Bloomberg Hong Kong dollar bears are abandoning bets the currency will weaken, squeezed by the longest streak of gains in more than five years. The local dollar rose as much as 0.13% to 7.7867 versus the greenback on Monday, taking its six-day gain to about 0.5% — a large move for a pegged exchange rate. Supporting the advance are bets ...

Bloomberg India’s central bank governor Shaktikanta Das said there’s more room for easing monetary policy, but a lot depends on how these actions are timed. “It’s a very clear forward guidance,” Das said at the Times Network India Economic Conclave in Mumbai on Monday. “While taking a pause, we very carefully and definitively said there’s space for further monetary action, ...

Bloomberg UBS Group AG plans to restructure the unit that serves the bank’s top billionaire clients in the first sweeping changes under its new co-head of key wealth management Iqbal Khan. Khan and co-head Tom Naratil are seeking to break apart the ultra high net worth unit led by Joseph Stadler and move some less rich clients into the regional ...

Bloomberg The pound pared earlier advances following disappointing economic data, as the gloomy economic picture countered the optimism in the market following the decisive Conservative victory in last week’s election. Sterling returned to the flatline after purchasing managers’ indexes from UK factories posted their weakest performance in more than seven years. The currency had earlier advanced against all its major ...

Bloomberg The Bank of Japan (BOJ) will leave monetary policy unchanged this week, and probably for much longer, after Prime Minister Shinzo Abe unveiled a stimulus package to bolster growth, according to a Bloomberg survey. All 45 economists polled expect no action from the bank at the end of a two-day meeting on Thursday. For the first time since April, ...

Bloomberg The world’s oldest central bank stands to be the most significant this month as it pioneers a shift away from negative interest rates. Sweden was among the handful of economies that reduced key interest rates half a decade ago below zero. Now officials at the Riksbank — founded in 1668 — insist the policy has done its stimulus work, ...

JEDDAH / WAM The First Abu Dhabi Bank (FAB), announced that it further expands into the Kingdom of Saudi Arabia with the opening of a branch in Jeddah. The Saudi Arabian Monetary Authority (SAMA), has granted FAB a licence to open three branches in the Kingdom, with the bank commencing operations in Riyadh and Al Khobar earlier in 2019. Commenting of ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, received a delegation of Speakers and members of regional and international parliaments and members of the Global Council for Tolerance and Peace, who are currently visiting the UAE to participate in the celebration of ...

Dubai / WAM HH Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority, on Monday signed a cooperation agreement with Mattar Mohammed Al Tayer, Director-General and Chairman of the Board of Directors of the Roads and Transport Authority (RTA), in Dubai, as part of Dubai Culture’s ongoing mission to establish the emirate as ...

Abu Dhabi / WAM The UAE on Monday announced AED55 million ($15 million) for school supplies that will support 400,000 students in Sudan. The monetary aid, provided by Abu Dhabi Fund for Development (ADFD), covers educational necessities, including classroom equipment. ADFD, in cooperation with the Sudanese government, supervised the delivery of the first shipment of school supplies that covers the ...