News

Bloomberg India’s largest digital-payments company, Paytm, is seeking a license to set up a money market fund where users can store cash and earn interest, in competition with the country’s banks, according to a person familiar with the matter. Paytm has applied to India’s central Reserve Bank of India to start the fund and increase its offerings to its over ...

Bloomberg European Union Trade Commissioner Cecilia Malmstrom said she’s “extremely worried” about a U.S. threat to curb steel imports for national-security reasons, saying the step could trigger protectionist reactions around the world. “That is opening a Pandora’s box,” Malmstrom said in an interview with Bloomberg News in her Brussels office. “Many other countries would maybe also refer to security and, ...

Bloomberg Investors are extending the maturity of Greek bond holdings as they become more sanguine about the nation’s prospects after creditors agreed a bailout deal. The latest agreement by euro-zone finance ministers ended months of speculation over whether Greece would meet large bond payments due in July and spurred a rally in the country’s debt. PGIM Fixed Income and Greylock ...

Bloomberg It is a mark of the transformation going on at Thyssenkrupp AG that the most profitable operation at Germany’s biggest steel company is producing elevators not metal. The industrial giant, with roots dating to 1811, has poured research into its elevator unit to turn what was a sideline into a primary business. The strategy is Thyssenkrupp’s bid to survive ...

Abu Dhabi / WAM The National Central Cooling Company, Tabreed, the leading regional UAE-based district cooling utility company, has announced that Engie is making an investment of approximately AED 2.8 billion to become a significant shareholder in the utility company. Headquartered in France, Engie is a multinational energy leader and expert operator in the business of electricity, natural gas and ...

DUBAI / WAM The UAE Government Leaders Programme (UAEGLP) launched a new category ‘UAE Youth’ Programme, in collaboration with the Emirates Youth Council, to empower and prepare competent young nationals to lead the country’s future across all strategic sectors. The new category is the fourth to be added to the wider UAE Government Leaders Programme, which also includes the Strategic ...

Abu Dhabi / WAM TechPreneur Africa, a social impact firm which focusses on harnessing innovation and entrepreneurship to achieve real economic impact across Africa, has signed a Memorandum of Understanding (MoU) with the Abu Dhabi Global Market (ADGM), an international financial centre in Abu Dhabi, to foster and support the growth and activities of FinTech in the Middle East and ...

Abu Dhabi / WAM With a total traded volume of 155.5bn securities, the UAE capital markets topped list of GCC most liquid markets in 2016, with Saudi Stock Exchange coming second with a total of 67.7bn securities. The UAE financial markets came second only to Saudi Arabia in terms of market value, which amounted in 2016 to AED817bn, US$222bn, with ...

SHARJAH / WAM Sharjah Economic Development Department (SEDD) has launched a consultancy service to develop the industrial sector and streamline its procedures in the emirate. The service has been developed due to the fact that Sharjah has an excellent investment environment, especially in the industrial sector, in addition to its strategic location and its ownership of a large number of ...

SHARJAH / WAM H.H. Sheikha Jawaher bint Mohammed Al Qasimi, wife of H.H. the Ruler of Sharjah, UNHCR Eminent Advocate for Refugee Children and Chairperson of the Big Heart Foundation (TBHF), has strongly urged world leaders to escalate all relief efforts to control the unprecedented global refugee crisis, restoring peace and stability in countries and regions affected by war and ...