reserves, and the Taka,” according to a ...

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• 9 May

  European stocks, US futures struggle

  

  BLOOMBERG European stocks struggled to build on the strong rebound as traders assessed hawkish comments from policy makers and disappointing data from the region’s biggest economy. Bond yields across Europe rose. The Stoxx Europe 600 index edged higher, with energy stocks outperforming as crude oil gained. With UK markets closed for a a holiday in honour of King Charles III, ...

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• 9 May

  Chinese bank stocks soar, add $166 billion in trading frenzy

  

  BLOOMBERG Chinese banking stocks are surfing a tide of optimism not seen since the nation’s 2015 equity bubble, as traders look to state lenders to galvanise a long-awaited market rally. The CSI 300 Financials Index jumped for a fifth session to reach its highest level since April 2022, adding $166 billion in market value in the process. The gains were ...

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• 8 May

  As part of ongoing humanitarian efforts, UAE evacuates 178 people from Sudan

  

  ABU DHABI / WAM An evacuation plane carrying 178 nationals from seven countries arrived in the UAE this afternoon from Sudan, which has experienced clashes since mid-April. The plane carried the most vulnerable groups of the sick, children, the elderly, and women, as the UAE has placed them at the top of its priorities. Among those evacuated onboard the flight ...

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• 8 May

  UK depositors pull $13.8bn out of banks after SVB crisis

  

  BLOOMBERG British households and businesses pulled almost £11 billion ($13.8 billion) out from banks in March as panic spread from the collapse of Silicon Valley Bank (SVB) and the takeover of Credit Suisse Group AG. Households took out almost $6.32 billion (£5 billion) from bank accounts in the first decline in deposits in almost five years, Bank of England (BOE) ...

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