ABU DHABI / WAM The Central Bank of the UAE (CBUAE) and Bank of Korea (BOK) renewed their bilateral currency swap agreement (BCSA), which was originally signed in October 2013 at a value of $5.4 billion, reaffirming their commitment towards promoting trade and financial cooperation between the two countries. The agreement, which contributed significantly to development of economic and financial …

Bloomberg Stocks in Abu Dhabi are poised to reach their highest since September 2014 after the main gauge’s largest constituent First Abu Dhabi Bank (FAB) PJSC implemented a decision to raise its foreign ownership limit. The lender’s shares gained as much as 4.8 percent on Sunday, the most in a month. The increased cap for foreigners could trigger passive inflows …

SHARJAH / WAM Dana Gas has announced that during Q1 2019, Pearl Petroleum received $112 million (AED411 million) from the sale of condensate, liquefied petroleum gas, and gas in the Kurdistan Region of Iraq (KRI). Dana Gas is a 35 percent shareholder in Pearl Petroleum and its share of such receipts by Pearl Petroleum is $39 million. This presents 117 …

Bloomberg Global oil markets are tightening as Opec supply falls, the International Energy Agency said, while warning it could lower demand forecasts because of economic threats. Crude inventories are set to decline for the rest of the year as Saudi Arabia and its partners curb production, while exports from Venezuela and Iran are squeezed by economic and political crises, the …

Bloomberg The Trump administration is weighing a plan that could force some of the nation’s biggest oil companies to come clean about their bids to dodge US biofuel mandates. The Environmental Protection Agency said in a notice it was opening a 15-day window for the public to comment on whether it should reveal “basic information” about refineries seeking waivers from …

Bloomberg Brazilian Economy Minister Paulo Guedes said he’ll clear up any confusion from President Jair Bolsonaro’s decision to halt a planned fuel-price hike by Petroleo Brasileiro SA. When asked about Bolsonaro’s meddling in state-controlled Petrobras’ pricing policy this week, Guedes said he’d get more information when he returns home from Washington, where he’s been attending the spring meetings of IMF. …

Bloomberg For students of market history, the third month of the 21st century is infamous. March 2000 was when the Nasdaq Composite Index marked a peak in the dot-com bubble. By the end of the year, it fell by more than 50 percent, with more losses to follow. That month was one of the last times the world’s cheapest companies …

Bloomberg Pound analysts are struggling to find reasons to be optimistic even after the immediate threat of a no-deal Brexit was lifted. Sterling strengthened this week as the UK and European Union agreed to extend the divorce deadline to October 31, but its gains were well short of what strategists had previously predicted for such a scenario. The currency’s prospects …

Bloomberg Global finance ministers and central bankers are prepared to “act promptly” to shore up growth in a world economy that faces downside risks including trade tensions, according to a statement. While growth is projected to firm up in 2020, “risks remain tilted to the downside,” according to a communique by the International Monetary and Financial Committee, the main advisory …

Bloomberg Bank of Canada (BOC) Governor Stephen Poloz said whether he’s done with hiking altogether is a “data-dependent question,” adding the economy continues to work through headwinds that warrant stimulative rates. Asked at a press briefing in Washington about investor expectations that the Canadian central bank’s rate normalisation has come to an end, Poloz said market pricing seems to be …