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Lloyds Banking Group Plc missed estimates in the third quarter after the lender took charges for bad loans as it warned of a darkening outlook for the UK economy. Pretax profit falls more than expected to £1.5 billion ($1.7 billion) after the bank took its biggest charge since the Covid-19 pandemic to cover loans that could default. The £668 million ...

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 ...

Investors are pouring large sums into equities but the rally has limited room to run as the Federal Reserve remains steadfast on hiking interest rates, according to Bank of America Corp (BofA) strategists. Global equity funds saw about $23 billion of inflows in the week through October 26, the largest amount since March, according to a note from the bank ...

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 The first Etihad Airways flight to use sustainable aviation fuel (SAF) supplied by ITOCHU Corporation and Neste took off from Tokyo Narita airport on Thursday. The pioneering flight, EY871 departed Tokyo Narita, was the result of a partnership in which ITOCHU provided Neste MY Sustainable Aviation Fuel to Etihad, the UAE national airline, making Etihad the ...

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 ...