News

  Bloomberg The rupee’s slide toward a record low, amid $2.8 billion in outflows from Indian stocks and bonds, is prompting speculation the central bank will step up intervention to stem losses. With a Federal Reserve interest-rate increase next month all but a certainty for bond traders, the rupee has slumped 2.6 percent in November, the most in 15 months. ...

  Johannesburg / AFP South Africa’s political turmoil and weakening economy will come under the harsh spotlight of international credit ratings from this week amid predictions the country could lose its investment-level status. Moody’s will release its updated grading on Friday, before Standard & Poor issues its key announcement a week later on December 2. S&P currently has South Africa—the ...

  Bloomberg Turkey’s President Recep Tayyip Erdogan will lead a meeting of the economic coordination board on Wednesday, a day after a session under the chairmanship of Prime Minister Binali Yildirim to discuss the slide of the lira was canceled. Government officials said ministers in charge of the economy and senior advisers are expected to attend the 7:30 p.m. meeting ...

  Karachi / AFP Shah Nawaz walks Karachi’s dusty streets, one of thousands in the financial hub who are being fed by charities as Pakistan’s economy picks up pace—but, some say, not fast enough for its poverty-stricken millions. Confidence in Pakistan is growing, with the International Monetary Fund claiming in October that the country has emerged from crisis and stabilised ...

  Abu Dhabi / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of UAE and Ruler of Dubai, on Wednesday morning received the credentials of new ambassadors of several friendly countries to the UAE, at Al Mushrif Palace. Also present were HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of ...

  Abu Dhabi / Emirates Business With more than 60,000 race fans converging on the capital city for the Formula 1 Etihad Airways Abu Dhabi Grand Prix and related festivities between November, 25 and 27, Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi) is forecasting highly impressive occupancy rates of 92 percent in the emirate’s leading hotels over the ...

  Abu Dhabi / WAM Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), signed a Memorandum of Understanding, (MoU) to the tune of AED12 million with Hadidi Amer, Naama Province Section Chief at the Ministry of Health, Population and Hospital Reform in Algeria. The MoU was signed in the presence of HH Sheikh Mansour bin Zayed ...

  Abu Dhabi / WAM The Central Bank of the UAE said it had signed a memorandum of understanding (MoU) with the Bank of Algeria for supporting and developing the financial and banking sector in the UAE and People’s Democratic Republic of Algeria. The deal underscores the importance of the sector as a major pillar for supporting expansion of trade exchange ...

  Abu Dhabi / WAM HE Abdullah bin Ahmed Al Saleh, Undersecretary of the UAE Ministry of Economy (MOE) for Foreign Trade and Industry, emphasized during a recent meeting with delegates from the State of Missouri in the United States the depth of the economic relations between the UAE and the US, and noted the various opportunities for the development of ...

  Abu Dhabi / Emirates Business The Abu Dhabi Chamber of Commerce and Industry has announced that it will be organizing the 4th International Franchise Conference and Exhibition 2016. International companies, professionals, and speakers will attend this event at Abu Dhabi National Exhibition Center (ADNEC) on December 14 and 15. On the occasion, H.E. Mohamed Helal Al Muhairi, Director General, ...