Bloomberg Chinese regulators unveiled a slew of measures to ensure stability of its $45 trillion financial system as the nation stepped up the fight against the spreading virus. The China Banking and Insurance Regulatory Commission will “suitably extend grace period†for firms that have difficulty meeting end-2020 deadline to comply with new asset management rules, CBIRC vice chairman Cao Yu …
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Bloomberg Boeing Co. closed the financial books on a tragic and tumultuous 2019 by revealing that total costs for its grounded 737 Max will surpass $18 billion when the tab for restarting production later this year is included. The planemaker is taking a $2.6 billion pretax writedown to compensate airlines for ballooning losses from a global flying ban that’s expected …
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Bloomberg Oil traded near the lowest close since mid-October as the market was dominated by alarm that the deadly coronavirus will hurt economic activity in China and beyond. Futures held near $53 a barrel in New York after losing 9% during five straight days of declines on concern reduced travel will hit jet fuel demand in the world’s biggest oil …
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ABU DHABI / WAM The UAE ranked first in the Arab world and 21st globally on the Global Labour Resilience Index 2020, which was issued in Davos, Switzerland during a special session held on the sidelines of the 50th summit meeting of the World Economic Forum in the presence of Sultan bin Saeed Al Mansouri, Minister of Economy, and officials …
Read More »ABU DHABI / WAM Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs, received Pavan Kapoor, Ambassador of India to UAE, to discuss ways of promoting bilateral ties between UAE and India. The two sides explored ways of enhancing cooperation relations across various fields. They also reviewed issues of mutual interest and exchanged views on regional, international developments. …
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Bloomberg Oil tumbled to the lowest in more than three months on fears China’s deadly coronavirus will hit demand in a market that already has plentiful supply. Futures plunged more than 3% as China reported an increase in fatalities and infections. While the country extended the Lunar New Year holiday to control the outbreak, more cases have been reported in …
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Bloomberg The rapid spread of a deadly virus from China will be top of emerging-market investors’ minds as they ponder its impact on the global economy. Concern that the outbreak will develop into something akin to the Sars pandemic of 2003 halted a seven-week rally in developing-nation stocks, currencies and bonds in the five days through Friday. The yuan underperformed …
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NAIROBI / WAM Policy makers, mayors, academics, business people, community leaders, artists and urban planners are among thousands of participants to attend the world’s leading conference on urbanisation, the World Urban Forum (WUF), in Abu Dhabi from February 8-13. It will be the first time that the World Urban Forum, which is convened by the UN agency focused on sustainable …
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Bloomberg Crude posted the worst weekly decline in more than a year on concern that the spread of China’s coronavirus will cripple fuel demand. Brent futures sank 2.2% in London. Deaths from the coronavirus rose to at least 26 and China expanded travel restrictions for about 40 million people in an attempt to halt contagion. The US is monitoring more …
Read More »ABU DHABI / WAM The UAE Consulate in Houston has confirmed that all Emiratis in Houston are safe following the explosion that occurred in a factory in the city, advising all UAE citizens in Houston to register for the online “My Presence” service via the Ministry of Foreign Affairs’ website or its smart application and to communicate with the consulate …
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