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Bloomberg Chinese banks kept their main lending rates unchanged after the central bank paused its monetary easing and defended a weakening yuan, though a cut is still expected by economists in the coming months to counter headwinds to growth. The one-year loan prime rate (LPR) was left at 3.65%, according to a statement by the People’s Bank of China (PBOC). ...

Bloomberg The Bank of England (BOE) has limited power to stop the downward spiral in the UK pound, said strategists at TD Securities, who are predicting more losses in the coming months. The pound and euro are trapped in a “doom loop” caused by soaring energy prices that feed into weaker economic growth and lower currency values, wrote strategists including ...

Bloomberg Goldman Sachs Group Inc has started axing at least 25 investment bankers in Asia as a drought in dealmaking prompts cuts across sectors, people familiar with the matter said. The cuts span its equity capital markets, healthcare and telecommunication, media and technology teams in Asia, the people said, asking not to be identified because the matter is confidential. The ...

  Bloomberg A slide in cryptocurrencies sent Bitcoin to a three-month low as sentiment took a knock from a wave of monetary tightening that’s set to stretch from Europe to the US this week. The largest digital token sank as much as 7.4% and was trading at $18,644 in New York. That’s the lowest since digital-asset prices tumbled after the ...

  Bloomberg Gold kicked off a pivotal week seeing fresh declines as the dollar strengthened, with investors bracing for a Federal Reserve rates decision that risks putting more pressure on the precious metal. The metal slid as much as 0.9%, extending a slump over the past month in the face of the dollar’s relentless gains.

Bloomberg Stocks fell with US equity futures, giving up early gains, as traders braced for another supersized US rate hike amid rising anxiety the Federal Reserve could overtighten and raise the odds of a hard landing. The Stoxx 600 Index dropped 0.8%, paced by losses on real estate and miners. US equity futures also declined after briefly trading higher, with ...

  Bloomberg Nasdaq Inc is making its first major push into crypto, as the second-largest stock exchange prepares to capitalise on increasing appetite for digital currencies among big-money investors. A new group dedicated to digital assets will initially offer custody services for Bitcoin and Ether to institutional investors, according to Tal Cohen, the company’s executive vice president and head of ...

  ABU DHABI / WAM Danny E. Sebright, President of the US-UAE Business Council, pointed out that enhancing the cooperation between the UAE and the United States will expand and develop the volume of trade exchange and mutual investments In an exclusive interview with the Emirates News Agency (WAM), Sebright said, “In 2021, there was over US$25 billion in bilateral ...

  DUBAI / WAM Mohammed bin Rashid Space Centre (MBRSC) on Monday announced its support in the development of the Metaverse that will simulate the UAE’s manned 2117 Mars mission. This first-of-its-kind project will be led by BEDU, Dubai’s foremost pioneer in Web3 technologies and solutions. Formalised through a Memorandum of Understanding, the 2117 Metaverse project will involve close collaboration ...

  DUBAI / WAM HH Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Sports Council (DSC), on Monday said the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, supported by a robust regulatory framework and an active lifestyle, enabled the emirate to consolidate its position as the ...