Reuters Nigeria’s central bank said it is setting up two financial instruments to provide liquidity support to its non-interest paying lenders. It is a push by Nigeria, home to the largest Muslim population in sub-Saharan Africa, to establish itself as the African hub for Islamic finance, which follows religious principles such as bans on interest and gambling. The central bank ...

Bloomberg The Gupta family are selling their assets in South Africa to little-known companies as their access to banking facilities dries up and allegations intensify that they used their friendship with President Jacob Zuma to wield undue influence over his administration. On Wednesday they announced the sale of a coal business to a Swiss company that has no history in ...

Bloomberg Jehan Chu says he’s got an early-mover advantage that will help his cryptocurrency fund stand out from the crowd. The Hong Kong-based former art adviser started investing in bitcoin in 2013, when the digital asset saw its first major rally. Since then, prices have quadrupled, enabling Chu to quit his job, start a venture capital firm investing in blockchain ...

Bloomberg As Russia’s second-biggest private bank implodes, its billionaire owners have been conspicuous by their absence. By leaving Bank Otkritie FC to fend for itself, the four shareholders controlling more than a third of the company—their combined fortune valued at over $20 billion —may be giving the authorities little choice but to swoop in with a rescue. Now the central ...

Dubai / WAM Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, unveiled the blueprint for Dubai Food Park (DFP), the latest addition to Dubai Wholesale City (DWSC). To be developed at a cost of $1.5 billion, it will be the first destination in the Middle East dedicated to serving ...

Abu Dhabi / WAM A total of 17.815 million cheques worth AED886.7 billion have been handled by the Cheque Clearing System during the first seven months of 2017, UAE Central Bank announced on Wednesday. The number of cheques cleared during July reached 2.66 million worth AED131.7 billion, a growth of 4.7% over June during which cheques worth AED111.3bn were cleared. ...

Bloomberg President Donald Trump, speaking on Tuesday night in Arizona near the Mexican border, said it looks inevitable the US will pull out of the North American Free Trade Agreement (Nafta). It’s a now familiar threat — but no less concerning given the US just this week wrapped up the first round of negotiations with Mexico and Canada to revise ...

HONG KONG / WAM As part of its mandate to facilitate trade from Dubai and create an enabling environment for Dubai’s exporters, Dubai Exports, the export promotion agency of Dubai Economy, has expanded its network with the opening of a new overseas trade office (OTO) in Hong Kong. The Hong Kong office, the 7th in its growing international network for ...

ABU DHABI / WAM Etihad Airways has been announced as the official airline sponsor of WorldSkills Abu Dhabi 2017 the biggest vocational education and skills excellence event in the world. The event will bring more than 3,000 competitors and industry experts from up to 75 countries to the Abu Dhabi National Exhibition Centre, ADNEC, from October 14-17. The 44th edition ...

Sharjah / Emirates Business The second and concluding day of the Sharjah FDI Forum 2017, scheduled to take place on 20 September, 2017 under the patronage of His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Member of the Supreme Council Ruler of Sharjah, will address current dominant economic trends, sustainable economies, the impact of technology on education, small enterprises ...