News

Bloomberg There’s a risk of a global trade war should President Donald Trump decide to restrict imports of steel, according to Japan’s leading mills group, which warns any new US curbs on the metal may provoke a tit-for-tat response that could drag in other products. Concern would deepen about the potential spread of protectionism if Trump acts, Kosei Shindo, chairman ...

Bloomberg Anglo American Platinum Ltd. sees a surplus of platinum-group metals this year as demand from makers of jewelry and car catalytic converters drops, weighing on prices and adding to pressure on miners. Lower demand follows falling sales of diesel vehicles in Europe, which use platinum to cut pollution, and a slowing Chinese jewelry market, the Johannesburg-based company said in ...

Bloomberg Growth in the euro-region economy started the third quarter at the weakest pace in six months as manufacturing cooled. A composite Purchasing Managers’ Index fell to 55.8 in July from 56.3 in June, IHS Markit said on Monday. The figures indicate that gross domestic product is expanding at a 0.6 percent quarterly pace, compared with 0.7 percent in the ...

ABU DHABI / WAM The total foreign currency supply at the UAE Central Bank surged to AED338.34 billion by the end of June, a growth of AED47.6 billion from early 2017, according to statistics recently issued by the bank. A month-on-month review indicated that the total supply increased by AED15.93 billion in June from AED322.41 billion in May. The bank ...

ABU DHABI / WAM A total of AED4 billion worth of grants and concessionary loans has been provided by Abu Dhabi Fund for Development (ADFD), to Egypt spanning across 64 development projects. ADFD and the Government of Egypt have long enjoyed close and strategic ties. The constructive cooperation between the two parties continues to promote sustainable development in vital economic sectors ...

ABU DHABI / Agencies Abu Dhabi Islamic Bank (ADIB) on Sunday posted an 8.7 percent rise in second quarter profit, above analysts’ expectations. Higher fee income boosted second-quarter revenues by 3.9 percent, the bank said in a statement. The emirate’s largest sharia-compliant bank made a net profit of AED551.6 million ($150.3 million) in the three months ending June 30, compared ...

Abu Dhabi / Emirates Business Abu Dhabi-based Baron Point Petroleum Services Company L.L.C. (“Baron Point Petroleum”) has joined hands and engaged a joint-venture (“JV”) with PetroVietnam Oil Corporation (“PV Oil”), the national oil and gas company of Vietnam, to finance, build and operate petroleum product pipelines and storage space in Vietnam, and to source and trade petroleum products in the ...

SHARJAH / WAM Residents and tourists in the UAE are set to enjoy the ultimate desert experience with an AED15 million extension to Al Badayer Oasis project. A premium leisure development form Sharjah Investment and Development Authority, Shurooq, Al Badayer Oasis has announced expansion to its under-construction facility, with the resort expected to pull in hordes of city-dwellers keen to ...

DUBAI / WAM Emirates NBD on Sunday launched FaceBanking, a first-to-market service that will offer the bank’s customers instant video and live chat with advisors on its revamped Online Banking platform as well on the Mobile Banking App. FaceBanking is a significant addition to Emirates NBD’s growing portfolio of digital banking innovations, all designed to create a customer-first banking experience ...

ABU DHABI / WAM The Tourism Development and Investment Company (TDIC) master developer of major tourism, cultural and residential destinations in Abu Dhabi, announced the achievement of significant stages in the development of its Mamsha Al Saadiyat project, with all concrete groundwork laid and the structure for all buildings now complete. Located close to the Saadiyat Cultural District, Mamsha Al ...