November, 2019

• 25 November

  Amazon teams up with China upstart for Black Friday sale

  

  Bloomberg Amazon.com Inc is counting on a smartphone app known for cheap deals to lure Chinese consumers during the Black Friday online spree, in a partnership that extends to the end of the year. The US e-commerce giant’s cross-border unit has just opened a storefront on Pinduoduo (PDD), China’s No. 3 online retailer after Alibaba Group Holding Ltd and JD.com …

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• 25 November

  Nigeria airline CEO indicted by US for money laundering

  

  Bloomberg Allen Onyema, the Nigerian businessman who owns the country’s largest airline, was indicted by US authorities on charges of fraud and money laundering. He allegedly moved “more than $20 million from Nigeria through United States bank accounts in a scheme involving false documents based on the purchase of airplanes,” according to a statement by the US Department of Justice …

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• 25 November

  Alibaba’s HK listing attracts 200k retail buyers

  Bloomberg Alibaba Group Holding Ltd has attracted about 200,000 investors to apply for the retail portion of its Hong Kong share sale, Hong Kong Economic Times reported, citing unidentified sources. It would make Alibaba the most popular listing of the year by the number of subscribers, the paper said, while adding that the number of retail buyers is less than …

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• 25 November

  Walmart’s Jet to cease its NYC fresh grocery business

  

  Bloomberg Walmart Inc’s Jet subsidiary is ending its fresh-food delivery business just a year after introducing the service in New York City, another sign that the urban-focussed site is scaling back. The retailer will close a warehouse in the Bronx it was using to prepare orders and also let some drivers go, resulting in the loss of between 200 and …

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• 24 November

  GCC insurance market set to grow $36.1bn in 2024

  

  Dubai / Emirates Business Alpen Capital Limited, Dubai-headquartered investment banking advisory firm, announced the publication of its latest report on the GCC Insurance Industry for the year 2019. The report provides a comprehensive overview of the GCC insurance sector and outlines the recent trends, growth drivers and challenges in the sector. It also profiles some of the prominent insurance companies …

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• 24 November

  Enoc marks ground-breaking of its Expo 2020 Dubai pavilion

  

  DUBAI / Emirates Business Enoc Group, the Official Integrated Energy Partner of Expo 2020 Dubai, on Sunday marked the ground-breaking of its Expo 2020 Dubai pavilion, located near the UAE pavilion and between the Sustainability and Opportunity Districts. Under the theme of ‘Reimagine Energy’, the pavilion will be split across five distinct pavilion structures or ‘houses’ inspired by traditional oil …

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• 24 November

  India lenders face possible $5b shadow bank writeoff

  

  Bloomberg India’s surprise seizure of a troubled Indian shadow bank won’t end the woes of its lenders, faced with the risk of heavy writeoffs if Dewan Housing Finance Corp is declared a fraudulent account. That’s because the Reserve Bank of India (RBI) requires banks to provision fully for their entire exposure over four quarters if they decide a loan account …

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• 24 November

  Mexico credit line may be less than $74b: IMF

  

  Bloomberg The International Monetary Fund’s (IMF) board plans to vote on Mexico’s request to renew its flexible credit line (FCC), possibly for less than the current $74 billion, before it expires next week. Mexico is interested in reducing the size now that there’s greater certainty around its trade relationship with the US, Alejandro Werner, the IMF’s Western Hemisphere director, said …

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• 24 November

  Lane says ECB policies are ‘in good shape’

  

  Bloomberg The European Central Bank’s (ECB) chief economist Philip Lane said policies are “in good shape” for the baseline scenario of improving conditions over the next one or two years, but further rate cuts can’t be ruled out. “Under the most likely scenario, we think the current policies are in good shape,” he said in an interview broadcast on Italy’s …

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• 24 November

  Ex-JPMorgan banker convicted by US court

  

  Bloomberg A former JPMorgan Chase & Co banker was convicted of conspiring with traders at other banks to rig bids and fix prices in currency markets — a victory for prosecutors in their campaign against collusion in foreign exchange. Akshay Aiyer was found guilty by a federal jury in New York that took less than four hours to reach a …

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