News

  Bloomberg Peruvian legislation allowing workers to tap their pension savings to repay home loans may lead pension funds to sell dollar assets to meet the increased demand for soles, according to central bank President Julio Velarde. The changes will add strength to the sol and hurt credit growth as outstanding mortgage loans decline, Velarde told reporters in Lima. About ...

  Bloomberg After a week in Washington, Saudi Arabia’s deputy crown prince is heading west to meet with technology executives in Silicon Valley and then to New York to pitch his nation’s new economic plan to Wall Street investors. Deputy Crown Prince Mohammed Bin Salman wants to discuss how Saudi Arabia can benefit from innovations spawned in California and then ...

  Washington / AFP Vale SA is holding discussions with Asian mining companies about a potential sale of a minority stake in its Brazilian iron-ore assets that could fetch as much as $7 bn, according to people familiar with the matter. The world’s top iron-ore producer may also consider streaming deals, the people said, asking not to be identified as the ...

  Washington / AFP US regulators have given trading group IEX a green light to launch a new stock exchange, which will operate at a slightly slower speed of trading, the Securities and Exchange Commission said. Investors Exchange (IEX) will introduce a small delay or “speedbump” of 350 milliseconds on orders to buy and sell stock, in an attempt to level ...

  New York / AFP Shares of Oi SA tumbled on speculation that Brazil’s most indebted telecommunications operator is closer to filing for bankruptcy protection after documents showed little sign of progress in talks with bondholders. The documents give a glimpse into just how complicated the restructuring is. Rio de Janeiro-based Oi, which has about 50 billion reais in debt ($14.5 ...

  ABU DHABI / WAM Foreign investors purchased AED 570.7.2 million worth of shares on Dubai Financial Market (DFM) and sold AED 666.5 million over the week, DFM said on Thursday. Net foreign investment on the market reached AED 95.7 million, as aggregate sell. Value of shares bought by foreigner investors comprised 44.4 per cent of the total value of ...

  Paris / EMIRATES BUSINESS The Abu Dhabi National Exhibitions Company (ADNEC) pavilion showcasing the International Defence Exhibition & Conference (IDEX) and the Naval Defence Exhibition (NAVDEX) has drawn high interest from key exhibitors and decision makers in the global defence industry at the Eurosatory 2016 currently underway in the French capital Paris. Held under the patronage of His Highness ...

  Dubai / WAM Microsoft opened a new centre of excellence for the oil & gas industry in Dubai. The Middle East and Africa centre has been launched to assist organisations in the sector to drive digital transformation, cut costs and optimise processes in their organisations. The centre, which is the largest such facility for Microsoft globally, will focus on emerging ...

  Dubai / Emirates Business FGB, one of the leading banks in the UAE, is celebrating after its Ferrari card was recognised as the ‘Best Premium Credit Card’ at the 2016 Smart Card and Payments Awards for the second year in a row. Bank representatives received the award during a ceremony which recently took place at the Armani Hotel in ...

  Dubai / WAM Passengers travelling to Melbourne, Australia will now have another direct flight option with Emirates announcing that flights EK408 and EK409 will begin operating as nonstop services from Dubai from October 30. Operated by an Emirates B777-300ER aircraft, EK408 will depart Dubai at 03:00hrs and arrive in Melbourne (MEL) at 23:20hrs. The return flight, EK409, will leave Melbourne ...