Bloomberg The head of the International Monetary Fund (IMF) said global central banks and governments may need to unite to fight the economic fallout from the coronavirus as banks lower growth forecasts. “From our perspective, it is very important to follow carefully what is going to happen in the next weeks,” IMF Managing Director Kristalina Georgieva said on a panel ...

Bloomberg The coronavirus outbreak in China is putting pressure on price stability because production has been delayed but it will not lead to large-scale inflationary pressures, according to China’s central bank. The People’s Bank of China’s (PBOC) stance is unchanged and it will maintain prudent monetary policy, Deputy Governor Fan Yifei said at a press conference in Beijing on Saturday. ...

Bloomberg The Federal Reserve Bank of New York will shrink its repurchase-agreement operations more than analysts expected, a sign officials are comfortable removing liquidity without upending funding markets. The central bank announced a new schedule for both overnight and 14-day term repo operations through March 12. Starting this week, the term offerings will drop by $5 billion, to a maximum ...

Bloomberg Morgan Stanley, the Wall Street lender overhauling its currency-trading business after losses and an internal probe, named new co-heads for the unit. The New York-based bank said Samer Oweida, global head of FX sales, and Craig Abruzzo, who leads futures and derivatives clearing in Morgan Stanley’s equities business, would now lead the division, according to an internal memorandum obtained ...

Bloomberg From its headquarters near the Thames to its Asian hub by the South China Sea, HSBC Holdings is abuzz. With days to go before the bank unveils a restructuring, trading desks and back offices are bracing for scenarios that could see the announcement of another reshuffle of senior management, a surprise new chief executive, withdrawals from businesses and job ...

Bloomberg Citigroup Inc kept Chief Executive Officer Michael Corbat’s total compensation at $24 million for last year, when the lender’s stock surged. Corbat got $1.5 million in salary and $22.5 million of incentive awards, consisting of cash and restricted stock, the New York-based bank said in a regulatory filing. The 59-year-old CEO, who’s led the bank since 2012, reassigned many ...

DUBAI / WAM The e-dirham government services revenue exceeded AED22 billion, with AED13 billion coming from the e-dirham system and AED9 billion from service points, respectively, in 2019. The total number of transactions executed via the e-dirham system reached 49 million, including 15 million transactions through the system’s website, and 34 million transactions via service points, the Ministry of Finance ...

ABU DHABI / WAM Adnoc Distribution on Wednesday announced that net profit for the fourth quarter of 2019 was AED496 million, an increase of 11.3 percent compared to same period last year. Ebitda for the fourth quarter of 2019 was AED658 million, an increase of 6.5 percent compared to the same period last year, driven by a solid operational performance ...

ABU DHABI / WAM Endowed with abundant cultural resources and a large-scale economy, the UAE will act as a bridge to promote Korean culture to other Middle Eastern countries, according to a top South Korean official. “The UAE is Korea’s first ‘Cultural Dialogue’ partner country in Mideeast and has shown an active interest in Korean culture,” wrote Park Yang-woo, Minister ...

ABU DHABI / WAM Aldar Properties on Wednesday announced that it reported a 7 percent year on year increase in 2019 net profit to AED1.984 billion, driven by growth across both its development and asset management businesses. According to a statement issued by Aldar on Wednesday, the company’s Board of Directors recommended a cash dividend of AED0.145 per share, representing ...