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Bloomberg HSBC Holdings outlined a bullish outlook for the months ahead fuelled by likely increases in interest rates and said it would soon kickoff a higher-than-expected share buyback. Adjusted pretax profit rose to about $6 billion in the third quarter, beating estimates, the London-based lender said. Revenue climbed slightly in the third quarter for the first time in almost two ...

Bloomberg Actively pushing for a green transformation of the economy could undermine the effectiveness of the Swiss National Bank’s (SNB) monetary policy, Governing Board Member Andrea Maechler said. While the SNB takes climate change very seriously and is buying green bonds as part of its reserve management, officials need to remain within the bounds of their mandate, Maechler said in a ...

Bloomberg Zimbabwe’s government has ruled out adopting the US dollar as the country’s sole official currency, terming it “suicidal,” the state-run Sunday Mail reported, citing Finance Minister Mthuli Ncube. Ncube said such a move could result in foreign currency deficits and deflation for the African nation. “We cannot adopt the United States dollar alone as the official currency,” Ncube told ...

Bloomberg Paraguay’s central bank surprised economists by delivering its biggest interest rate increase in a decade as rising prices for food and imported fuel push inflation well above target. The central bank’s board unanimously voted to tighten by 125 basis points to push its key rate to 2.75%. The decision followed a 50 basis-point hike last month and a 25 ...

Bloomberg The finance industry is ratcheting up pressure on Hong Kong to ease its strict quarantine rules and abandon its zero-Covid-19 policy after a survey found almost half of major international banks and asset managers are contemplating to move staff or functions out of the city. In a letter sent over the weekend to Financial Secretary Paul Chan that was ...

Bloomberg Hong Kong’s stock exchange (HKEX) reported its second consecutive quarterly profit decline against a backdrop of a widening crackdown by China on a broad range of sectors that roiled markets and triggered delays of major initial public offerings. Dragged down by falling investments, net income at Hong Kong Exchanges & Clearing Ltd fell to HK$3.25 billion ($418 million) in ...

Bloomberg The Canadian stock market posted its longest streak of gains ever as a rally in commodities pushed the benchmark higher for a 14th straight session. The S&P/TSX Composite Index rose 0.3% to an all-time high. It has added about C$237 billion ($191 billion) in market value during its recent winning streak, according to data compiled by Bloomberg. US oil ...

DUBAI / WAM Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, held a meeting with Amina Mohammed, Deputy Secretary-General of the United Nations (UN) and Chair of the United Nations Sustainable Development Group, where they discussed promoting the partnership between the UAE government and the UN in various fields and reviewed issues of common interest. Al Gergawi highlighted that, ...

ABU DHABI / WAM The UAE on Tuesday kicked off the International Atomic Energy Agency’s ConvEx-3 ‘Barakah UAE’, which will run for two days under the supervision of the IAEA, featuring the participation of more than 75 countries and 12 international organisations. The Barakah Nuclear Power Plant is one of the world’s most advanced nuclear energy plants. The national teams ...

Dubai / WAM Dr Zamir Iqbal, Vice President of Finance and Chief Financial Officer of the Islamic Development Bank (IsDB), on Tuesday rang Nasdaq Dubai’s market-opening bell to celebrate the listing of a $1.7 billion Sukuk on the region’s international financial exchange. The listing strengthens the IsDB’s position as the largest supranational Sukuk issuer on Nasdaq Dubai with a total ...