Bloomberg China took action to ensure credit reaches small business, rural borrowers and startups, a move tailored to shore up the economy as a vital political transition approaches. The People’s Bank of China announced that it would reduce the amount of cash that banks must hold as reserves from next year, with the size of the cut linked to the …

FUJAIRAH/ WAM National Bank of Fujairah (NBF), announced the opening of its new branch at the heart of Dubai’s historic Gold Souk in Al Ras. The expansion comes in line with NBF’s strategy to strengthen its nationwide presence, and ensure that its portfolio of convenient banking services and suite of retail banking products are easily accessible to customers. With the …

Bloomberg A popular digital-coin exchange is drawing scrutiny from US regulators over a June flash crash that erased most of the value in the second-largest cryptocurrency before traders had time to blink their eyes. The Commodity Futures Trading Commission has requested information from Coinbase Inc. about a June 21 incident on its GDAX platform in which the ether digital token …

Bloomberg UK leisure carrier Monarch filed for insolvency in Britain’s biggest-ever airline collapse, leaving the government to arrange the return of 110,000 tourists and marking the third failure of a major European operator in five months. The airline and Monarch Travel Group have been placed under administration, leading to the suspension of the Luton, England-based company’s operating license, according to …

Bloomberg Fastjet Plc will begin flying from Mozambique this year and expects to commence internal South African services in 2018 as it rekindles growth plans put on hold as losses mounted. With the operating loss down 57 percent in the first half and break even forecast for the fourth quarter, Fastjet is ready to revive its pan-African ambitions, aided by …

Bloomberg Hema, a 91-year-old Dutch retailer known for design housewares, is for sale. Private equity firm Lion Capital LLP, which bought the chain a decade ago, is considering strategic options for Hema and appointed Credit Suisse Group as an adviser to a possible sale, the Amsterdam-based retailer said. Hema, which opened its first store in 1926 in Amsterdam, owns more …

Bloomberg Procter & Gamble Co. is facing longer odds in its standoff with Nelson Peltz, the billionaire investor who is vying for a board seat in one of the most contentious proxy fights in years. Peltz won the approval of prominent shareholder-advisory firm Institutional Shareholder Services Inc , following a similar endorsement from Glass Lewis & Co. the previous week. …

Abu Dhabi / Emirates Business Aldar Properties PJSC (‘Aldar’), Abu Dhabi’s leading listed property development, investment and management company, appointed Construction Group Contracting House (CGCH) as the main contractor and early works package provider for an AED 745 million contract at The Bridges, its mid-market residential development on Reem Island. The contract, which commences with immediate effect, comprises the construction …

Abu Dhabi / WAM The number of commodities covered by the UAE’s selective taxation has been announced as 1,610 items, 60% of which are classified as soft drink products, 26% as tobacco and its derivatives, and some 14% as energy drinks, all deemed as the most damaging to the public’s health. The Federal Tax Authority has prepared a list of …

Abu Dhabi / Emirates Business As business links between South Africa and the UAE continue to grow across a number of core sectors, Brand South Africa and the South African Business Council UAE hosted an event at the Southern Sun Abu Dhabi under the theme ‘The Role of SA Business in Promoting the Nation Brand.’ The meeting was attended by …