January, 2021

• 10 January

  Credit Suisse cuts ties with some Venezuelan clients

  

  Bloomberg Credit Suisse Group AG has cut relationships with a number of Venezuela’s wealthy as it weighs the risk of doing business with politically-exposed clients in the sanctions-hit country. Switzerland’s second-largest lender has cut assets it manages for the nation’s wealthy by more than half over the past few years, to about $2 billion, according to people familiar with the ...

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• 10 January

  UK set to lift ban on trading in Swiss shares following Brexit

  

  Bloomberg The United Kingdom is set to reverse a ban on trading in Swiss shares following its exit from the European Union (EU). The Treasury plans to put legislation to lawmakers in the coming days that will take effect three weeks later if approved, according to a spokesman. The story was first reported by the Financial Times. “Once in force, ...

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• 10 January

  Mideast stocks rise, track global peers

  

  Bloomberg The Middle East’s benchmark equity indexes all advanced on Sunday, tracking a global stock rally on optimism that a Democratic sweep in the US will boost fiscal spending in the world’s largest economy. Egypt’s EGX 30 Index climbed for a third day to lead regional gains as the government reported declining inflation. Meantime, Saudi shares increased, hovering at their ...

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• 10 January

  Hydrogen firm’s market value skyrockets to $25b

  

  Bloomberg Plug Power Inc., a fuel-cell company that’s struggled to turn a profit, surged in value to nearly $25 billion after striking a deal with a South Korean conglomerate to promote hydrogen technology in Asia. Shares in the Latham, New York, company jumped more than 50%, when SK Group agreed to pay $1.5 billion for a 10% stake in it. ...

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• 10 January

  UAE provides urgent aid to flood-hit people in Malaysia

  

  ABU DHABI / WAM The United Arab Emirates has provided urgent humanitarian aid to those affected by the floods that swept the state of Pahang, Malaysia. The move is in implementation of the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and the follow-up ...

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• 10 January

  Oil posts best week in four months on Saudi output cut

  

  Bloomberg Oil posted the biggest weekly gain since late September as Saudi Arabia’s plan to slice output spurred a surge in physical crude buying. Futures in New York advanced $3.72 this week and Brent oil topped $55 a barrel for the first time since February. Saudi Arabia’s pledge earlier this week to cut production by 1 million barrels a day ...

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• 10 January

  AED10 billion infra projects underway in UAE east coast

  

  DUBAI / WAM Infrastructure projects valued at AED 10 billion are currently underway along the East Coast of the UAE, said Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure. The project are part of the 2018-23 five year plan, which includes the ministry’s investment programme and the projects undertaken by the Follow up Committee of the Initiatives of ...

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• 10 January

  Indonesian plane feared to have crashed with 62 aboard

  JAKARTA / WAM/Reuters A Sriwijaya Air plane with 62 people on board lost contact after taking off from Indonesia’s capital Jakarta on a domestic flight on Saturday and rescuers said suspected debris had been found in the sea off the city, Reuters reported. The Boeing 737-500, en route to Pontianak in West Kalimantan, disappeared from radar screens after taking off ...

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• 10 January

  India’s oil usage declines for first time in 21 years

  

  Bloomberg India’s petroleum consumption fell for the first time in more than two decades in 2020 as the coronavirus pandemic shuttered businesses and factories, hurting demand from one of the world’s largest users of the fuel. Total petroleum demand declined 10.8% last year from 2019, and was at a five-year low of 193.4 million tons, according to Bloomberg calculations of ...

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• 10 January

  Dubai’s foreign trade recovering with steady growth momentum

  

  DUBAI / WAM In support of the UAE’s sustainable economic development, Dubai Customs has been able to meet the challenges of the global economic recession arising out of the Covid-19 pandemic. “The year 2020 saw new pioneering achievements for Dubai Customs in terms development of Customs work processes and innovation of new solutions and initiatives to ensure the smooth flow ...

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