Bloomberg India pulled out of a trade pact covering much of Asia, paving the way for 15 other countries to sign the China-backed regional trade deal next year. India conveyed its decision to exit the Regional Comprehensive Economic Partnership (RCEP), foreign ministry official Vijay Thakur Singh told reporters in Bangkok on Monday. Prime Minister Narendra Modi highlighted that he was ...

RAS AL KHAIMAH / WAM Vipul, Indian Consul-General in Dubai, said that the trade between Ras Al Khaimah and India increased significantly last year by 17 percent, and the value of the emirate’s exports to India exceeded AED860 million. Ras Al Khaimah is a positive model of economic success and plays a leading regional role, through its efforts to achieve ...

DUBAI / WAM Etihad Credit Insurance (ECI), the UAE Federal Export Credit Company, signed a MoU with Khalifa Industrial Zone Abu Dhabi (Kizad), the integrated trade, logistics, industrial and free zone owned by Abu Dhabi Ports, to support UAE businesses and increase exports by providing export insurance solutions that meet their growth plans. The pact will help UAE-based firms to ...

Bloomberg Federal Reserve policy makers are satisfied with the stance of monetary policy even if President Donald Trump isn’t. In a series of appearances last week, central bank officials hammered home the message that policy is on hold after three cuts in interest rates this year. “We have a favourable outlook for the economy,” Fed Vice Chairman Richard Clarida said ...

Bloomberg Almost two years after Latvia’s central-bank governor was detained in a bribery probe, he’s getting the chance to prove his innocence in the courtroom. Ilmars Rimsevics, who also sits on the European Central Bank’s policy-setting panel, is attending his first hearing. He denies the charges against him, which carry a prison term of more than 10 years. Rimsevics’s case ...

Bloomberg As long-term negative interest rates reshape life in the Nordic region, its biggest bank is trying to reinvent one of its most important business areas. Nordea Bank Abp says it’s rethinking how it does market making — a service that helps investors carry out securities trades and ensures liquidity — in an effort to adapt to long-term negative rates. ...

Bloomberg South Africa’s rand and bonds rose after the country clung to its last investment-grade credit rating. The currency gained 1.7% to 14.7853 per dollar, the most on a closing basis in more than three weeks, and paring its loss since the end of June to 4.7%. The yield on rand-denominated government bonds fell the most since early 2018 and ...

Bloomberg The World Bank could provide as much as $5 billion to Democratic Republic of Congo over the next five years if its new government commits to raising more revenue, fighting corruption and opening up its economy. The financing would be a welcome boost for Congo’s new president, Felix Tshisekedi, who has promised a bold series of costly social programs, ...

Bloomberg The Philippine central bank is done with easing monetary policy for this year after it cut interest rates three times and pumped liquidity into the banking system, Governor Benjamin Diokno said. When asked if there would be no more reductions in the benchmark rate or reserve requirement ratio in 2019, Diokno said “absolutely.” Monetary authorities have done “more than ...

Abu Dhabi / Emirates Business Etihad Guest, the award-winning loyalty programme of Etihad Airways, and Emirates Islamic, one of the leading Islamic financial institutions in the country, have signed a Memorandum of Understanding (MoU) to partner in launching a new jointly branded credit card. Yasser Al Yousuf, Vice President Commercial Partnerships, Etihad Airways said: “We are proud to expand our ...