December, 2020

• 16 December

  Canada’s economy may shrink again, warns BOC

  Bloomberg Bank of Canada (BOC) Governor Tiff Macklem warned the nation’s economy could temporarily shrink again amid a second wave of virus cases, tempering good news on the start of inoculations against Covid-19. In his last speech of the year, Macklem said uncertainty remains elevated and new restrictions could trigger a small contraction at the start of 2021. On the ...

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• 16 December

  Credit Suisse cuts staff at asset management

  Bloomberg Credit Suisse Group AG — Switzerland’s second largest lender — cut 10 percent of the staff at its asset management business this year as it seeks to turn around a unit that has been hit by fund implosions in the wake of the pandemic. Switzerland’s second largest lender made the reductions as it closed some investment vehicles and wrote ...

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• 16 December

  Global stocks advance ahead of Fed decision; Treasuries steady

  

  Bloomberg Global stocks advanced as Congress moved towards agreement on a spending package that would boost the economy. Treasuries were flat ahead of the Federal Reserve’s policy decision. Gains across markets were modest but broad-based, with the Stoxx 600 Index notching a third day of gains. The pound strengthened as Brexit negotiators worked to strike a trade agreement before the ...

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• 16 December

  MSCI is third index giant to cull Chinese stocks banned by US

  

  Bloomberg MSCI Inc. became the third index provider to delete some Chinese stocks from its benchmarks, after the Trump administration banned US investments in companies with links to the Chinese military. The firms include China Railway Construction Corp, China Spacesat, China Communications Construction, CRRC Corp., Hangzhou Hikvision Digital Technology Co., Dawning Information Industry Co. and Semiconductor Manufacturing International Corp, according ...

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• 16 December

  India stocks advance

  Bloomberg India stocks advanced, with benchmarks headed for fresh peaks, on another sign that the economy is recovering. The S&P BSE Sensex climbed 0.7% to 46,577.84 as of 9:36 am in Mumbai, while the NSE Nifty 50 Index rises by the same magnitude. Both measures are headed for a fourth day of gains. Asian equities gained as US lawmakers moved ...

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• 16 December

  Mubadala to invest in Asper’s AED2.1b investment vehicle

  

  ABU DHABI / WAM Mubadala, the Abu Dhabi-based sovereign investment company, on Tuesday announced that it will be taking a significant stake into Asper Investment Management’s (Asper) Dorothea investment vehicle (Dorothea). Dorothea is targeting to deploy more than AED 2.1 billion (€ 500 mn) into building a network of district heating services across the Netherlands. Asper is Europe’s leading independent ...

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• 16 December

  President calls for rain prayer across country’s mosques

  ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has called for a prayer for rain, known in Arabic as Salaat Al Istisqaa, to be performed at all mosques and prayer areas across the UAE, ten minutes before the Friday prayer, on December 18. The prayers were held to keep with the tradition of the Prophet ...

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• 16 December

  Abu Dhabi agri sector gets AED524m boost

  

  ABU DHABI / WAM The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) has approved five investment projects worth AED 524 million to establish fish, vegetable, fruit, cattle and poultry farms on a total land and sea area of approximately four million m2. The investment opportunities, identified and managed in cooperation with the Abu Dhabi Investment Office (ADIO), will be ...

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• 16 December

  Opec warns against rushing output hike

  

  Bloomberg The president of Opec reiterated that the oil producers’ cartel shouldn’t rush to increase output early next year and said energy demand was still fragile with the coronavirus raging across parts of the world. Algeria’s Energy Minister Abdelmajid Attar, who holds Opec’s rotating presidency, said there was no guarantee the group and its allies would raise crude production by ...

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• 16 December

  Moro offers new security services

  DUBAI / WAM Moro Hub, the digital arm of Dubai Electricity and Water Authority (Dewa), has announced the launch of end-to-end managed security services in the region, as a part of Dubai 10X initiative. Customers can now avail Moro Hub’s 24×7 security monitoring and threat management service that is augmented with advanced technologies hosted on Moro Hub Cloud and managed ...

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