TIRANA / WAM The UAE has embarked on relief operations in support of 555,000 quake-stricken Albanians, in implementation of the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and under the follow-up of HH Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al ...

Bloomberg The International Monetary Fund (IMF) urged Hong Kong’s government to boost spending to support the territory’s convulsing economy, citing a range of risks from trade tensions to political unrest. Greater fiscal support would help bolster growth while maintaining longer-term sustainability, the fund said in its latest regular review of the economy, known as an Article IV Consultation. “Government spending ...

Bloomberg Almost a week after embattled Yes Bank Ltd unveiled details of its plans to raise $2 billion in capital, shareholders remain unconvinced that a deal will take place. Shares of the Mumbai-based lender have fallen about 8% since it announced the names of the investors for its proposed preferential issue. Doubts over key foreign bidders have triggered concerns that ...

Bloomberg The euro is encroaching on the dollar’s territory as the world’s currency of global borrowing, but that doesn’t mean anyone wants to keep hold of it. “No one wants to hold euro cash as an asset anymore but everyone wants it as a liability,” George Saravelos, Deutsche Bank AG’s global head of currency research, wrote in a note. As ...

Bloomberg The European Central Bank (ECB) has started supervising some of the world’s top securities firms’ businesses in the region, as they build up their operations across the European Union ahead of Brexit. European units of Goldman Sachs Group Inc, JPMorgan Chase & Co, Morgan Stanley and UBS Group AG entered the ECB’s oversight this year as a result of ...

Bloomberg A prolonged glitch at HDFC Bank Ltd, an Indian lender well known for its digital services, could erode trust and hurt business as clients struggle to perform basic transactions. An unknown number of the Mumbai-based lender’s 49 million customers have been locked out of its online banking platform for the past three days, prompting dozens to vent their anger ...

Bloomberg The pound reached the highest level in almost seven months as traders stepped up bets on a win for the Conservatives in next week’s election. The currency pushed above $1.30 as polls show the ruling Tories holding their lead over Jeremy Corbyn’s left-wing Labour Party. Sterling also advanced against all major peers as US president Donald Trump’s visit to ...

Abu Dhabi / Emirates Business As commercial airliners become more technologically advanced, so too must the skills of the pilots who will fly them. But while aircraft continue to evolve, training methods have not only lagged – they have become increasingly irrelevant to today’s trainee pilots, who have grown up in the digital age. In a statement, Etihad Aviation Training ...

Dubai / Emirates Business Dubai Silicon Oasis Authority (DSOA) has launched “HADI”, an AI-Based Conversational Bot that can answer users’ questions and process transactions with respect to DSOA’s services. HADI will be available on the organisation’s website and other messaging applications, and will constantly evolve to reflect accurate, up-to-date information about Dubai Silicon Oasis business and community services. HADI is ...

Dubai / Emirates Business Dubai Islamic Economy Development Centre (DIEDC) signed a cooperation agreement with Islamic Economics Institute (IEI) at King Abdul Aziz University in Saudi Arabia, expanding its network of strategic partners in the GCC region. The agreement opens doors for the exchange of knowledge and experience in Islamic economy between the two entities, in addition to coordinating their ...