Bloomberg While the yuan has been having its best year since 2011 against the dollar, China’s banks continue stocking up on foreign currency in a sign that they are preparing for greater swings in the exchange rate. Depository corporations — a majority of which are lenders — boosted their holdings to 5.39 trillion yuan ($812 billion) in October, up 383 ...

Bloomberg Mozambique’s central bank, whose pension fund owns 80 percent of Moza Banco SA, is considering the sale of a minority stake after it injects further funds in the failed lender, according to four people familiar with the matter. European Central Bank policy maker Benoit Coeure said he expects policy makers to change their guidance on monetary policy next year, ...

Bloomberg Asia’s swelling ranks of mega-wealthy are proving to be a mixed blessing for Morgan Stanley. The firm’s Asian private banking unit has boosted assets under management and revenue this year, according to Vincent Chui, who oversees the business. But because top bankers keep getting poached by family offices set up by the richest people, a plan to increase headcount ...

Bloomberg China Southern Airlines Co. plans to take advantage of its ties with American Airlines Group Inc. to help beef up its US routes and close in on mainland rivals, the Chinese carrier’s President Tan Wangeng said. A new airport in Beijing, once up and running in 2019, will serve as the state airline’s second hub flying almost 50 million ...

Bloomberg Airbus SE’s Chinese arm is clamoring for high-value work building wings currently made in the UK as Brexit threatens to blunt the country’s competitive edge, according to the group’s top British executive. While the design and manufacture of Airbus wings represents one of the “crown jewels” of UK aerospace, every part is exported into the European Union and would ...

Bloomberg You can buy almost anything on Taobao, China’s biggest e-commerce platform, even a jumbo jet. While most Chinese consumers traffic the Alibaba Group Holding Ltd. app for groceries, clothes, or the odd knickknack, SF Airlines Co. took Taobao shopping to a whole other level. The Chinese carrier bid more than 320 million yuan ($48 million) for two Boeing 747 ...

Bloomberg Happy Cyber Monday! I know—it’s next week. But really, is it? These days, pretty much every day in November offers an extravaganza of online savings. Walmart.com is shaving $549 off a 40-inch 4K HDTV, Amazon.com has a few pages of “Black Friday” deals and BestBuy.com is offering a “rush sale” and the chance to “get a jump on holiday ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, attended the opening session of the fourth edition of the Knowledge Summit at the Dubai World Trade Centre. The summit which is held under the patronage of His Highness Sheikh Mohammed bin Rashid, and organised by the Mohammed ...

ABU DHABI / WAM Al Hilal Bank was awarded the title of ‘The Safest Islamic Financial Institution in the Gulf Cooperation Council’ for the second year in a row, based on an exclusive survey published in the November 2017 issue of the Global Finance publication. Alex Coelho, CEO of Al Hilal Bank, attended the Global Finance’s Best Bank Awards Ceremony ...

Abu Dhabi / WAM Abu Dhabi Securities Exchange (ADX), announced that it has joined the International Securities Services Association (ISSA), to become the first financial market in the MENA region to become a member of ISSA. This new membership demonstrates ADX’s keenness to align its regulatory practices with those of international financial markets. It also assures commitment to promoting financial ...