Dubai / Emirates Business UAE Exchange, the leading global remittance, foreign exchange and payment solutions provider, partnered with Sony PlayStation for co-branding its popular multicurrency prepaid card, ‘gocash’. Commenting on the tie-up, Rajesh G K, Chief Product Officer, UAE Exchange, said: “Sony PlayStation is a great brand to engage Millennials. Through this association, the Sony PlayStation customers will experience …

  Dubai / Emirates Business The Digital Marketing Summit – Outreach 2016 successfully concluded its second edition on Thursday at the Grosvenor House Hotel in Dubai. The two-day event featured a diverse line up of more than 40 marketing experts, entrepreneurs and influencers from major local and international organizations, such as Twitter, Coca-Cola, DHL, Landmark, Sky News Arabia, Careem, Fetchr, …

  London / AFP Comments by Federal Reserve chief Janet Yellen that an interest rate increase will likely be appropriate “relatively soon” gave a further shot in the arm to the dollar on Thursday. In testimony prepared for delivery to the Joint Economic Committee of Congress, Yellen said a rate hike would be appropriate as long as there is further …

  DUBAI / Reuters Abu Dhabi’s banks were mixed in early trade on Thursday after soaring on Wednesday amid renewed speculation the government would merge more banks. Saudi banking shares were weak. Union National Bank lost 1.1 percent after jumping 12.3 percent on Wednesday. Abu Dhabi Commercial Bank was flat after it gained 5.8 percent. Abu Dhabi Islamic Bank pulled …

  Bloomberg Indonesia’s central bank kept its benchmark interest rate unchanged after six cuts this year, seeking to calm financial markets in the wake of Donald Trump’s upset victory in the US presidential election. Governor Agus Martowardojo and his board held the seven-day reverse repurchase rate at 4.75 percent on Thursday, in line with the forecasts of all but three …

  New Delhi / AFP India announced new measures on Thursday to allow farmers and marrying couples to withdraw more money from banks, as frustration mounted over a cash crisis triggered by the withdrawal of all high-value notes. The shock move last week, which saw 85 percent of the cash in circulation suddenly withdrawn, has led to huge queues forming …

  Bloomberg The European Central Bank’s extraordinary stimulus measures are not intended to be permanent and should be withdrawn as soon as possible, Executive Board member Yves Mersch said. “The size of the purchase program means that will take some time, but a permanent commitment to our bond-buying, for example, would set the wrong incentives for government financing,” Mersch said …

  Frankfurt am Main / AFP Deutsche Bank intends to claw back millions in bonuses from six former top executives, a German newspaper said on Thursday, as the embattled lender seeks to cut costs and boost its capital cushion. The move would target former CEOs Anshu Jain, Juergen Fitschen and Josef Ackermann as well as three one-time board members, the …

  Bloomberg The Swiss National Bank (SNB), which has the lowest interest rate among the world’s major central banks, may be done cutting. SNB President Thomas Jordan and his fellow policy makers will keep the deposit rate unchanged at minus 0.75 percent until at least the end of the first quarter of 2019, according to the median forecast in Bloomberg’s …

Bloomberg The Bank of England (BoE) has been granted the ability to limit borrowing by investors in rental housing, increasing the central bank’s control over the property market. The BoE’s Financial Policy Committee has been given new powers to cap buy-to-let mortgage lending by regulating loan-to-value and interest coverage ratios, the UK Treasury said in a statement. UK benchmark interest …