January, 2021

• 27 January

  Sunak seeks deeper UK financial services ties with Switzerland

  

  Bloomberg UK Chancellor of the Exchequer Rishi Sunak will hold talks with his Swiss counterpart as the two countries seek to deepen financial services ties in the wake of Brexit. The virtual discussions with Federal Councilor Ueli Maurer will focus on the goal of “a comprehensive mutual recognition agreement” to cut costs and barriers for UK firms operating in Switzerland ...

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• 27 January

  Europe may see rate hikes in 2021

  Bloomberg The Czech Republic may raise interest rates as many as two times this year, central bank Governor Jiri Rusnok said, departing from the global trend of pursuing ultra-loose monetary policy against the coronavirus (Covid-19) crisis. Rusnok, speaking in an interview, said he sees economic growth picking up in the second half of the year, partly due to progress on ...

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• 27 January

  Merkel ally wants more debt spending to fund pandemic fight

  

  Bloomberg Chancellor Angela Merkel’s chief of staff proposed temporarily allowing expanded debt spending by Germany’s federal government, prompting a swift rejection from officials in his own party. Helge Braun, Merkel’s chancellery minister, wrote in Handelsblatt newspaper that the country’s so-called debt brake, which is enshrined in the constitution, should be altered to allow more borrowing to help offset the impact ...

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• 27 January

  Japan stock rally defies foreign sales thanks to BOJ and banks

  

  Bloomberg Japan’s equity rally last year in the face of foreign selling is challenging conventional wisdom that purchases by overseas investors are necessary for the market to keep rising. And that breakdown in correlation bodes well for the country’s shares. The Nikkei 225 Stock Average advanced 16% in 2020 despite more than 6 trillion yen ($58 billion) of foreign net ...

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• 27 January

  Stocks dip before Fed; earnings spur US tech

  

  Bloomberg Stocks drifted lower with US equity futures on Wednesday as investors weighed earnings reports and awaited the conclusion of the first Federal Reserve policy meeting of the year. The Stoxx Europe 600 Index opened modestly down amid a wave of corporate results. Luxury conglomerate LVMH edged higher after sales of fashion and leather goods soared in the fourth quarter. ...

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• 26 January

  Oil trades near $53 as tighter supply allays demand fears

  

  Bloomberg Oil rose to trade near $53 a barrel in New York as concerns over the pandemic’s latest hit to demand were tempered by signs of tighter global supply. Futures in New York increased 0.4% after rising 1%. A flare-up of the coronavirus in China is threatening fuel demand during the Lunar New Year period, with the government encouraging millions ...

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• 26 January

  UAE, Ukraine explore bolstering relations

  

  KIEV / WAM UAE Ambassador to Ukraine Salem Ahmed Al Kaabi and the Minister of Foreign Affairs of Ukraine, Kuleba Dmytro, have discussed ways to develop relations and enhance cooperation between the two countries across various fields of mutual interest. They also discussed efforts to confront the Covid-19 pandemic. Kuleba affirmed the interest of the Ukrainian President, Volodymyr Zelensky, to ...

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• 26 January

  Adnoc named UAE’s most valuable brand once again

  ABU DHABI / WAM Adnoc maintained in 2021 its position as the UAE’s most valuable brand for the third consecutive year, according to a new report from Brand Finance, the world’s leading independent ranked business valuation consultancy. Adnoc’s AED39.7 billion 2021 brand value, a triple-digit percentage increase since the launch of its transformation strategy in 2016, makes it the second ...

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• 26 January

  Anghami to set up global HQ at Abu Dhabi’s Hub71

  

  ABU DHABI / WAM The Abu Dhabi Investment Office (ADIO) is partnering with the leading music streaming service in the Middle East and Africa (Mena), Anghami, to establish the technology pioneer’s global headquarters and research and development (R&D) centre in Abu Dhabi. The partnership is part of the ADIO’s recently announced Innovation Programme valued at AED2 billion, which is an ...

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• 26 January

  UAE institutions join World Logistics Passport initiative

  

  DUBAI / WAM Three leading institutions in the UAE on Tuesday announced they have joined the World Logistics Passport (WLP), a major initiative established to increase trading opportunities between developing markets. The WLP is helping to reimagine how goods and services move around the world, increase resilience in global supply chains and remove the barriers that prevent developing economies from ...

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