December, 2019

• 4 December

  Italy breaks ground for its pavilion at Expo 2020 Dubai

  Dubai / WAM Italy, among the first countries participating in the Universal Exposition to start building its own pavilion, has broken ground at Expo 2020 Dubai. Themed ‘Beauty connects people’, it will showcase its finest minds, talent and expertise and feature Innovation Hub, an innovatively designed structure inspired by the most advanced sustainability and circular economy standards. The groundbreaking ceremony ...

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• 4 December

  DP World acquires 77% stake in leading marine logistics provider

  

  Dubai / WAM Unifeeder, a 100 percent owned subsidiary of DP World PLC, has announced the acquisition of a 77 percent stake in the Feedertech Group. The deal, which is expected to close in the first quarter of 2020, is the latest step in DP World’s vision to build end-to-end logistics capability to serve the needs of shipping lines and ...

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• 4 December

  555,000 quake-hit Albanians benefit from UAE relief aid

  

  TIRANA / WAM The UAE has embarked on relief operations in support of 555,000 quake-stricken Albanians, in implementation of the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and under the follow-up of HH Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al ...

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• 4 December

  HK should boost spending to aid economic growth: IMF

  

  Bloomberg The International Monetary Fund (IMF) urged Hong Kong’s government to boost spending to support the territory’s convulsing economy, citing a range of risks from trade tensions to political unrest. Greater fiscal support would help bolster growth while maintaining longer-term sustainability, the fund said in its latest regular review of the economy, known as an Article IV Consultation. “Government spending ...

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• 4 December

  Yes Bank’s plan to raise $2bn in capital leaves investors unimpressed

  

  Bloomberg Almost a week after embattled Yes Bank Ltd unveiled details of its plans to raise $2 billion in capital, shareholders remain unconvinced that a deal will take place. Shares of the Mumbai-based lender have fallen about 8% since it announced the names of the investors for its proposed preferential issue. Doubts over key foreign bidders have triggered concerns that ...

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• 4 December

  ‘Euro is the currency no one wants to own’

  

  Bloomberg The euro is encroaching on the dollar’s territory as the world’s currency of global borrowing, but that doesn’t mean anyone wants to keep hold of it. “No one wants to hold euro cash as an asset anymore but everyone wants it as a liability,” George Saravelos, Deutsche Bank AG’s global head of currency research, wrote in a note. As ...

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• 4 December

  JPMorgan among banks added to ECB oversight

  

  Bloomberg The European Central Bank (ECB) has started supervising some of the world’s top securities firms’ businesses in the region, as they build up their operations across the European Union ahead of Brexit. European units of Goldman Sachs Group Inc, JPMorgan Chase & Co, Morgan Stanley and UBS Group AG entered the ECB’s oversight this year as a result of ...

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• 4 December

  Online glitch at HDFC bank hits business for third day

  Bloomberg A prolonged glitch at HDFC Bank Ltd, an Indian lender well known for its digital services, could erode trust and hurt business as clients struggle to perform basic transactions. An unknown number of the Mumbai-based lender’s 49 million customers have been locked out of its online banking platform for the past three days, prompting dozens to vent their anger ...

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• 4 December

  Pound touches highest since May in vote for Conservatives

  

  Bloomberg The pound reached the highest level in almost seven months as traders stepped up bets on a win for the Conservatives in next week’s election. The currency pushed above $1.30 as polls show the ruling Tories holding their lead over Jeremy Corbyn’s left-wing Labour Party. Sterling also advanced against all major peers as US president Donald Trump’s visit to ...

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• 4 December

  Game-based learning course for ‘Nextgen’ pilots announced

  

  Abu Dhabi / Emirates Business As commercial airliners become more technologically advanced, so too must the skills of the pilots who will fly them. But while aircraft continue to evolve, training methods have not only lagged – they have become increasingly irrelevant to today’s trainee pilots, who have grown up in the digital age. In a statement, Etihad Aviation Training ...

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