News

Bloomberg Citic Securities Co is tightening control over its CLSA Ltd unit, following an exodus of staff and top executives from the Hong Kong brokerage last year amid a clash over corporate culture and bonus levels. China’s biggest broker is creating a “coordination committee” at CLSA, which will include its president Yang Minghui and Chairman Zhang Youjun, according to people ...

Bloomberg India’s Supreme Court revived the nation’s revenue department’s bid to investigate billionaire Gautam Adani’s companies, which the agency claims got undue tax benefits by overvaluing coal imports. A three-judge bench headed by Chief Justice SA Bobde on Wednesday put on hold a lower court’s ruling, effectively allowing the revenue office to seek information on the case from overseas. The ...

Bloomberg Samsung Electronics Co’s quarterly earnings beat estimates after memory chip prices began to climb out of a persistent downturn. The world’s largest memory chip maker reported a 34% fall in operating income to 7.1 trillion won ($6.1 billion) in the three months ending December, according to preliminary results released on Wednesday by the Suwon, South Korea-based company. That compares ...

Abu Dhabi / WAM The value of financial aid and other social benefits provided by the Federal Government to UAE citizens in the first nine months of 2019 increased to AED5.55 billion, a two percent rise compared to the same period in 2018, according to the Ministry of Finance. Government expenses categorised as financial aid and social benefits accounted for ...

ABU DHABI / WAM The UAE, Saudi Arabia, Bahrain, and Egypt have issued a joint statement rejecting the Turkish parliament’s passing of the motion earlier this week to allow a military intervention in Libya. Saudi Arabia’s Consultative Assembly issued the joint statement, along with the UAE’s Federal National Council, Egypt’s House of Representatives, and Bahrain’s Consultative Council, in light of ...

Bloomberg India’s economy is on track for its slowest growth since at least 2013, weighed down by a shadow banking crisis, weak investment and a slump in spending. Gross domestic product will grow 5% in the year through March 2020, the Statistics Ministry said in a statement in New Delhi on Tuesday. That is in line with the median estimate ...

Bloomberg Oil fell from a three-month high in London as traders waited to see whether the clash between the US and Iran would lead to a disruption in Middle East crude supplies. Brent futures retreated towards $68 a barrel after a two-day surge following a US airstrike that killed a top Iranian general pushed prices above $70 for the first ...

DUBAI / WAM Nordic tourists travelling to the GCC from Denmark, Norway, Sweden, Finland and Iceland, are expected to generate an estimated $810 million in travel and tourism revenue by 2024, according to data published ahead of the Arabian Travel Market (ATM, 2020). The latest Colliers International research, commissioned by ATM organiser Reed Travel Exhibitions, predicts the UAE will witness ...

SHARJAH / WAM HH Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, opened the Literary Café in the Al Heera area on Sharjah beach on Tuesday morning, aimed at creating a free space for writers to exchange ideas, discuss their issues, and showcase their creations and intellectual achievements in a friendly atmosphere. The Ruler ...

SHARJAH / WAM HH Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of Sharjah Executive Council, SEC, chaired a meeting of the Council on Tuesday at the Ruler’s Office in Sharjah, where the SEC reviewed a number of issues on its agenda concerning the various affairs of the emirate. It also ...