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BLOOMBERG  Sri Lanka’s rupee, which became the world’s best performing currency this year amid hopes of an International Monetary Fund (IMF) bailout, may resume declines and lose a fifth of its value against the dollar by end-2023, according to Fitch Solutions. “We are optimistic that Sri Lanka will be able to secure an IMF board approval by early 2Q 2023,” ...

BLOOMBERG  Credit Suisse Group AG has obtained licenses allowing it to launch its wealth management business in China in the first half of this year as well as expand its securities trading and research activities onshore. The bank received its investment consultancy, proprietary trading and nationwide brokerage licenses, according to an internal memo. A spokeswoman for the bank confirmed the ...

BLOOMBERG  Ignazio Visco openly criticised hawkish European Central Bank (ECB) colleagues for making statements about future increases in borrowing costs when officials had agreed not to give such guidance. The outburst by the Bank of Italy governor, in added remarks at the end of a speech in Rome, is a pointed public attack that hints at rising tensions behind closed ...

BLOOMBERG  Bank of England (BOE) policy maker Swati Dhingra cautioned against raising interest rates further, saying that doing so could damage an already weak UK economy. The newest official on the central bank’s nine-member Monetary Policy Committee (MPC) said it would be prudent to hold borrowing costs steady for now and noted there’s little evidence of an inflationary spiral. “Overtightening ...

DUBAI / WAM DP World’s Jebel Ali Free Zone (Jafza) witnessed the highest customer registrations in a decade, marking a 30 percent year-on-year growth, and taking the total number of companies to over 9,500 in 2022. The free zone has created unparalleled opportunities in a variety of sectors through end-to-end logistics solutions, digital trade platforms and access to DP World’s ...

ABU DHABI / WAM Sheikh Zayed Housing Programme (SZHP), an initiative under the Ministry of Energy and Infrastructure (MoEI), on Wednesday announced the first batch of beneficiaries of housing loans and grants for 2023. As part of the new policy announced in May 2022, the programme has issued 550 decisions worth AED435.750 million in loans and grants. This brings the ...

ABU DHABI / WAM Abu Dhabi is set to host the ninth edition of the ‘Union Fortress 9’ military parade under the patronage of President His Highness Sheikh Mohamed bin Zayed Al Nahyan. The announcement came during a preparatory meeting, held under the chairmanship of Major General Ali Saif Al Kaabi, Deputy Commander of the Presidential Guard, and several Ministry ...

DUBAI / WAM DP World has announced the first commercial use of its revolutionary Boxbay High Bay Storage (HBS) system at South Korea’s Pusan container terminal, which is world’s sixth-largest container port. This pioneering technology has put Dubai in the spotlight globally as DP World, a leading provider of smart end-to-end supply chain logistics, continues to adopt innovative ways to ...

BLOOMBERG European energy prices rose amid fresh concerns about corrosion in France’s nuclear fleet, against a backdrop of strikes throughout the country and a cold snap elsewhere in the region. French power for next year jumped as much as 7.9%, the most since late January. Benchmark front-month Dutch natural gas also advanced. Electricite de France SA must review its program ...

BLOOMBERG Boeing Co is close to sealing an order from Japan Airlines Co (JAL) for at least 20 of its 737 Max planes, according to people familiar with the talks, beating out arch-rival Airbus SE and its competing A320neo aircraft family. After holding discussions with both manufacturers, JAL is leaning towards Boeing, the people said, asking not to be identified ...