April, 2018

• 10 April

  LVMH to maintain China-driven demand with e-comm

  

  Bloomberg After demand from China drove another quarter of rapid growth for LVMH, Chief Executive Officer Bernard Arnault is counting on e-commerce to help keep his luxury empire ahead of the pack. First-quarter sales rose 13 percent on an organic basis, the Paris-based owner of Sephora and Christian Dior said. That beat analysts’ average estimate of 8.5 percent and spurred …

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• 10 April

  Steinhoff: Payments to ex-chairman Christo Wiese broke company rules

  Bloomberg Steinhoff International Holdings NV said two deals with entities related to its former chairman and biggest shareholder Christo Wiese didn’t follow proper disclosure processes, dragging the South African billionaire deeper into an accounting crisis. The agreements were made in the two months leading up to the emergence of financial irregularities that have wiped more than 90 percent off the …

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• 9 April

  Mena fintech sector to attract AED9.2bn in deals by 2022

  

  Abu Dhabi / Emirates Business The current MENA fintech market is estimated at $2 billion (AED7.35 billion) and expected to witness an annual growth of $125 million (AED459 million) until 2022, according to Mena Research Partners (MRP), a leading research company in the region. Increasingly compelling business models of fintech are expected to drive the market growth further. Going forward, …

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• 9 April

  UAE labour market adds 5mn jobs

  CAIRO / WAM The UAE labour market is one of the most flexible markets at the regional and global scale, securing jobs to more than five million people from different nationalities in 2017 and receiving 1.35 million highly skilled workers for the private sector, stated Nasser bin Thani Al Hamli, UAE Minister of Human Resources and Emiratisation. According to the …

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• 9 April

  Badea aid to Africa reaches $5.9bn

  KHARTOUM / WAM Since it began operations in March 1975, the Arab Bank for Economic Development of Africa (Badea) provided over $5.8 billion in development finance for sub-Saharan African countries, according to a statement on its website. At the end of March, after just over 13 years of operations, BADEA had made commitments of $5,824.77 million, covering finance for 653 …

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• 9 April

  US stocks rise with China’s Xi expected to calm tensions

  

  Bloomberg US stocks climbed with Asian equities as investors looked to China’s President Xi Jinping to calm a trade dispute between the world’s two largest economies. Treasuries fell with gold. The S&P 500 Index rose after last week’s 1.4 percent tumble, and strength in semiconductors, software and technology hardware pushed the Nasdaq 100 Index and Nasdaq Composite Index up more …

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• 9 April

  With NSE sidelined, shares of India exchanges stagger

  

  Bloomberg India’s dominant stock venue is unable to list its shares due to a regulatory probe. For the last six months, investors probably wished the country’s other exchanges never went public, either. Multi Commodity Exchange of India Ltd. fell the most among all global exchanges in the past six months, declining 29 percent. BSE Ltd., which trades stocks and currency …

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• 9 April

  Oil rises most in two weeks

  Bloomberg Crude climbed by the most in more than two weeks amid a weaker dollar and easing concern that a trade war will break out between the US and China. Futures jumped as much as 1.6 percent in New York as the dollar dipped, boosting oil’s appeal as a store of value. As investors evaluate the ongoing tensions between US …

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• 9 April

  Saudi stock exchange counting on foreign funds to aid Aramco IPO

  

  RIYADH / Reuters Saudi Arabia’s stock exchange expects an influx of foreign funds to smooth the listing of national oil firm Saudi Aramco, despite concern among some analysts about whether the market can absorb the huge offer, the exchange’s chief executive said. “Foreign investors are putting in more money — every day we have improved liquidity capacity,” Khalid al-Hussan said …

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• 9 April

  Philippines eyes joint exploration deal with Beijing in S China Sea

  

  MANILA / Reuters The Philippines is looking to seal a pact with China within a few months to jointly explore for oil and gas in a part of the busy South China Sea waterway claimed by both countries, a Philippine official said on Monday. In February, the two countries agreed to set up a special panel to work out how …

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