Bloomberg India’s surprise seizure of a troubled Indian shadow bank won’t end the woes of its lenders, faced with the risk of heavy writeoffs if Dewan Housing Finance Corp is declared a fraudulent account. That’s because the Reserve Bank of India (RBI) requires banks to provision fully for their entire exposure over four quarters if they decide a loan account ...

Bloomberg The International Monetary Fund’s (IMF) board plans to vote on Mexico’s request to renew its flexible credit line (FCC), possibly for less than the current $74 billion, before it expires next week. Mexico is interested in reducing the size now that there’s greater certainty around its trade relationship with the US, Alejandro Werner, the IMF’s Western Hemisphere director, said ...

Bloomberg The European Central Bank’s (ECB) chief economist Philip Lane said policies are “in good shape” for the baseline scenario of improving conditions over the next one or two years, but further rate cuts can’t be ruled out. “Under the most likely scenario, we think the current policies are in good shape,” he said in an interview broadcast on Italy’s ...

Bloomberg A former JPMorgan Chase & Co banker was convicted of conspiring with traders at other banks to rig bids and fix prices in currency markets — a victory for prosecutors in their campaign against collusion in foreign exchange. Akshay Aiyer was found guilty by a federal jury in New York that took less than four hours to reach a ...

Bloomberg The Swiss National Bank (SNB) has additional room to cut its already negative interest rate, the central bank’s Chief Economist Carlos Lenz told Swiss Sunday newspaper NZZ am Sonntag in an interview. “It’s not ruled out, but they cannot fall indefinitely,” Lenz said when asked if interest rates could decline further. “What’s crucial: cash has an interest rate of ...

Bloomberg Judy Shelton, one of President Donald Trump’s most recent picks for the Federal Reserve board, challenged an article of faith regarding the US central bank in private comments to a bank executive last month: that it should operate free of political influence. Shelton shared her views on monetary policy and the Fed with Beat Siegenthaler, global macro adviser for ...

Abu Dhabi / Emirates Business Etihad Airways, the national airline of the UAE, received a special reception — welcomed by a traditional water cannon salute — at Jeddah’s new Terminal 1. The inaugural flight was operated on Etihad’s Dreamliner with the distinctive Kingdom of Saudi Arabia livery. The reception was followed by a ribbon cutting ceremony and was attended by ...

Ajman / WAM The Ajman Department of Finance announced on Sunday that the digital wallet of Ajman Pay is the first to connect with the UAE Pass, the national digital identity and digital signature solution in the country. The UAE Pass enables users to identify themselves to government service providers in all emirates through a smartphone-based authentication with a high level ...

Abu Dhabi / WAM The Education Affairs Office at the Crown Prince Court in Abu Dhabi launched a training programme for teachers, to enhance educational performance across the UAE, in line with the objectives of the Moral Education Curriculum, which was launched in 2016, under the guidance of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu ...

Dubai / Emirates Business Dubai Airport Freezone Authority (Dafza), represented by Director General, Dr Mohammed Al Zarooni, and a number of officials welcomed a delegation from the Bank of China, led by Executive Director of the Board Lin Jingzhen and senior delegates. The meeting took place at Dafza Square Business Center to discuss future collaboration and business prospects. During the ...