News

  Abu Dhabi / WAM The Ministry of Finance (MoF) in collaboration with the Central Finance Department of Sharjah, organised the second meeting of the Government Financial Policy Coordination Council for 2016. The meeting was headed by Younis Haji Al Khoori, Under-Secretary of the MoF and Chairman of the Government Financial Policy Coordination Council, and was attended by Saeed Rashid Al ...

  Dubai / WAM The Dubai Mercantile Exchange, the premier international energy futures and commodities exchange in the Middle East, on Wednesday announced two new fuel oil contracts to hedge the price differentials between Middle East fuel oil and Singapore fuel oil. The contracts will be listed on the DME as “Singapore vs. Middle East Fuel Oil 180 cst Spread Futures ...

  Dubai / WAM Dubai Silicon Oasis Authority (DSOA) the regulatory body for Dubai Silicon Oasis (DSO) and Alibaba Cloud, the cloud computing arm of Alibaba Group, has jointly hosted the Middle East finals of the “Create@Alibaba Cloud Start-up Contest”, CACSC at the Dubai Technology Entrepreneur Centre. The Dubai session saw the participation of 10 regional technology start-ups spanning multimedia, gaming, ...

  Dubai / Emirates Business Dubai Electricity and Water Authority (DEWA) organised its first Excellence Camp 2016, which took place at the Raffles hotel in Dubai. The camp aims to increase awareness about standards of excellence, based on the objectives set by the fourth-generation government excellence system. This will improve government work based on innovative standards, while enhancing excellence and ...

Bloomberg Korea Development Bank, the main lender to Hanjin Shipping Co., offered a conditional credit line of 50 billion won ($45 million) to help ease supply-chain disruptions caused by the collapse of the nation’s biggest container mover. The state-owned bank will extend the loan only if the funds pledged by Korean Air Lines Co., the largest shareholder, Chairman Cho Yang ...

  Reuters India is talking to the United Arab Emirates (UAE) and Saudi Arabia to fill half of the 1.5 million tonnes (mt) of the Mangalore strategic storage, along with Iranian crude, its oil minister said on Wednesday. Dharmendra Pradhan told a news conference India is exploring two to three other models for sourcing oil to fill the remainder of ...

  AFP Indonesia’s central bank cut its benchmark interest rate on Thursday in a bid to boost sagging growth, given space to act thanks to the Fed’s decision not to raise the cost of borrowing. Bank Indonesia slashed the rate by 25 basis points to five percent, as expected. The bank shifted to using the current, more short-term focused benchmark ...

  AFP India may have just spent billions of dollars on hi-tech French fighter jets, but experts say it needs to do a lot more if it is going to face up to an increasingly assertive China. The world’s top defence importer has signed several big-ticket deals as part of a $100-billion upgrade since Hindu nationalist Prime Minister Narendra Modi ...

  AFP Japan’s exports tumbled and the country logged a surprise trade deficit in August, data showed, reviving concerns about the economy just before the Bank of Japan wraps up a closely watched meeting. Shipments overseas fell 9.6 percent from a year earlier as a strong yen clouds the country’s trade picture. That left a trade deficit of 18.7 billion ...

  AFP China has removed an almost 13-year-old ban on some US beef products, its quality inspection regulator said Thursday. A ban on imports of “American bone-in beef and boneless beef for cattle under 30 months” has been lifted effective immediately, the General Administration of Quality Supervision, Inspection and Quarantine said, according to a document posted on its official website. ...