April, 2016

• 12 April

  ECB counts 500-euro cost as cash death seen exaggerated

  

  Bloomberg The European Central Bank is studying the mechanics of scrapping the euro area’s largest denomination note, though it hasn’t yet made a decision. President Mario Draghi said in February that policy makers are examining the controversial 500-euro ($571) bill amid concern it aids criminal activity and terrorist financing. Doris Schneeberger, head of the currency management division at the Frankfurt-based ...

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• 12 April

  Bank of Japan reduces funds subject to negative-rate policy

  

  Bloomberg The Bank of Japan is reducing the share of funds financial institutions keep at the BOJ that will be subject to the new negative interest rate policy. Enacting a technical adjustment that the central bank indicated was a possibility when it unveiled the new policy in January, the BOJ enlarged the share of new current-account funds that will be ...

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• 12 April

  ‘Austria’s Zombie Bank nightmare is a problem for Europe’

  

  Bloomberg Instead of an orderly burial, the wind-down of an Austrian bank is turning into a scene from The Walking Dead. Seven years on from the bailout of Hypo Alpe Aldria Bank, private investors and politicians are still at loggerheads over who should foot the bill. While Hypo Group itself is no more, Heta, the “bad bank” designed to wind ...

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• 12 April

  UAE’s retail market to reach AED200bn

  

  Dubai / WAM Retailing in the UAE is expected to reach AED 200 billion by 2017, growing by a 5% on average each year, according to an analysis by the Dubai Chamber of Commerce and Industry. Consumer spending is also expected to continue rising in the medium-term, with growth rates projected to stabilize at about 4% on average per year ...

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• 12 April

  ViP technology to make gas stations more safe and swift in Emirates

  

  Sunaina Rana / Emirates Business As the Emirates is heading to the new high-tech world with smart cities, smart homes and now new ViP (Vehicle Identification Pass) technology gas stations. The new innovative technology comes with secured electronic chip that will be placed on top of the fuel tank gasket of the vehicle. After the chip is installed and activated, ...

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• 12 April

  Emirates NBD to fund AED827mn Egyptian power plants

  

  CAIRO / WAM Emirates NBD affirmed its commitment to supporting mega national projects and securing the necessary financing, thus contributing to the Egyptian economy’s development and boosting production in light of the bank’s expansion plan in the Egyptian market. Emirates NBD Egypt signed a EGP2 billion (AED287mn) facility contract with the Egyptian Electricity Holding company during a signing ceremony at ...

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• 12 April

  Sharjah to beckon more visitors from China

  

  Sharjah / Emirates Business Sharjah Commerce and Tourism Development Authority (SCTDA) is participating in the China Outbound Travel and Tourism Market (COTTM) for the third consecutive year. The leading exhibition, now in its 12th year, starts in the Chinese capital Beijing on April 12, and will run until April 14. SCTDA’s presence at COTTM 2016 comes as part of the ...

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• 12 April

  Alibaba buys Lazada for US$1bn

  

  Beijing / Bloomberg Alibaba Group Holding Ltd. is making its largest overseas investment with a $1 billion deal for control of Lazada Group SA, taking the Chinese e-commerce giant to Southeast Asia and closer to a goal of shedding its home-market reliance. China’s largest online emporium will pay $500 million for new shares in the closely held company and purchase ...

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• 12 April

  Demand for SUVs boosts China auto sales by 10%

  

  HONG KONG / AP Industry data show that Chinese auto sales rose by nearly 10 percent last month, led by strong demand for SUVs that more than offset slipping passenger car sales. The China Association of Automobile Manufacturers said Tuesday that 2.06 million sedans, SUVs and minivans were sold in March in the world’s biggest auto market. That’s 9.8 percent ...

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• 12 April

  Crude prices hold above US$40 in Asian countries

  Singapore / AFP Crude prices dipped in Asia on Tuesday but held above $40 as traders awaited a summit of key oil producers next week to discuss freezing output and easing the supply glut. Analysts said prices were expected to see-saw before Sunday’s meeting in the Qatari capital Doha that will bring together both OPEC producers led by Saudi Arabia ...

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