December, 2019

• 4 December

  DIEDC expanding network of strategic partners in GCC

  

  Dubai / Emirates Business Dubai Islamic Economy Development Centre (DIEDC) signed a cooperation agreement with Islamic Economics Institute (IEI) at King Abdul Aziz University in Saudi Arabia, expanding its network of strategic partners in the GCC region. The agreement opens doors for the exchange of knowledge and experience in Islamic economy between the two entities, in addition to coordinating their ...

  Read More »
• 4 December

  AquaChemie to set up $40m chemical terminal facility at Jebel Ali Port

  

  Dubai / WAM AquaChemie Middle East – a leading regional chemical distributor with an extensive supply chain network and manufacturing base across the GCC region – is poised to build a state-of-the-art chemical terminal facility at Jebel Ali Port in Dubai. Estimated to cost AED150 million ($40 million), the one-of-its-kind facility will serve as a strategic gateway hub to enable ...

  Read More »
• 4 December

  US House passes Xinjiang bill, prompting threat from China

  

  Bloomberg The US House of Representatives overwhelmingly approved legislation that would impose sanctions on Chinese officials over human rights abuses against Muslim minorities, prompting Beijing to threaten possible retaliation just as the world’s two largest economies seek to close a trade deal. The bill is an amended version of the Senate’s S. 178 to support the Uighurs, a Muslim ethnic ...

  Read More »
• 4 December

  Floods, landslides kill 132 in Kenya

  Bloomberg At least 132 people have been killed in floods and landslides caused by unusually heavy rainfall in Kenya. Around 17,000 were displaced and 11,000 livestock swept away by strong waters, government’s spokesman Cyrus Oguna said. More than half of the country has been affected, according to Oguna. The rains have helped alleviate the drought conditions across the country that ...

  Read More »
• 4 December

  Stocks advance on fresh hopes for US-China deal

  

  Bloomberg US equity futures advanced with European stocks after a news report that China and America were moving closer to a trade deal, despite heated rhetoric. Treasuries and gold slipped. Contracts on three main American index futures rebounded after Bloomberg reported US negotiators expect a phase-one deal with China to be completed before tariffs are set to rise on December ...

  Read More »
• 4 December

  Alibaba’s HK rally is at risk from misconceptions

  

  Bloomberg Alibaba Group Holding Ltd’s landmark $11 billion share sale and listing in Hong Kong on November 26 was galvanised by expectations the Chinese e-commerce giant will attract a vast pool of capital from its home country. But some investors caution against unrealistic expectations, especially by mainland investors, and highlight certain restrictions that still govern — and potentially curtail — ...

  Read More »
• 4 December

  Indonesian stocks expected to hit record in 2020: JPMorgan

  Bloomberg After two years of stagnant growth, Indonesian stocks will hit a record in 2020, when President Joko Widodo’s policies to shore up the economy take effect, say analysts from JPMorgan and Morgan Stanley. JPMorgan, which says it’s the most bullish on the Street, sees the benchmark Jakarta Composite Index rallying 19% from the current level to a record 7,250 ...

  Read More »
• 4 December

  China, US closer to phase-one deal despite heated rhetoric

  

  Bloomberg The US and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a phase-one trade deal despite tensions over Hong Kong and Xinjiang, people familiar with the talks said. The people, who asked not to be identified, said that US President Donald Trump’s comments downplaying the urgency of a deal shouldn’t ...

  Read More »
• 4 December

  India likely to ease lending rules for shadow banks

  

  Bloomberg Indian Prime Minister Narendra Modi’s government is considering easing lending rules for shadow banks, according to people familiar with the matter, a move that would give the cash-starved financiers access to funds. Modi’s cabinet is likely to discuss allowing state banks to provide so-called credit enhancement against securities rated BBB+ to non bank financiers, the people said, asking not ...

  Read More »
• 4 December

  China’s ride-hailing decline hurts car sales

  

  Bloomberg The use of ride-hailing apps is declining in China as operators scale back incentives for drivers, contributing to the slowdown in car sales in the world’s biggest auto market, according to a Sanford C Bernstein report. Total daily active usage across ride-hailing apps in the third quarter fell 6.3% from a year earlier, marking a fifth consecutive quarterly drop, ...

  Read More »