October, 2019

• 28 October

  Mena’s largest F&B forum opens today

  Dubai / WAM Gulfood Food Manufacturing 2019, the sixth edition of the Mena region’s largest F&B manufacturing and processing forum, opens on Tuesday, to showcase the latest processing technology, as well as address concerns over food safety and food waste, and the need to drive innovation and transform the industry. As the UAE and other GCC economies seek to further …

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• 28 October

  Burned in 2008, Americans are refusing to tap home equity

  

  Bloomberg Once-popular loan Americans use to finance home renovations and college tuition is slowly dying, slashing a lucrative source of revenue for the nation’s largest banks. Home equity lines of credit, open-ended loans that homeowners tap for cash using their properties as collateral, exploded in the run-up to the housing crash a decade ago, doubling in volume from 2003 to …

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• 28 October

  Tapping Australia shale would worsen carbon emissions: Study

  

  Bloomberg Opening up a potentially huge shale gas region in Australia’s Northern Territory would increase the country’s already-hefty greenhouse gas emissions making it a “particularly dangerous” contributor to climate change, according to a new study. The report, commissioned by environmental lobby group Lock The Gate, tested a range of scenarios for development of the McArthur Basin and Beetaloo sub-basin, which …

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• 28 October

  Pakistan’s tycoons offer to take over former Barrick mine

  

  Bloomberg Pakistan’s top business tycoons have offered to take over a disputed copper and gold deposit that was once explored by Barrick Gold Corp. and Antofagasta Plc, according to people familiar with the matter. Officials at the provincial Balochistan government are said to have met with a consortium of four business groups including tycoons Arif Habib and Muhammad Ali Tabba …

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• 28 October

  US futures advance as Fed meeting nears; bonds slide

  

  Bloomberg US index futures climbed while stocks in Europe struggled for traction at the start of a week in which big corporate earnings continue to roll in and the Federal Reserve is expected to cut interest rates. Treasuries dropped, pushing the 10-year yield to a six-week high. Contracts on the S&P 500 edged higher after the underlying gauge climbed near …

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• 28 October

  Argentina tightens currency controls after Fernandez wins

  

  Bloomberg Argentina tightened currency controls after the opposition’s Alberto Fernandez won the presidential elections. The central bank will restrict dollar purchases by savers to buy just $200 per month compared with the $10,000 per month previously, according to a central bank statement. The move looks to preserve international reserves during the political transition which will culminate in the handover on …

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• 28 October

  Retailers stockpile in face of Brexit uncertainty: CBI

  Bloomberg UK retailers built up stocks by the most since the 1980s in anticipation of leaving the European Union at the end of the month, a report from the Confederation of British Industry (CBI) showed. The proximity to Christmas and ongoing Brexit uncertainty are the main drivers, the CBI said. Retail sales volumes and orders fell in the year to …

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• 27 October

  World ‘awash’ in oil as US sees its shale boom barrelling ahead

  

  Bloomberg Global markets are “awash” in crude thanks to the surge in US oil output, and the boom looks set to continue, US Energy Secretary Rick Perry said in a Bloomberg TV interview. US shale production has turned the world “on its head,” and Goldman Sachs Group Inc. is “off a bit” in a report last week saying that the …

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• 27 October

  ADCB to exit operations in Qatar, Kuwait

  Bloomberg Abu Dhabi Commercial Bank (ADCB), which completed a three-way merger in May, plans to exit its operations in Qatar and Kuwait to focus on its home market. The lender initiated the process of closing operations in both the countries and have informed the authorities, according to a statement. The move comes after the bank sold the majority of its …

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• 27 October

  India’s RBI denies reports of selling gold from reserves

  

  Bloomberg India’s central bank hasn’t sold any gold recently nor is trading in the metal, the monetary authority said in a tweet on Sunday. Reports have appeared in certain sections of media that RBI has been selling or trading in gold of late. It is clarified that RBI has not sold any gold or trading in it. The Economic Times …

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