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BLOOMBERG Argentine officials intend to lower a key target in the country’s $44 billion agreement with the International Monetary Fund (IMF) as a severe drought weakens the economic outlook, according to an Argentine government official. Both sides are discussing a smaller figure for net reserve accumulation in 2023, a cornerstone of the deal seen as the only major anchor providing ...

BLOOMBERG HSBC Holdings Plc is looking for a new global headquarters less than half the size of its current space in London’s Canary Wharf, according to the Sunday Times. The bank is considering a new head office of between 400,000 and 500,000 square feet, the newspaper reported. HSBC has been reviewing its workplace needs once its current lease ends in ...

BLOOMBERG The European Central Bank (ECB) will raise interest rates as high as necessary to bring inflation back down to 2%, said Governing Council member Ignazio Visco. It’s impossible for now to say what level borrowing costs will have to reach to achieve that target, Visco, who also heads Italy’s central bank, said in a Bloomberg TV interview. Policy will ...

BLOOMBERG Executives for JetBlue Airways Corp and Spirit Airlines Inc met with Justice Department officials in a final bid to persuade the antitrust agency to approve their $3.8 billion merger, said people familiar with the matter. The agency is expected to decide whether to challenge the deal in the next several weeks, the people said, asking not to be named ...

BLOOMBERG American Airlines Group Inc Chairman Doug Parker, a longtime advocate for consolidation who oversaw a merger that made the carrier the world’s largest, plans to retire from the board, a little over a year after stepping down as chief executive officer. Greg Smith, a former Boeing Co chief financial officer who joined the airline’s board in January 2022, will ...

BLOOMBERG Alibaba Group Holding Ltd is pushing aggressive cost-cutting to boost profit as growth in its domestic China market remains anemic, a conservative shift for a tech giant that once spent aggressively to dominate wide swaths of the economy. The online retailer reported net income rose a better-than-anticipated 69% to 46.8 billion yuan ($6.8 billion), but revenue rose just 2.1% ...

BLOOMBERG Hong Kong’s goal to reclaim its spot as Asia’s premier financial hub is being tested by a scarcity of workers in the air industry that’s vital for reestablishing the city’s international links. The damage caused by years of closed borders is proving hard to undo. The number of workers employed at the Norman Foster-designed airport at the end of ...

Abu Dhabi / WAM Emirates Nuclear Energy Corporation (Enec) announced that its operating and maintenance subsidiary Nawah Energy Company (Nawah), has commenced commercial operations of Unit 3 of Barakah Nuclear Energy Plant in the Al Dhafra Region of Abu Dhabi. As the third unit to be delivered in three consecutive years, this major accomplishment adds a further 1,400 megawatts (MW) ...

  Abu Dhabi / WAM Non-oil foreign trade between the UAE and Kuwait has grown 87 percent over the past ten years to reach AED43 billion by the end of 2022, compared to AED23.3 billion in 2013, according to preliminary data issued by the UAE’s Federal Competitiveness and Statistics Centre (FCSC). The FCSC data showed that the total trade between ...

  Abu Dhabi / WAM HH Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union, President of the Supreme Council for Motherhood and Childhood, Supreme Chairwoman of the Family Development Foundation and Honourary President of the Emirates Red Crescent (ERC), has directed to arrange medical treatment for a number of Syrian earthquake victims, including children, in the UAE hospitals. ...