DUBAI / WAM Nordic tourists travelling to the GCC from Denmark, Norway, Sweden, Finland and Iceland, are expected to generate an estimated $810 million in travel and tourism revenue by 2024, according to data published ahead of the Arabian Travel Market (ATM, 2020). The latest Colliers International research, commissioned by ATM organiser Reed Travel Exhibitions, predicts the UAE will witness …

Bloomberg The risk of a US-Iran conflict is bringing fresh focus to the question of what Jerome Powell meant when he said it will take a “material” change in the outlook for the Federal Reserve to raise or lower interest rates. The answer so far — as investors wait to see how Tehran responds to the US killing of its …

Bloomberg UBS Group AG expects to cut as many as 500 private banking jobs as the lender moves forward with a wealth management overhaul aimed at strengthening regional units and speeding up decision making. As part of the revamp, UBS will split up the private banking business in Europe, the Middle East and Africa, giving Caroline Kuhnert responsibility for central …

Bloomberg The race to find a rescuer for a struggling Indian shadow bank at the center of an industry crisis has narrowed. Altico Capital India Ltd is one of the latest caught up in the nation’s shadow banking crisis that started in 2018, and had been courting suitors. One of them, Kotak Investment Advisors Ltd, won’t make a binding bid …

Bloomberg Singapore has received “strong interest” in its effort to open up the banking industry to fresh competition after 21 groups made bids for digital licenses, the financial regulator said. A “diverse group” lodged applications, including e-commerce, technology and tele communications companies, the Monetary Authority of Singapore (MAS) said on Tuesday, without identifying the parties. Seven were for digital full-bank …

Bloomberg China’s surging consumer inflation will rise further on the current oil spike, but the jump won’t last long and probably won’t affect the pace of monetary easing in 2020, according to Citigroup Inc. Consumer inflation in China will hit 5% in January as higher oil prices combined with a low base from 2019 drive up the cost of vehicle …

Bloomberg Asia’s best carry trade is suddenly in Hong Kong, where the local dollar has strengthened to an almost three-year high. Elevated local rates are increasing the appeal of owning the city’s currency, after years of depreciation wagers. Selling the greenback and using the proceeds to buy Hong Kong dollars has delivered Asia’s highest Sharpe ratio — a measure of …

Bloomberg US equity futures were steady on Tuesday and stocks in Europe and Asia advanced as investors attempted to set aside their fears about escalating tensions in the Middle East. Treasuries fluctuated and the euro declined. Markets were roiled before the European open when an Iranian news agency said the country is assessing scenarios for its response to the US …

Bloomberg Investors are snapping up Chinese financial assets, encouraged by progress on trade and signs that the world’s second-largest economy may be stabilising. Improving confidence helped stoke a 0.5% rally in the yuan on Tuesday, pushing it to its strongest level since early August. The currency punched past the key 6.95-per-dollar level, and traded on the strong side of its …

Bloomberg SBI Holdings Inc and Japanese internet-service provider GMO Internet Inc are about to start extracting Bitcoin at the world’s largest crypto mine, located in the industry’s new hotspot: Rockdale, Texas. The two firms have in principle agreed with Northern Bitcoin AG subsidiary Whinstone Inc to process cryptocurrency transactions at the German company’s facility within the coming months, according to …