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The Bank of Canada signalled it’s nearing the end of its interest-rate hiking campaign, potentially providing a model for counterparts elsewhere as recession risks mount. The central bank unexpectedly slowed its pace of rate increases, amid concern Canada’s economy is already flirting with a recession. Governor Tiff Macklem boosted the benchmark overnight lending rate by 50 basis points, instead of ...

It’s too soon to write off the dollar’s dominance as the US rate-hike cycle may not be near its peak. That’s the firm conviction of money managers at JPMorgan Asset Management and Fivestar Asset Management even after a gauge of the greenback touched a one-month low. Signs that aggressive Federal Reserve tightening is starting to take a toll are fuelling ...

It was supposed to be the silver lining to a year of brutal losses. As bond-fund managers watched the market value of their portfolio decline rate hike after rate hike, one thing was certain: companies would soon have to return to the market offering juicier yields. But for all the yield concessions companies have had to offer investors to raise ...

Abu Dhabi / WAM     The International Renewable Energy Agency (Irena) kicked off its twenty-fourth Council meeting on Thursday in Abu Dhabi. The biannual two-day meeting, chaired this year by Uruguay, gathers more than 400 delegates from 108 countries to discuss the world’s energy transition ahead of the annual UN Climate Change Conference (COP27) in Sham el-Sheikh, Egypt. “We are staring ...

Abu Dhabi / WAM The United Arab Emirates welcomed joint cooperation between the Arab Republic of Egypt and the International Monetary Fund (IMF) in light of the agreement reached by the two parties. The UAE affirmed its support for efforts by the Arab Republic of Egypt to implement the necessary economic and structural reforms to ensure the preservation of strong, ...

Abu Dhabi / WAM  President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Karl Nehammer, Federal Chancellor of the Republic of Austria, have witnessed the signing of a Strategic Energy Security and Industrial Cooperation (Sesic) partnership between the UAE and Austria. The Sesic will focus on projects of mutual interest in refined products, liquefied natural gas (LNG), renewables, and ...

Abu Dhabi / WAM Jaheziya, a single-stop service provider for defence solutions and emergency response services, on Thursday announced their participation in Adipec 2022, where they will unveil a new strategic business collaboration, and underscore their innovative solutions intended to aid energy sector training and technology initiatives. At the event, running from October 31 to November 3 at the Abu ...

Dubai / WAM Emirates Islamic’s (EI) bank net profit jumped to AED1.054 billion for the first nine months of 2022 on higher funded and non-funded income with a significant reduction in the cost of risk, reflecting improved business sentiment. In the period from January-September, the bank recorded a strong operating performance on higher funded and non-funded income coupled with reduction ...

Chris Bryant Fed up with having his private jet tracked by climate activists typing on Twitter, Bernard Arnault has sold the capacious Bombardier 7500 aircraft belonging to his luxury goods company LVMH Moet Hennessy Louis Vuitton SE. But the world’s third-richest man isn’t about to join the masses flying commercial (quelle horreur!). Instead, Arnault plans to rent private aircraft: “The ...

Allison Schrager To President Joe Biden’s credit, his policies didn’t cause many of the economic problems we face today. But they did make them worse. Even more troubling, his policies might reduce growth in the future and make the economy less equal and resilient. The president normally doesn’t have much impact on the current economy; he doesn’t set energy or ...