November, 2019

• 17 November

  UAE cabinet okays law to help people facing financial issues

  

  DUBAI / WAM The UAE Cabinet has approved a federal law to regulate cases of insolvency of natural persons, aimed at enhancing the competitiveness of the UAE by ensuring the ease of doing business, creating favourable conditions for individuals facing financial difficulties and protecting those who are unable to pay their debts from going bankrupt. The new law is part ...

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• 17 November

  Aramco declares $1.71trn valuation in blockbuster IPO

  

  Bloomberg Saudi Arabia put a valuation on state-owned oil giant Aramco of between $1.6 trillion and $1.71 trillion. Aramco will sell 1.5% of its shares on the local stock exchange, the Tadawul. At the lower end of the price range, the offer would fall short of a record, coming in just below the $25 billion raised Alibaba Group Holding Ltd.’s ...

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• 17 November

  Mubadala Aerospace merges its MRO, capital businesses

  ABU DHABI / WAM Mubadala Investment Company, the Abu Dhabi-based global investor, has announced the launch of Sanad, a new industrial champion designed to foster Abu Dhabi’s long-term growth in the global aerospace and industrial services sectors. By reinforcing its strategic focus on enhanced customer support through superior engineering and leasing solutions excellence, Sanad will integrate Sanad Aerotech; Sanad Powertech ...

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• 17 November

  UAE is sixth largest source of FDI inflows to Sri Lanka

  

  ABU DHABI / WAM The United Arab Emirates is the sixth largest source of the Foreign Direct Investment (FDI), inflows to Sri Lanka, and its largest trading partner in the Middle East with bilateral trade representing more than half of the country’s total trade with the region, a top Sri Lankan official told the Emirates News Agency (WAM). There was ...

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• 17 November

  Strata delivers Empennage Ribs for Boeing 777x

  AL AIN / WAM Strata Manufacturing, the advanced composite aero-structures manufacturing facility wholly-owned by Mubadala Investment Company, successfully delivered its first shipset of Empennage Ribs for the 777X, the world’s largest and most efficient twin-engine jet produced by Boeing. The announcement, made during Dubai Airshow 2019, follows the landmark agreement between the two companies signed during Abu Dhabi Global Aerospace ...

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• 17 November

  VP, Mohamed open ‘Dubai Airshow 2019’

  

  Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Sunday opened the ‘Dubai Airshow 2019’ at Dubai World Central. The two leaders watched ...

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• 17 November

  Chinese central bank warns on growth pressure, inflation

  

  Bloomberg China’s central bank said it will “increase counter-cyclical adjustment” to ward off downward pressure on the economy, while staying vigilant on the possibility of expectations that inflation may spread. The economy faces greater difficulties as investment growth slows and industrial production remains sluggish, the People’s Bank of China (PBOC) said in its third-quarter monetary policy report. The central bank ...

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• 17 November

  IMF, Congo agree on new credit injection

  

  Bloomberg The International Monetary Fund (IMF) and Democratic Republic of Congo agreed in principle to a new credit injection as the government faces slowing growth and declining foreign reserves. The IMF’s executive board is expected to consider the credit facility in mid-December, along with an IMF staff oversight programme that would last through May, the Washington, DC-based lender said in ...

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• 17 November

  Irish bank chief says sorry for calling loan probe ‘annoying’

  

  Bloomberg KBC Group NV’s chief executive apologised for his criticism of an Irish mortgage overcharging investigation, after his comments drew a public rebuke from the country’s prime minister, Leo Varadkar. Lawmakers from across the political spectrum rounded on Johan Thijs after he urged the Irish central bank to “turn the page” on the “annoying” inquiry into how thousands of customers ...

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• 17 November

  Danish leaders want to probe Danske Bank

  Bloomberg Investigations into money laundering at Danske Bank A/S should be expanded to include the lender’s possible use of gold as a way to help clients in Estonia hide their fortunes, according to Danish lawmakers. “Danske Bank has some explaining to do,” Torsten Schack Pedersen, a Liberal Party member on the parliament committee that oversees financial legislation, said by phone. ...

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