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Bloomberg New Zealand’s central bank (RBNZ) raised interest rates by half a percentage point for a second straight meeting and forecast further aggressive hikes to come to tame inflation. The Reserve Bank’s Monetary Policy Committee lifted the official cash rate (OCR) to 2% from 1.5% on Wednesday in Wellington, as expected by 19 of 22 economists in a Bloomberg survey. It ...

Bloomberg The yuan’s biggest weekly gain in two years could be fleeting, with some analysts forecasting its slide to the 7 per dollar level. Option traders are reviving bearish wagers on the Chinese currency as indicated by the three-month dollar-offshore yuan risk reversal, which advanced this week for the first time since mid-May. The cost of shorting the yuan also ...

  Bloomberg JPMorgan Chase & Co’s new UK digital lender has attracted more than 500,000 customers and gathered about $10 billion in deposits since launching in September. Chase UK, its British digital-only bank, is “off to a strong start,” JPMorgan said in an investor presentation. But such growth hasn’t come cheap with losses at US lender’s overseas digital banks likely ...

  Bloomberg New Bank of Korea Governor Rhee Chang-yong is turning out to be more outspoken than his predecessor as he shows a willingness to leverage his position to stimulate debate on economic challenges ranging from inflation to demographics. Rhee made clear ahead of his first policy meeting this week that he will press for higher interest rates to rein ...

  Bloomberg Thailand’s central bank is confident inflation will return to target next year, signalling there was no rush to change monetary policy settings just yet to check price gains hovering around a 13-year high. “Inflation is no doubt trending higher,” Governor Sethaput Suthiwartnarueput said in an interview with Bloomberg Television’s Haslinda Amin at the World Economic Forum’s annual meeting ...

  Bloomberg Hedge funds globally are bracing for nearly $20 billion of investor redemptions for the rest of 2022, even after seeing a net inflow in the first quarter, according to a report from Citco Group Ltd. Investors are already scheduled to withdraw $13.5 billion from the industry in the current quarter and another $6.3 billion the rest of the ...

  Bloomberg Snap Inc plunged 43%, posting its biggest-ever one-day drop and dragging down social media peers, after the company cut its revenue and profit forecasts, blaming the weaker economic outlook for a sudden slowdown of its advertising business. “We continue to face rising inflation and interest rates, supply chain shortages and labour disruptions, platform policy changes, the impact of ...

  New York / WAM At a meeting of the UN General Assembly, the 193 member states of the United Nations paid tribute to the late President of the United Arab Emirates, Sheikh Khalifa bin Zayed Al Nahyan. In his opening remarks to the UN membership, António Guterres, Secretary-General of the UN, said, “At this time of mourning, let us ...

  Abu Dhabi / WAM His Highness Sheikh Khaled bin Mohamed bin Zayed, Member of Abu Dhabi Executive Council, Chairman of Abu Dhabi Executive Office, and Chairman of the Executive Committee of the Board of Directors of Abu Dhabi National Oil Company (Adnoc), witnessed the signing of a partnership between Abu Dhabi National Oil Company (Adnoc), bp and Masdar to ...

  Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has issued directives to allocate an AED6 million grant to purchase a selection of books, and reference and educational materials from the Abu Dhabi International Book Fair (ADIBF), which launched its 31st edition on May 23. The purchased books and materials will be distributed to school ...