September, 2019

• 17 September

  China Mengniu agrees to buy Bellamy’s for $1 billion

  

  Bloomberg China Mengniu Dairy Co agreed to buy organic infant formula maker Bellamy’s Australia Ltd for A$1.5 billion ($1 billion), securing a premium brand in one of the fastest-growing segments of the dairy market. The Hong Kong-based firm offered A$13.25 per share for Bellamy’s, a sizable 59 percent premium to the stock’s last closing price. The Launceston, Tasmania-based company’s board …

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• 15 September

  UAE to push for moderation and de-escalation at UNGA

  

  ABU DHABI / WAM The UAE’s largest ever delegation to the United Nations – led by HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation (MoFAIC) – will seek diplomatic solutions to address the most pressing challenges to regional stability and security, and assert against extremism and hate. In a media briefing on Sunday at …

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• 15 September

  Saudi Aramco races to fix oil supply after drone attacks

  

  Bloomberg Saudi Arabia is racing to restore oil production after a brazen drone strike on a key Aramco facility slashed its output by half, or about 5% of world supply, an assault that the US has blamed on Iran. State energy producer Saudi Aramco lost about 5.7 million barrels per day of output after 10 unmanned aerial vehicles struck the …

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• 15 September

  Cheques worth AED805b handled in eight months

  Abu Dhabi / WAM A total of 17 million cheques worth AED805 billion were handled by the Image based Cheque Clearing System (ICCS) during the first eight months of 2019, according to a report issued by Central Bank of the UAE (CBUAE). A breakdown showed that 1.77 million cheques worth AED 82.6 billion were cleared in August 2019, as compared …

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• 15 September

  MoE discusses Emirati investments in HK, China

  

  HONG KONG / WAM The UAE Economic and Commercial Delegation concluded its participation in the 4th Summit of Belt and Road Initiative in Hong Kong. Abdullah Al Saleh, Under-Secretary at the Ministry of Economy for Foreign Trade Affairs and Head of the UAE Delegation, highlighted the success of the delegation’s mission and its contributions to the summit. Under the theme …

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• 15 September

  Boeing 737 Max unlikely to fly in 2019: UAE

  Bloomberg The Boeing 737 Max is unlikely to be back in service before next year, the UAE aviation regulator said, contradicting the manufacturer’s timeline for its return. Saif Al Suwaidi, director general of the General Civil Aviation Authority, said he expects the plane to be back in the first quarter of next year. Boeing has set a fourth-quarter target. The …

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• 15 September

  Bank of Montreal’s CEO aims to double indigenous lending

  

  Bloomberg A team of Bank of Montreal (BMO) commercial bankers have traded their suits and ties for Ford F-150 pickups to reach Canada’s remote regions and build up a part of their business that has yet to see a bad loan. Indigenous banking is one area Chief Executive Officer Darryl White targeted in June when he vowed increased support for …

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• 15 September

  Wealth-management price war spikes in Nordics over ‘fees’

  

  Bloomberg At the biggest bank in the richest Nordic economy, the head of wealth management is about to make life harder for his rivals by cutting fees yet again. DNB Asset Management, which oversees about 600 billion kroner ($67 billion) from Oslo, already lowered fees on several mutual funds back in February. That move gave the asset manager a bigger …

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• 15 September

  Lagarde faces call for ‘ECB inflation goal’

  

  Bloomberg When Christine Lagarde conducts a rethink of the European Central Bank’s policies and tools during her impending presidency, her new Austrian colleague will be keen to contribute. “I look forward to the strategic review,” Robert Holzmann, the governor of the Austrian central bank who began his role this month, said in an interview in Helsinki. “I’m a fan of …

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• 15 September

  Maintenance fees may be on Japan banks’ cards

  

  Bloomberg Japan’s long-suffering savers have put up with virtually zero interest for years, but at least their bank accounts have remained free. That may change as speculation for further monetary stimulus mounts. Lenders could begin imposing maintenance fees for retail deposit account holders if the Bank of Japan deepens negative interest rates from minus 0.1 percent, according to JPMorgan Chase …

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