December, 2019

• 9 December

  ‘UAE’s model of tolerance is a unique, influential soft power’

  

  The UAE is continuing to promote its inspiring model of tolerance, coexistence and openness to others, after leading globally through its unprecedented initiative launched this year that made it the “Capital of Tolerance.” The UAE has proven the importance of the key role of its soft power in reinforcing human fraternity principles and encouraging moderate speech discourse, through supporting all ...

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• 9 December

  Speed of euro’s revival may surprise forecasters in 2020

  

  Bloomberg The euro may take pundits by surprise next year by climbing faster than expected. The common currency is seen rising to $1.12 by March before a steady ascent to $1.16 by the end of 2020, up from around $1.1065 now, according to a Bloomberg survey. Yet some analysts could be underestimating the prospects for fiscal stimulus, a growing chorus ...

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• 9 December

  Yes Bank to reject $1.2b bid by Canadian tycoon

  

  Bloomberg Yes Bank Ltd is likely to reject an offer that made up more than half of its planned $2 billion capital raising, and is talking to institutional investors about making up the shortfall, according to a person familiar with the matter. At a meeting, the board is expected to reject an offer from Canada’s Erwin Singh Braich and Hong ...

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• 9 December

  Philippine bank probes transfers using LitePay

  

  Bloomberg Bank of the Philippine Islands has started its own probe into fund transfers made using a Westpac Banking Corp service blamed for Australia’s worst-ever money laundering breach. The Ayala Corp-owned bank started investigating transactions made through LitePay, a low-cost fund transfer system Westpac launched in 2016, after violations came to light in late November, BPI spokesman Owen Cammayo said. ...

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• 9 December

  Uganda keeps lending rate unchanged at 9%

  Bloomberg Uganda’s central bank held its benchmark rate at 9% saying subdued inflation provides room to shield the economy from global headwinds and increasing domestic needs for private-sector financing. The monetary policy stance remains accommodative and supportive, Governor Emmanuel Tumusiime-Mutebile told reporters in the capital, Kampala. The central bank cut the key rate for the first time in more than ...

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• 9 December

  Kazakhstan holds key rate, but warns of inflation

  

  Bloomberg The National Bank of Kazakhstan kept interest rates on hold at a second consecutive meeting, but warned that inflation may pick up in the first quarter of next year. The base rate stayed unchanged at 9.25%, the National Bank of Kazakhstan said in a statement. The decision was forecast by six economists polled by Bloomberg. Inflation may accelerate to ...

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• 9 December

  Mexico inflation slows below target, fuelling easing bets

  Bloomberg Mexico’s inflation slowed to slightly below the central bank’s target for the first time since 2016, bolstering economists’ expectations that policy makers will keep cutting interest rates this month. Consumer prices rose 2.97% in November from a year earlier, less than the 3% forecast by economists in a Bloomberg survey, Mexico’s statistics agency reported on Monday. Prices increased 0.81% ...

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• 9 December

  Biggest US bank deal in decade fails to trigger an M&A frenzy

  

  Bloomberg Truist Financial Corp is officially a thing. The $28 billion deal combining BB&T Corp and SunTrust Banks Inc — the largest US bank merger in more than a decade — was completed after trading closed last week. That poised the rebranded Charlotte, North Carolina-based firm to start trading on the New York Stock Exchange under the ticker TFC. For ...

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• 9 December

  China car market heads for second annual sales decline

  

  Bloomberg Car sales in China continued to decline in November, extending a historic slump and all but ensuring a second straight annual drop for the world’s biggest auto market. Sales of sedans, sport utility vehicles, minivans and multipurpose vehicles fell 4.2% from a year earlier to 1.97 million units, the China Passenger Car Association (PCA) said, citing preliminary figures. The ...

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• 9 December

  Vietnam ministry may cut some tariffs on US agriculture

  

  Bloomberg Under pressure from the US, Vietnam’s ministry of finance is proposing to reduce tariffs on some American agriculture products, from chicken to apples. The government is working to alleviate US concerns over Vietnam’s growing trade surplus. At the request of the US, Vietnam now is reviewing duties on some American products, with tariff cuts seen as a way to ...

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