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Bloomberg China has started the process of potentially merging its two biggest brokerage firms to create a company that can better compete with the global investment banks as the country opens up its financial markets, according to people familiar with the matter. Citic Securities Co and CSC Financial Co, along with their government shareholders Citic Group and Central Huijin Investment ...

Bloomberg Russia’s deepening economic crisis is on the verge of spilling into some of the most remittance-dependent economies in the world. Migrant workers from the former-Soviet Union send $13 billion home each year from Russia, where they are allowed to work visa-free. But now that money is starting to dry up due to lockdowns in Moscow and St. Petersburg that ...

Bloomberg The US federal budget deficit is on track to exceed $3.8 trillion this year even if Congress doesn’t enact any more stimulus spending, and the nation’s debt will rise to levels not seen since the country emerged from World War II, a non-partisan budget watchdog estimated. The projection by the Committee for a Responsible Federal Budget would put the ...

Bloomberg Now Germany is deploying its financial firepower to fight the coronavirus crisis, convincing the country that it was wrong to shun budget deficits for many years just got even harder. The government of Europe’s biggest economy has long faced calls by officials from the International Monetary Fund (IMF) and the European Central Bank (ECB), to the US administration of ...

Bloomberg North Korea fired multiple missiles from its eastern coast on Tuesday, in a show of military might ahead of parliamentary elections in South Korea. The projectiles were fired on Tuesday from sites near Munchon and neighbouring Wonsan on the east coast, the South Korean Ministry of National Defense said in a statement. North Korea launched short-range cruise missiles from ...

Abu Dhabi / WAM UAE-based AgTech company, Madar Farms partnered with the Abu Dhabi Investment Office (ADIO) to support the operation of the world’s first commercial-scale indoor tomato farm using only LED lights and a new research facility to help in accelerating the AgTech industry in the UAE and the region. The investment is part of ADIO’s AED1 billion AgTech ...

DUBAI / WAM Emirates Post has opened its new international operations hub in Dubai International Airport (DXB) to provide global e-commerce, parcel and logistics brands a gateway to the UAE, KSA, and regional markets. In the wake of Covid-19 and the restrictions imposed on regional and international travel, the postal, parcel and logistics industries face a series of setbacks including ...

DUBAI / WAM DP World UAE Region announced on Monday that it has implemented a “rapid and resolute” action plan to secure the health and safety of its people and its services across all its business, logistics and supply chain assets to keep essential trade flowing in the midst of the global pandemic. The comprehensive and inclusive measures are being ...

ABU DHABI / WAM The governor of the central bank of the UAE (CBUAE), Abdulhamid Saeed, held his first meeting with CEOs of banks operating in the country to emphasise the systemic significance of extending support to private sector companies and individuals affected by Covid-19 as part of the Targeted Economic Support Scheme (TESS).The meeting comes as part of its ...

Bloomberg The contraction in China’s foreign trade is set to continue through the second quarter, as global demand remains depressed by measures to curb the ongoing coronavirus outbreak. Both exports and imports are forecast to have slumped 10% or more in March, with data due on Tuesday expected to show a continuation of the declines seen in the first two ...