A high-ranking defector of North Korean has said that president Kim Jong-Un is planning a ‘prime time’ nuclear weapons push in 2017. The development comes as Pyongyang wants to take advantage of leadership transitions in South Korea and the United States. As per the revelation made by Thae Yong-Ho, who fled his post as North Korea’s deputy ambassador to …

  Bloomberg Singapore’s commodities-related defaults could turn out to be the canary in the mine. Despite a modest rebound in resource prices, restructuring specialists including KPMG and Hogan Lovells Lee & Lee see more Asia-Pacific commodities and shipping companies being pushed into delinquency. Law firm DLA Piper said there could be choppy waters ahead on rising interest rates and President-elect …

  DUBAI / Reuters Banking shares boosted Saudi Arabia’s stock index to its highest level this year, while other Gulf markets moved little in quiet trade with some foreign investors absent for New Year holidays. The Saudi index closed up 1.3 percent at 7,257 points in its highest trading volume for two weeks, rising above technical resistance at this year’s …

  DUBAI / Reuters National Bank of Kuwait (NBK), the Gulf Arab state’s largest commercial lender, and investment firm KAMCO said they had been invited by the public debt office at the Kuwaiti ministry of finance to participate in a bond issue by the government. A request for proposals has been sent to NBK’s subsidiary NBK Capital to help arrange …

  Bloomberg Egyptian companies unable to repay US-dollar denominated debts after the devaluation of the pound will be allowed to negotiate fixed exchange rates with banks. The move aims to alleviate financial pressure on manufacturers following the central bank’s decision to remove all restrictions on the local currency on Nov. 3. The pound has since lost more than half its …

  Bloomberg Britons are holding onto their cash in a sign that they may be hunkering down in the face of economic uncertainties, according to the British Bankers Association. Personal deposits grew an annual 4.8 percent in November, data compiled by the BBA show. They increased by 32.4 billion pounds ($39.7 billion) in the first 11 months of the year, …

  Bloomberg China’s requirement for how much cash banks must hold as reserves is “very high” and should be reduced at an “appropriate time,” a senior banking regulator said, according to a media report. Other financing tools can be used to manage the money supply after easing the required reserve ratio, China Banking Regulatory Commission official Yu Xuejun said at …

  DUBAI / Emirates Business The Dubai Festivals and Retail Establishment (DFRE), an agency of Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism), lauded the solid partnership between the government and private sectors, describing it as a unique role model of public-private collaboration that works collectively with a single-minded purpose to achieve the common goal of promoting a destination. …

  Sharjah / Emirates Business ‘Horouf,’ the innovative educational imprint of Kalimat Group – a publishing house dedicated to printing and distributing quality children books in Arabic – is continuing with its programme of activities taking place at its winter camp for children at Maktaba Al Qasba, Sharjah. Titled ‘Shitaa Bil Arabi’ (Winter in Arabic), the camp is set to …

  ABU DHABI / Emirates Business With an aim to raise awareness and encourage the use of legal channels for sending money home among the Bangladeshi expatriates, UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand, launched ‘Amar Bangladesh’. Derived from a Bangla term that literally means “My Bangladesh”, the new social awareness campaign stands out for its …