Former Federal Reserve Chairman Alan Greenspan recently said he wouldn’t be surprised if yields on US bonds turned negative and if they do, it wouldn’t be “that big a of a deal.” That seems to be a sentiment widely held in central banking circles these days, but it’s wrong. Negative interest rates represent a threat to the financial system. To ...

ABU DHABI / WAM UAE Banks Federation (UBF), officially released its annual report for the year 2018, shedding light on the significant progress and achievements of UBF and UAE banking sector, as well as major developments and trends in local and regional economies. The report highlights an increased number of UBF activities, achievements, and outcomes, and that the UAE banking ...

ABU DHABI / WAM UAE banks’ saving account balances hit a record of circa AED165.8 billion ($45.14 billion) during the first seven months of the year, a 9% growth of AED13.8 billion against AED152 billion by the end of 2018, according to statistics revealed by the Central Bank of the United Arab Emirates. The savings accounts for 11.4% of the ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), on Wednesday announced that it formally closed its $600 million pipeline infrastructure investment agreement with GIC, Singapore’s sovereign wealth fund. This marks successful closing of total investment transaction, following formal closing of initial investment agreement with BlackRock and KKR on June 27, and subsequent closing of Abu Dhabi Retirement ...

Bloomberg America’s merchandise trade with China continued to sag in July despite a tariff-war truce between the world’s two largest economies that’s since evaporated as President Donald Trump escalated levies and China retaliated. US exports of goods to the Asian nation fell 2.7% from the prior month while imports declined 1.9%, narrowing the trade gap between the countries to a ...

Bloomberg Google’s YouTube agreed on Wednesday to pay a $170 million fine and limit ads on kids’ videos to settle claims that the company violated children’s privacy laws. The world’s largest video-sharing site agreed to pay the fine, which is a record for a children’s privacy case, of $136 million to the US Federal Trade Commission and $34 million New ...

Abu Dhabi / WAM The UAE’s years-long efforts to ensure internet safety for children have made remarkable results. The country’s commitment to protecting children from the negative effects of the virtual world has reflected in a broad spectrum of initiatives such as formulating a national plan, legislations, awareness mechanisms and participating in international efforts in this regard. Since the emergence ...

BELGRADE / WAM The UAE and Republic of Serbia have reviewed prospects of advancing consular cooperation and best ways to streamline travel procedures for both countries’ citizens. This came at a meeting of the 2nd session of the joint UAE-Serbia Consular Committee under the chairmanship of Ahmed Sari Al Mazrouei, Undersecretary of the Ministry of Foreign Affairs and International Cooperation, ...

ABU DHABI / WAM The inaugural edition of EuroTier Middle East concluded on Wednesday at the Abu Dhabi National Exhibition Centre (Adnec), drawing strong local, regional and international participation. Held under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of Abu Dhabi Agricultureand Food Safety Authority (ADAFSA), and ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said that the expectations and goals contained in the UAE’s development plans and strategies can only be achieved through the minds and efforts of the country’s children. This requires ongoing investment to develop the Emirati citizen and prepare new generations capable ...