May, 2023

• 8 May

  More Chinese banks cut deposit rates as their margins shrink

  

  BLOOMBERG At least three nationwide Chinese banks lowered deposit rates, following a similar move by their smaller rivals in April as lenders battle shrinking margins. Mid-sized national banks including China Zheshang Bank Co, Hengfeng Bank Co and China Bohai Bank Co said they lowered deposit rates as much as 30 basis points on some tenors. After the adjustment, these lenders ...

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• 8 May

  TD Bank, First Horizon agree to terminate $13 billion merger

  

  BLOOMBERG Toronto-Dominion Bank (TD Bank) and First Horizon Corp have agreed to terminate their previously announced merger amid uncertainty about the possibility of regulatory approvals. The lenders said in a statement that they “entered into a mutual agreement” to terminate their 2022 merger. TD will make a $200 million cash payment to Memphis-based First Horizon, on top of a $25 ...

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• 8 May

  National Bank of Australia chief says profit getting harder to make

  

  BLOOMBERG Australian bank margins have hit the peak and earnings are going to become harder to eke out, National Australia Bank Ltd (NAB) Chief Executive Officer (CEO) Ross McEwan warned. Speaking to Bloomberg Television after a record half-year profit failed to ease investor nerves about the bank’s outlook, McEwan said a decline in the share price was “somewhat expected.” “The ...

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• 8 May

  Morgan Stanley in talks to resolve US block trading probes

  

  BLOOMBERG Morgan Stanley said it’s in talks with US prosecutors and regulators to resolve a probe into its block trading practices. “The firm is currently engaged in discussions regarding potential resolution of the investigations by the enforcement division of the US Securities and Exchange Commission (SEC) and the US Attorney’s Office for the Southern District of New York into various ...

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• 8 May

  Global forum spotlights actions to make trade more sustainable

  

  GENEVA / WAM The United Nations Conference on Trade and Development (UNCTAD) will host the third UN Trade Forum on May 8-9 to identify trade policies that can help countries grow their economies while tackling pressing global challenges and accelerating progress towards achieving the UN’s Sustainable Development Goals. The forum will give particular attention to developing countries, which have been ...

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• 8 May

  Seha’s Corniche Hospital takes pride in dedication to motherhood in Abu Dhabi

  

  ABU DHABI / WAM Corniche Hospital, part of the Abu Dhabi Health Services Company (Seha) — a subsidiary of the PureHealth Group — the UAE’s largest integrated healthcare platform, has launched a new, exciting model of care in its outpatient obstetric clinics — Al Heba Clinics — to commemorate the International Day of the Midwife. Part of the vision of ...

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• 8 May

  Enec signs pact with key Chinese energy entities

  

  ABU DHABI / WAM The Emirates Nuclear Energy Corporation (Enec) has announced the signing of three memorandums of understanding (MoUs) with the Nuclear Power Operations Research Institute, the China National Nuclear Corporation Overseas and the China Nuclear Energy Industry Corporation. The signings of the MoUs were attended by Mohamed Ibrahim Al Hammadi, Managing Director and Chief Executive Officer of Enec. ...

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• 8 May

  UAE welcomes talks between Sudanese Armed Forces and Rapid Support Forces

  

  ABU DHABI / WAM The UAE has welcomed the start of talks between representatives of the Sudanese Armed Forces and the Rapid Support Forces in Jeddah. In a statement, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) commended the role of the Kingdom of Saudi Arabia and the United States of America and their efforts to ensure the dialogue ...

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• 8 May

  Annual Investment Meeting commences in Abu Dhabi

  

  ABU DHABI / WAM Participants from 170 countries have started arriving to attend the Annual Investment Meeting (AIM Global 2023), the premier investment platform for global investors that is set to kick off its 12th edition in Abu Dhabi on May 8 to 10. The three-day event is expected to attract an international audience of top executives, decision makers, senior ...

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• 8 May

  ‘Gallant Knight 2’ provides medical treatment for 300 cases in Syria

  

  LATAKIA / WAM The number of beneficiaries of humanitarian, medical and treatment aid has reached about 1,100 Syrian families, with some 6,000 people, including 300 Syrian beneficiaries of urgent medical cases, according to the Emirates Red Crescent (ERC) delegation in Syria operating as part of Operation “Gallant Knight 2” that was launched by the Joint Operations Command of the Ministry ...

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