DUBAI / WAM The National Bonds, a Shariah-compliant investment company in the UAE, announced the launch of “NBC Booster 20”, following the signing of a Memorandum of Understanding (MoU), with the Dubai Financial Market (DFM), this year. National Bonds will provide certificates of investment for registered investors exclusively, through DFM-licensed brokers, effective from November 17. This exclusive offer, which is ...

DUBAI / Emirates Business Enoc Group, the Official Integrated Energy Partner of Expo 2020 Dubai, on Sunday marked the ground-breaking of its Expo 2020 Dubai pavilion, located near the UAE pavilion and between the Sustainability and Opportunity Districts. Under the theme of ‘Reimagine Energy’, the pavilion will be split across five distinct pavilion structures or ‘houses’ inspired by traditional oil ...

DUBAI / WAM Dubai’s Roads and Transport Authority (RTA), launched the Digital Coach project for training public transport riders. The move is in line with the UAE Strategy for artificial intelligence (AI), and technology is first of its kind in training drivers worldwide. This robot is configured to train both novice and professional drivers in need of further exposure to ...

Bloomberg India’s surprise seizure of a troubled Indian shadow bank won’t end the woes of its lenders, faced with the risk of heavy writeoffs if Dewan Housing Finance Corp is declared a fraudulent account. That’s because the Reserve Bank of India (RBI) requires banks to provision fully for their entire exposure over four quarters if they decide a loan account ...

Bloomberg The International Monetary Fund’s (IMF) board plans to vote on Mexico’s request to renew its flexible credit line (FCC), possibly for less than the current $74 billion, before it expires next week. Mexico is interested in reducing the size now that there’s greater certainty around its trade relationship with the US, Alejandro Werner, the IMF’s Western Hemisphere director, said ...

Bloomberg The European Central Bank’s (ECB) chief economist Philip Lane said policies are “in good shape” for the baseline scenario of improving conditions over the next one or two years, but further rate cuts can’t be ruled out. “Under the most likely scenario, we think the current policies are in good shape,” he said in an interview broadcast on Italy’s ...

Bloomberg A former JPMorgan Chase & Co banker was convicted of conspiring with traders at other banks to rig bids and fix prices in currency markets — a victory for prosecutors in their campaign against collusion in foreign exchange. Akshay Aiyer was found guilty by a federal jury in New York that took less than four hours to reach a ...

Bloomberg The Swiss National Bank (SNB) has additional room to cut its already negative interest rate, the central bank’s Chief Economist Carlos Lenz told Swiss Sunday newspaper NZZ am Sonntag in an interview. “It’s not ruled out, but they cannot fall indefinitely,” Lenz said when asked if interest rates could decline further. “What’s crucial: cash has an interest rate of ...

Bloomberg Judy Shelton, one of President Donald Trump’s most recent picks for the Federal Reserve board, challenged an article of faith regarding the US central bank in private comments to a bank executive last month: that it should operate free of political influence. Shelton shared her views on monetary policy and the Fed with Beat Siegenthaler, global macro adviser for ...

Abu Dhabi / Emirates Business Etihad Airways, the national airline of the UAE, received a special reception — welcomed by a traditional water cannon salute — at Jeddah’s new Terminal 1. The inaugural flight was operated on Etihad’s Dreamliner with the distinctive Kingdom of Saudi Arabia livery. The reception was followed by a ribbon cutting ceremony and was attended by ...