Bloomberg Singapore plans to reduce the role of cash and checks in its economy by encouraging banks to switch to digital payments, according to the head of the country’s central bank. “For consumers, the use of cash for daily payments is high,” Ravi Menon, managing director of the Monetary Authority of Singapore, said at a financial technology conference. “For …

  Hong Kong / Bloomberg Free rice cookers and suitcases were among the special deals that tempted Chiu Wing-suet into accumulating her 20 credit cards, many of which are crammed into her wallet. She’s unlikely to accept any more such offers. “I’ve come to realize that most of my cards are useless,” said the 30-year-old Hong Kong nurse. “I basically …

  Emirates Business Lenovo Group (HKSE: 992) (ADR: LNVGY) on Sunday announced results for its first fiscal quarter ended June 30. Quarterly revenue was US$10.1 billion, a six percent decrease year-over-year (or four percent decrease in constant currency). Quarter-to-quarter, this represented a 10 percent increase. First quarter pre-tax income increases 297 percent year-over-year to US$206 million. Net income increases 64 …

  Bloomberg United Airlines Chief Executive Officer Oscar Munoz filled a top finance spot that had been vacant for 12 months and replaced the longtime chief revenue officer, bolstering his management team almost a year after taking the helm. Andrew Levy, 47, was named chief financial officer, joining the third-largest US carrier from discounter Allegiant Airlines, United Continental Holdings Inc. …

  Bloomberg When Hilton Sturisky joined Spirit Airlines as chief information officer two years ago, the discount air carrier was weeks away from running out of data storage space and costs were getting “out of control.” So he opted to move to what are called hyperconverged systems that combine server, storage and virtualization software in a single machine. In a …

  Bloomberg CIT Group Inc. climbed in New York trading following a news report that initial bids to buy the commercial lender’s aircraft-leasing business topped some analysts’ expectations. CIT gained as much as 6.2 percent, the most intraday since October, and was up 3.4 percent to $36.16., the best performer in the Russell 1000 Financial Services Index. The shares have …

  Dubai / Emirates Business In line with its mandate to boost Dubai’s credentials as a wholesale hub of choice and as part of ongoing efforts to strengthen cooperation with partners and stakeholders from the private and public sector within and outside the UAE, Dubai Wholesale City (DWSC) welcomed a delegation from the Spanish embassy. During the visit, the two …

  Dubai / WAM Ahmed bin Sulayem, UAE Kimberley Process Chair 2016, on Sunday published a mid-term report, a first for the Kimberley Process. The Kimberley Process Certification Scheme (KPCS) is a joint government, industry and civil society initiative to stem the flow of conflict diamonds. It imposes extensive requirements on its members to enable them to certify shipments of rough …

  Dubai / WAM The Roads and Transport Authority’s Dubai Taxi Corporation (DTC) is all set for the new school year 2016 – 2017 by deploying a fleet of smart buses equipped with state-of-the-art technologies. The initiative stems from DTC’s commitment to keep up with the Dubai government’s drive to provide excellent and safe school transport service. Registration is now open …

  Abu Dhabi / WAM Dr. Amal Abdullah Al Qubaisi, Speaker of the Federal National Council (FNC), hailed the overall progress made by bilateral relations between the UAE and China in the political, economic, trade, educational and parliamentary spheres in particular. She was speaking during a meeting at the FNC with the Chinese ambassador to the UAE, Chang Hua, who was …