January, 2020

• 4 January

  International reserves of Venezuela hit a new low

  

  Bloomberg Venezuela’s international reserves fell $832 million between December 30 and January 2, reaching a thirty-year low of $6.63 billion on January 2. The country began the week with reserves of $7.47 billion on December 30, according to central bank data. The level of $6.63 billion is the lowest since July 1989, when reserves were at $6.68 billion. “The fall ...

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• 4 January

  ECB policy most disliked in Germany now run by German

  

  Bloomberg Christine Lagarde has a plan for rebutting German criticism of the bond-buying programme she inherited as European Central Bank (ECB) president: Put a German in charge of it. Lagarde has handed one of the ECB’s highest-profile roles to a German who has taken a stand against undue sniping at the institution’s policies. Isabel Schnabel, a University of Bonn economics ...

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• 4 January

  China to back troubled firms, curb property risks

  Bloomberg China’s financial regulator said it will implement a series of measures to shore up the nation’s troubled smaller banks and insurers while continuing a clampdown on shadow financing and property speculation. The regulator will introduce measures to eliminate bad loans and promote mergers, capital injections and the restructuring of high risk institutions, the China Banking and Insurance Regulatory Commission ...

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• 1 January

  Sheikh Mohamed named Arab world’s most influential leader

  Emirates Business His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has been voted the most prominent Arab leader 2019 in a readers’ poll conducted by Russia Today TV (RT). According to the Russian state TV, 9.74 million out of total 14 million respondents chose Sheikh Mohamed ...

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• 1 January

  US-Japan deal takes effect with second round in doubt

  

  Bloomberg A trade deal between the US and Japan that cuts tariffs on some agricultural products and industrial goods took effect on Wednesday, with little indication the two sides would meet a pledge to soon start a new round of talks broadening the pact. Under the deal, Japan reduced tariffs on beef and additional US agricultural products to the same ...

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• 1 January

  UAE sends 2,840 tonnes of food aid to Hadramaut

  MUKALLA / WAM The UAE, through its humanitarian arm, the Emirates Red Crescent (ERC), provided 35,144 food parcels weighing 2,840 tonnes to the residents of Hadramaut Governorate during the Year of Tolerance 2019, benefitting 175,720 people who are members of vulnerable Yemeni families. At the end of Year of Tolerance, ERC distributed 100 food parcels weighing eight tonnes, which targeted ...

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• 1 January

  UAE Nation Brand hits record 10.6mn votes

  

  Dubai / WAM The UAE Nation Brand hit a record of 10.6 million votes from 185 countries as the campaign drew to a close to announce the logo that will represent the UAE and lead the country’s inspiring story towards the next 50 years. Voters have contributed to planting 10 million trees to empower communities in areas affected by climate ...

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• 1 January

  Oil caps strongest year since 2016 on Opec cuts, trade truce

  

  Bloomberg Oil in New York capped its biggest annual increase since 2016, as Opec’s production cuts tempered supplies while a trade pact between the US and China buoyed the outlook for demand. West Texas Intermediate futures fell 1% yet climbed 34% this year as Opec and its allies cut production and a trade deal between Washington and Beijing neared. With ...

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• 1 January

  China ramps up credit support to aid growth

  

  Bloomberg China’s central bank will increase the supply of cheap funding to banks by cutting the amount of cash they need to hold as reserves, a move aimed at putting a floor under economic growth in 2020. The required reserve ratio for commercial lenders will be lowered by 50 basis points from January 6, unleashing about 800 billion yuan ($115 ...

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• 1 January

  RTA carries 2.1m people on New Year Eve

  DUBAI / WAM The Dubai’s Roads and Transport Authority (RTA), announced that number of riders of mass transportation during New Year’s celebration reached 2,126,417, showing an increase of 3.6 percent of the total number of commuters for the same period last year. 907,411 riders used Dubai metro in its Red and Green lines, while the tram transported 37,150 riders. The ...

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