March, 2016

• 8 March

  Iran conducts new missile tests defying US sanctions

  

  Tehran / AFP Iran conducted multiple ballistic missile tests on Tuesday in an exercise to demonstrate “deterrent power,” a move that comes in defiance of US sanctions imposed over its missile programme in January. The announcement by the official IRNA said the tests showed the country’s “all-out readiness to confront threats” against its territorial integrity. State television a short time ...

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• 8 March

  MH370 flight disappearance still a mystery two years on

  

  Kuala Lumpur / AFP Investigators probing what happened to flight MH370 said Tuesday the cause of the plane’s disappearance remained a mystery as the second anniversary passed with devastated next-of-kin still grasping for answers. The Malaysia-led international team of aviation experts set up to investigate issued an annual progress report but the brief statement had no new insights on what ...

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• 8 March

  China reality check halts stock rally as Japan leads bond gains

  

  BLOOMBERG Global stocks dropped as a slump in Chinese exports dragged metals lower and brought equities’ five-day winning streak to a halt. Japanese government bonds surged in a haven-asset rally that also lifted the yen, gold and Treasuries. The Stoxx Europe 600 Index extended its decline from a five-week high as investors sold equities that had led the recent rebound, ...

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• 8 March

  Emirates Securities Market Report up by 0.24 percent

  

  ABU DHABI / EMIRATES BUSINESS The Emirates Securities Market Index has increased by 0.24% to close at 4574.07 points. Accordingly the Market Capitalization has gained AED 1.75 billion attaining AED 741.97billion. A total of 0.94 Billion Shares were traded with a total value of AED 1.15 billion during the trading session of 08-03-2016 through 11363 transactions. The number of companies which has ...

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• 8 March

  HSBC going solo in China credit cards expansion plan

  

  BEIJING / Bloomberg HSBC Holdings Plc winning approval to start a credit-card business in China’s $1 trillion market offers Chief Executive Officer Stuart Gulliver added flexibility in his push into the nation’s retail banking and wealth-management industries. The approval from Chinese authorities came as HSBC ended a card venture with Bank of Communications Co., the bank’s Asia-Pacific head Peter Wong ...

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• 8 March

  FirstRand profit little changed as South African growth slows

  

  CAPE TOWN / Bloomberg FirstRand Ltd., Africa’s biggest bank by value, said first-half profit was little changed after South Africa’s economy slowed and non-performing loans increased. Net income rose to 10.48 billion rand ($683 million) in the six months ended December 31 from 10.3 billion rand a year earlier, the Johannesburg-based company said in a statement on Tuesday. Earnings per share ...

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• 8 March

  Reserve Bank of Australia sees room to ease, wants lower currency

  

  Canberra / Bloomberg Australian central bank Deputy Governor Philip Lowe said that low wage growth and contained inflation provide scope to cut rates further and said, like most of his global peers, he’d prefer a weaker currency. The Reserve Bank of Australia’s official said the economy had proved pretty resilient to the winding back of a massive mining investment boom and ...

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• 8 March

  BofA Asia equity-trading head to leave amid cuts

  BLOOMBERG Arnaud Droitcourt, Bank of America Corp.’s head of Asia-Pacific equity trading, left the company as it cuts jobs to trim expenses, according to a person with knowledge of the matter. Droitcourt, a Hong Kong-based managing director who oversaw both cash equity and equity derivatives trading of the bank, left Tuesday, said the person, who asked not to be identified ...

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• 8 March

  Counterfeit notes: Europe to brace up monetary system

  BLOOMBERG European Central Bank (ECB) Executive Board member Yves Mersch has said he wants evidence that high-denomination euro banknotes facilitate crime. While there’s been much coverage of the matter, Mersch would be “very happy if any substantiated evidence would be shipped to the ECB.” Step forward the Spanish police, who arrested two men at Madrid airport and seized 200,000 euros ...

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• 8 March

  At JPMorgan, coders indulge in pure banking business

  

  Bloomberg For the biggest US bank, the best way to fight Silicon Valley is to mimic it. JPMorgan Chase & Co.’s. new technology hub across the street from the Hudson Yards development on Manhattan’s West Side — a 125,000-square-foot space so vast it’s subdivided into five neighbourhoods — has all the trappings of a start-up: foosball tables, a game room, ...

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