News

Bloomberg Japan plans to press ahead with its plan to remove South Korea from a list of trusted export destinations, rebuffing a public effort by the US to calm rising tensions between its two key East Asian allies. “This is a change in the management of exports that’s necessary for national security,” government spokesman Yoshihide Suga told reporters in Tokyo. ...

Bloomberg Hong Kong suffered a day of tempestuous weather, grim economic news and signs that the city’s political crisis is deepening. Gross domestic product contracted 0.3 percent from the previous quarter, while growth on a year-ago basis remained at 0.6 percent, according to data. Both results were well below the estimates of economists surveyed by Bloomberg. Hong Kong’s trade-dependent economy ...

Bloomberg VG Siddhartha, the founder of India’s biggest coffee chain, has been confirmed dead days after he purportedly wrote a letter indicating he was anxious about pressure from banks, investors and the tax authorities. Siddhartha told his driver he was going for a walk, near a bridge close to the southern Indian city of Mangaluru. He was reported missing after ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) announced on Tuesday that it has entered into a further follow-on pipeline infrastructure investment agreement with GIC, Singapore’s sovereign wealth fund. GIC will invest $600 million in select Adnoc crude pipeline infrastructure, following BlackRock, KKR and the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) who earlier this year ...

DUBAI / WAM The Dubai Financial Services Authority (DFSA) imposed financial penalties of $299,300,000 and $15,275,925 (AED56,062,645) on Abraaj Investment Management Limited (AIML) and Abraaj Capital Limited (ACLD) respectively. In a press statement, DFSA said that the investigation, which began in January 2018, was complex and spanned multiple jurisdictions. Bryan Stirewalt, Chief Executive of the DFSA, said, “The size of ...

Bloomberg The pound slumped for a fourth day as investor concerns over a no-deal Brexit intensified. Sterling continued its slide versus both the dollar and the euro, with investors pricing a higher chance of the UK crashing out of the European Union on October 31. As differences between the two sides increase, Prime Minister Boris Johnson’s office said the UK ...

SHARJAH / WAM Air Arabia, the Sharjah-based low-cost carrier (LCC) has received its second Airbus A321neo Long Range. The aircraft flew nonstop from Hamburg, Germany to Sharjah International Airport. The addition of the second A321neo LR will enable Air Arabia to expand to new medium-haul markets in addition to strengthening its existing routes, the company said. The A321 neo LR ...

Bloomberg US President Donald Trump’s assault on the World Trade Organization — and the global system of rules that guide inte- rnational businesses — may be quietly scoring a major victory. Thanks to a US veto on new appeals judges, the WTO’s dispute arm is expected to start slipping into the institutional equivalent of a coma at the end of ...

KUALA LUMPUR / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, met on Tuesday with Mohamed Azmin Ali, Malaysia’s Minister of Economic Affairs. The two sides discussed bilateral ties between the two countries, and means to enhance them across multiple sectors, particularly in the trade ...

ABU DHABI / WAM A specialised fund launched by the Department of Culture and Tourism — Abu Dhabi (DCT Abu Dhabi) worth AED600 million, has been announced as part of an initiative to enhance Abu Dhabi’s portfolio of world-class leisure and business events and attract global event organisers to the UAE capital. The new financial stimulus announced by DCT Abu ...