Bloomberg International Monetary Fund staff said that 19 trillion yuan ($2.9 trillion) of Chinese “shadow” credit products are high-risk compared with corporate loans and highlighted the danger that defaults could lead to liquidity shocks. The investment products are structured by the likes of trust and securities companies and based on equities or on debt — typically loans — that ...

  Bloomberg South Korea’s economy will expand 2.7 percent this year and 3 percent next year, the International Monetary Fund said in a statement, which also welcomed recent fiscal and monetary stimulus in Asia’s fourth-largest economy. The nation has “considerable fiscal space” to manage challenges to growth such as an aging society and high household debt, the fund’s directors said ...

  Bloomberg Tata Steel Ltd. plans to move to the next stage in the sale of its specialty steels unit in the U.K. after it received interest from several buyers as the Indian producer tries to sell unprofitable assets. The sale process of its South Yorkshire-based unit is progressing well, while the company remains open to selling its Port Talbot ...

  DUBAI / Emirates Business His Excellency Dr. Thani Al Zeyoudi, Minister of Climate Change and Environment called on the UAE youth to engage and be part of the country’s global efforts in protecting the environment, achieving sustainable development and combating climate change. The statement came in His Excellency’s opening remarks at the Youth Circle held at the Mleiha Archeological ...

RIO DE JANIERO / WAM United Arab Emirates’ shooters Sheikh Saeed bin Maktoum and Saif bin Fetais will be participating in the skeet shooting contest in Rio Olympics, where the duo will be vying for a second Olympic medal in Rio after the UAE’s judoka Sergiu Toma took the bronze in U81 kg judo contest. They will also try to add ...

  Dubai / WAM The Dubai Electricity and Water Authority (DEWA) awarded a construction contract for the development of the 132/11 kilovolt (kV) substation at Warsan 2, with total cost of AED 74.6 million. The substation will be connected to the current electricity network, to enhance capacity, efficiency, credibility, and availability. “In adherence with the directives of our wise leadership to ...

  RAS AL KHAIMAH / WAM A delegation from Ma’din Academy (Ma’dinu Ssaquafathil Islamiyya) of Kerala, India, have extended condolences to the family of Emirati firefighter Jassim Eisa Al Baloushi, who was martyred while trying to rescue the passengers of an Emirates Airline aircraft which was involved in an incident at Dubai International Airport recently. The delegation also conveyed condolences from ...

  Dubai / Emirates Business A delegation from ‘Ministry of Infrastructure Development’ visited ‘The Sustainable City’ (TSC), the region’s first fully integrated and operational sustainable community, in Dubai on Saturday. Engineer Faris Saeed, the CEO and Co-Founder of Diamond Developers, received the delegations during their visit to The Sustainable City and took them through the innovative project, while reviewing its ...

  Dubai / Emirates Business More students than ever before will collect their Cambridge International Examination results today, as entries for Cambridge qualifications continue to grow in UAE and around the world. Demand for Cambridge qualifications in UAE has soared this year with more than 100 schools making around 50,000 entries for Cambridge qualifications. In particular, Cambridge A Levels have ...

  Beirut / AFP The IS group has freed hundreds of civilians used by the extremists as human shields while retreating in northern Syria, US-backed forces and a monitor said on Saturday. A source from the Syrian Democratic Forces (SDF), which pushed IS out of the city of Manbij this week with the aid of US-led air strikes, said that ...