December, 2019

• 23 December

  Choosing UAE-grown produce can help support food security

  

  Abu Dhabi / WAM Choosing UAE-grown produce can help support sustainability and contribute towards solving food and water security, Madar Farms’ Head of Operations, Kyle Wagner, said during an event in Abu Dhabi. During a panel discussion at New York University Abu Dhabi (NYUAD), with Mariam Hareb Almheiri, Minister of State for Food Security, he urged the public to take …

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• 23 December

  DP World to invest $500m to develop Jeddah Islamic Port

  

  DUBAI / WAM DP World has been awarded a 30-year build-operate-transfer (BOT), concession by the Saudi Ports Authority (Mawani), for the management and development of the Jeddah South Container Terminal at the multi-purpose Jeddah Islamic Port. Under the agreement, DP World will invest up to $500 million to improve and modernise the Jeddah Islamic Port, including major infrastructure development to …

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• 23 December

  US futures edge higher ahead of holiday break

  

  Bloomberg Stocks in Europe edged higher on Monday along with US equity-index futures, with volumes subdued as investors count down to the holiday break. Ten-year Treasuries and the dollar were steady. Healthcare stocks led the modest advance on the Stoxx Europe 600 index after Friday’s record-high close. Contracts on the S&P 500 climbed after the underlying index logged its biggest …

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• 23 December

  China stocks tumble as tech firms sink

  

  Bloomberg China’s benchmark stock gauge suffered its first drop of more than 1% in six weeks after a state-backed fund said it would reduce its stakes in some tech companies. The Shanghai Composite Index closed down 1.4% on Monday, its biggest decline since November 11. The CSI 300 Index slumped 1.3%, its fourth consecutive retreat, with technology-related shares leading the …

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• 23 December

  India stocks drift sideways after hitting multiple highs

  Bloomberg India stocks struggled for direction on Monday as investors weigh the potential impact of continued nationwide protests, after a week in which the benchmark index closed at a record high four times. The S&P BSE Sensex fell 0.1% to 41,642.66 at the 3:30 p.m. close in Mumbai. The NSE Nifty 50 Index also dropped 0.1%. Equity investors have until …

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• 23 December

  Credit Suisse CEO exonerated once again as Bouee takes fall

  

  Bloomberg Credit Suisse Group AG blamed Pierre-Olivier Bouee for a second spying scandal that’s shaken the bank, again painting the former chief operating officer (COO) as a rogue operative who kept chief executive officer Tidjane Thiam in the dark about his activities. Bouee — once a close confidante of Thiam — used a contractor to spy on former human resources …

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• 23 December

  PBOC to study risk of climate change on financial sector

  

  Bloomberg China’s central bank has joined the global conversation on managing the risks of climate change, saying it’ll study the impact on the financial sector and regulatory framework. A warming climate is a “major factor” that could cause changes to economic and financial systems, and global central banks should stay ahead of the curve to respond to possible impacts, Chen …

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• 23 December

  Rupee’s advance seen as unsustainable by analysts

  

  Bloomberg The bounce in India’s rupee that’s made it the top performer among major Asian economies is failing to win over traders. The currency has risen about 1% in the past month after falling by as much 1.2% in October and November. Traders say the fillip provided by a one-off corporate inflow of about $6 billion in recent weeks and …

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• 23 December

  Rescuers sought for shadow bank Altico as crisis deepens

  

  Bloomberg Lenders to an Indian shadow bank at the center of an industry crisis since it started defaulting three months ago have called for binding bids from potential rescuers by mid-January, people familiar with the matter said. Altico Capital India Ltd. is one of the latest caught up in the nation’s shadow banking crisis, which has deepened as lenders already …

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• 23 December

  ‘ECB should review causes of inflation’

  

  Bloomberg ECB Governing Council member Klaas Knot said conventional wisdom about inflation is outdated. The European Central Bank has to investigate “thoroughly” which factors nowadays determine output prices, rather than double down on its stimulus measures, the Dutch central bank president said in an interview with De Volkskrant. While wages are rising, the costs for business “are not translating into …

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