News

Bloomberg India is facing a silent fiscal crisis owing to a shortfall in tax revenues, and the government’s budget suggests it may have grossly underestimated the problem. That’s the assessment of Rathin Roy, a member of the Prime Minister’s Economic Advisory Council, who said the budget presented this month won’t help fully reverse the problem in the current financial year ...

Bloomberg Swedish auto-maker Volvo Cars is recalling 507,000 vehicles worldwide because of a faulty engine component that, in extreme cases, could result in a fire. The company, which is owned by China’s Zhejiang Geely Holding Group Co, said its own “investigations have identified that in very rare cases the plastic engine intake manifold may melt and deform.” “In the very ...

Bloomberg Public backlash in South Korea against Japanese products has dented some sales of tour packages, and analysts say the boycott could spread to luxury cars and retailers as a trade spat between the two countries shows no sign of abating. While Fast Retailing Co doesn’t have a large exposure to Korea through its Uniqlo stores, the clothing chain may ...

DUBAI / WAM Dubai’s economy continues to experience sustained growth from the contribution of business tourism, thereby driving the nation’s economic diversification agenda prioritised in the UAE Centennial 2071 strategy. As such, the Dubai World Trade Centre’s (DWTC) latest economic impact assessment report for 2018 saw a record AED13.1 billion, equivalent to 3.3 percent of the emirate’s gross domestic product ...

ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic), has been adjudged ‘most outstanding in corporate insurance services — UAE’ by the Corporate LiveWire Innovation and Excellence Awards 2019. The Innovation and Excellence Awards are organised by Corporate LiveWire, a quarterly publication based in the UK, which provides information and analysis on the latest global developments to business professionals ...

Bloomberg China’s importers have started making arrangements to buy US agricultural products, Global Times’s Editor-in-Chief Hu Xijin said in a tweet, without specifying where he got the information. The possible purchase of American farm products — which adds to recent gestures of goodwill between both sides — also indicates US-China trade talks will restart soon, according to the tweet. Senior ...

RIYADH / WAM Emirates NBD announced plans for further expansion in the Kingdom of Saudi Arabia following approval from the Saudi Arabian Monetary Authority, SAMA, to open 20 additional branches in the Kingdom. The announcement reflects KSA’s growing importance to Dubai’s biggest bank by assets as the United Arab Emirates continues to strengthen long-standing strategic and economic ties with the ...

DUBAI / WAM The Dubai Financial Market (DFM) announced its financial results for the first half of the year ending on June 30, registering a net profit of AED65.1 million. The net profit of the second quarter of 2019 reached AED37 million, a nine percent increase compared to the profits in Q2 of 2018 at AED33.9 million. “During the first ...

DUBAI / WAM New banking and licencing solutions tailored to the needs of start-ups, an uptick in the number of fintech start-ups specialising in SME banking and increased cooperation between UAE banks and the country’s start-up ecosystem, are among the key achievements outlined by the Dubai Chamber-led working group on SME banking. The working group, in cooperation with Smart Dubai, ...

ABU DHABI / WAM Chinese culture and heritage is an integral part of global culture, said Noura bint Mohammed Al Kaabi, Minister of Culture and Knowledge Development. She went on to note that cultural ties between the UAE and China witnessing significant growth, in light of strategic partnership initiatives between the two countries. In an interview with the Emirates News ...