News

DUBAI / WAM Dubai Gold and Commodities Exchange (DGCX) has announced the appointment of the Bank of China (BOC) as a Settlement Bank for Dubai Commodities Clearing Corporation (DCCC) which is a wholly owned subsidiary of DGCX. With the addition of Bank of China, DCCC has expanded its network of Settlement Banks to five with Emirates NBD, Standard Chartered, HSBC ...

AMSTERDAM / WAM A delegation from Dubai Electricity and Water Authority (DEWA) has met Dutch officials from the Kingdom of the Netherlands while making an official visit. The delegation, headed by Saeed Mohammed Al Tayer, MD and CEO of DEWA, met officials from the public and private sectors in both Rotterdam and Amsterdam. The visit supports DEWA’s efforts to exchange ...

ABU DHABI / Emirates Business Abu Dhabi’s burgeoning filmmaking industry and its position as a prominent production hub was highlighted at CABSAT in Dubai this week, which was attended by twofour54 executives Paul Baker, Issa Aghabi and Yusuf Buti. Paul Baker, Executive Director of Film and TV Services was a guest speaker on a panel discussion titled: “Challenges, trends, growth ...

Bloomberg Mario Draghi unleashed his most audacious stimulus package yet, unexpectedly testing the lower bounds of all the European Central Bank’s interest rates, expanding its monthly bond purchases by a third and signaling it may pay lenders to borrow its cash. The 25-member Governing Council, meeting in Frankfurt on Thursday, cut the rate on cash parked overnight by banks by ...

Bloomberg Euro-area government bonds surged after the European Central Bank unexpectedly cut all its interest rates and expanded its monthly bond purchases. Spanish 10-year yields dropped the most in five months with the decision boosting peripheral debt relative to the higher-rated peers. ECB officials cut the central bank’s deposit rate by 10 basis points to minus 0.4 percent, and its ...

Bloomberg U.K. Chancellor of the Exchequer George Osborne is facing a potential shortfall in the nation’s finances ahead of his annual budget as plans to sell Royal Bank of Scotland Group Plc shares stall. Whipsawing markets and a split within the government ahead of Britain’s June 23 referendum on European Union membership mean the chancellor probably won’t meet next fiscal ...

The rate on its marginal lending facility, by which the ECB offers overnight credit to banks, is going down to 0.25 percent from 0.30 percent. The ECB also announced it would expand the volume of bonds it purchases each month under its programme of quantitative easing to 80 billion euros ($88 billion) from 60 billion euros. And it would also ...

Bloomberg With just over 100 days to go until Britain’s referendum on leaving the EU, Queen Elizabeth II and Bank of England Governor Mark Carney have both been dragged into the debate, showing that personalities will play a crucial role in the outcome. Supporters of a so-called Brexit called for Carney to resign after he identified a vote to leave ...

Bloomberg Croatia plans to narrow 2016 budget deficit using increased government revenue fueled by economic expansion and by cutting technical expenditures and benefits, according to the budget proposal submitted by the cabinet. The budget deficit is forecast to narrow to “within” 3 percent of gross domestic product this year, Finance Minister Zdravko Maric told the cabinet in Zagreb on Thursday, ...

Bloomberg President Barack Obama and Canadian Prime Minister Justin Trudeau announced steps to limit methane emissions from existing oil and natural gas wells, a move intended to underscore their commitment to combat climate change. Canada and the U.S. are agreeing to reduce methane emissions from oil and gas by as much as 45 percent below 2012 amounts by 2025, according ...