Dubai / Emirates Business The Kempinski Hotel Mall of the Emirates, a leading luxury destination for fine dining and leisure, was recognised for its excellence in guest comfort at the Middle East Hotel Awards 2016, winning the trophies for the Best Room Refurbishment and the Best Hotel Suite. Taking place at Palazzo Versace Hotel in Dubai, the awards gala ...

  Dubai / Emirates Business Global shipping, logistics and marine services provider GAC announced an exclusive partnership between its bunker fuels trading arm GAC Bunker Fuels (GBFL) and ENOC Global Marine. Under the agreement, which was announced during the Posidonia international shipping event in Athens, GBFL has been appointed as ENOC’s exclusive sales agent and distributor, for marine lubricants in ...

  Bloomberg From Washington to Mumbai, central bankers are finding their policy decisions gummed up by a potential British exit from the European union. Federal Reserve Chair Janet Yellen became the highest-profile monetary policy maker to speak out this week, when she warned a so-called Brexit would have “significant economic repercussions,” a concern echoed by counterparts including Reserve Bank of ...

  Bloomberg Australia & New Zealand Banking Group Ltd raised US$1 billion with the first offshore sale by an Aussie bank of hybrid bonds that qualify as additional tier 1 capital under the current regulatory regime. The perpetual contingent convertible securities, which can be called by the issuer from June 2026 onward, were priced in the US currency market at ...

  BLOOMBERG India’s privately owned banks are extending new loans faster than their state-run rivals for the first time ever, as government lenders struggle to bring surging bad loans under control. New credit from private lenders amounted to 3.5 trillion rupees (US$52.4 billion) in the year to March 31, taking their outstanding advances to 17.9 trillion rupees, while state banks’ ...

  Bloomberg The main lending unit of Japan’s biggest bank may quit as one of the 22 primary dealers that underwrite auctions of the nation’s bonds, potentially becoming the first major financial firm to withdraw since the Bank of Japan introduced negative interest rates this year. Bank of Tokyo-Mitsubishi UFJ Ltd is considering the move and nothing has been decided, ...

  Bloomberg The yuan’s pricing mechanism is increasingly transparent and its rate against a basket of currencies may alternate between appreciation and depreciation, according to Ma Jun, chief economist of the People’s Bank of China’s research bureau. Since the spring festival holiday in February, changes in the yuan’s central parity rate against the dollar have been closely aligned with the ...

  Bloomberg The World Bank cut its outlook for global growth as business spending sags in advanced economies including the U.S., while commodity exporters in emerging markets struggle to adjust to low prices. World gross domestic product will grow by 2.4 percent this year, an “insipid” pace that’s unchanged from 2015 and down from the 2.9 percent estimated in January, ...

  Bloomberg The World Bank forecast Brazil’s recession will extend into a third consecutive year, while Venezuela takes the world’s deepest plunge in 2016. The two will drag Latin America into back-to-back economic contractions for the first time in more than three decades. Brazil will contract 4 percent in 2016 and 0.2 percent next year, with the 2017 outlook revised ...

  Bloomberg Brazil’s Senate confirmed Ilan Goldfajn as the country’s next central bank chief, putting him in charge of controlling above-target inflation without exacerbating the worst recession in over a century. Senators voted 56 to 13 in favour of the former chief economist at Itau Unibanco Holding SA. Goldfajn won’t participate in the rate decision on Wednesday during which economists ...