Bloomberg Ghana’s central bank approved a deal that will see Ghana Commercial Bank Ltd. take over the deposits and selected assets of UT Bank Ltd. and Capital Bank Ltd. after the two lenders failed to meet capital requirements. PricewaterhouseCoopers LLP will sell the rest of the assets to settle liabilities, Raymond Amanfu, head of banking supervision at Bank of Ghana, …
Read More »Bloomberg If Mario Draghi, the president of the European Central Bank, is looking for signs of wage growth, he might find comfort in Finland. After delivering the euro zone’s fastest pace of economic growth in the first quarter, Finnish workers have had enough belt-tightening and are now demanding pay rises they say are only fair given the rebound in exports. …
Read More »Reuters Egyptian financial services group Beltone Financial will launch a $1 billion investment fund in fixed income instruments in September, its chief executive officer told Reuters on Monday. The investment bank aims to raise $150 million to $200 million in the fund’s first phase, Bassem Azzab said in a telephone interview. The fund will seek to attract Gulf and European …
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Bloomberg Bitcoin soared past $4,000 for the first time on growing optimism faster transaction times will hasten the spread of the cryptocurrency. The largest digital tender jumped to a peak of $4,216 onMonday, a gain of nearly 18 percent since Friday, after a plan to quicken trade execution by moving some data off the main network was activated last week. …
Read More »ABU DHABI / WAM Masdar, Abu Dhabi’s renewable energy company, and MDC Business Management Services (BMS) signed a MoU to explore opportunities to deliver projects that improve the energy and water efficiency of buildings and facilities in the UAE. Masdar’s specialised sustainability capabilities will be combined with the facilities management expertise of BMS to help companies make their properties more …
Read More »ABU DHABI / WAM Short-term deposits in UAE banks increased by AED27.9 billion during H1, bringing to AED439.7 billion the total value of short-term deposits by the end of June, according to UAE Central Bank statistics. The term ‘Short Term Deposit’ refers to an amount of money placed in a bank or financial institution for a term no longer than …
Read More »ABU DHABI / Emirates Business Abu Dhabi National Takaful Co. PSC (ADNTC), the leading takaful operator in the MENA region and one of the most progressive insurance companies in the UAE, kept the momentum of its strong Q1 performance to achieve a combined net profit of AED 40.9 million (Policyholders & Shareholders before release of Qard Hasan) and an underwriting …
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FUJAIRAH, RAS AL KHAIMAH, AJMAN WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Sunday offered his condolences to the families of the nation’s martyrs, who fell while carrying out their duties with the Arab Coalition’s “Operation Restoring Hope,†led by the Kingdom of Saudi …
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Dubai / Emirates Business Consumer spending in the UAE, which amounted to nearly $183 billion in 2016, is forecast to rise at a compound annual growth rate (CAGR) of 7.5% over the next five years to exceed $261 billion in 2021, analysis released by the Dubai Chamber of Commerce and Industry showed. The analysis, based on recent data from Euromonitor …
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ABU DHABI / WAM The Abu Dhabi Global Market (ADGM) Registration Authority has announced that it is to be granted Observer Status of the International Conference of Data Protection and Privacy Commissioners (ICDPPC). ADGM is the only International Financial Centre (IFC) and data protection regulator to be accredited with such status in the MENA region. With Observer Status, ADGM joins …
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