November, 2019

• 4 November

  Fed risks Trump anger with message ‘rates are on hold’

  

  Bloomberg Federal Reserve policy makers are satisfied with the stance of monetary policy even if President Donald Trump isn’t. In a series of appearances last week, central bank officials hammered home the message that policy is on hold after three cuts in interest rates this year. “We have a favourable outlook for the economy,” Fed Vice Chairman Richard Clarida said ...

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• 4 November

  ECB’s official gets court hearing for taking bribe

  

  Bloomberg Almost two years after Latvia’s central-bank governor was detained in a bribery probe, he’s getting the chance to prove his innocence in the courtroom. Ilmars Rimsevics, who also sits on the European Central Bank’s policy-setting panel, is attending his first hearing. He denies the charges against him, which carry a prison term of more than 10 years. Rimsevics’s case ...

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• 4 November

  Nordea Bank culls securities from market unit amid negative rates

  

  Bloomberg As long-term negative interest rates reshape life in the Nordic region, its biggest bank is trying to reinvent one of its most important business areas. Nordea Bank Abp says it’s rethinking how it does market making — a service that helps investors carry out securities trades and ensures liquidity — in an effort to adapt to long-term negative rates. ...

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• 4 November

  Rand gains as S Africa dodges ‘downgrade’

  Bloomberg South Africa’s rand and bonds rose after the country clung to its last investment-grade credit rating. The currency gained 1.7% to 14.7853 per dollar, the most on a closing basis in more than three weeks, and paring its loss since the end of June to 4.7%. The yield on rand-denominated government bonds fell the most since early 2018 and ...

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• 4 November

  World Bank ready to spend $5 billion in Congo in five years, with conditions

  

  Bloomberg The World Bank could provide as much as $5 billion to Democratic Republic of Congo over the next five years if its new government commits to raising more revenue, fighting corruption and opening up its economy. The financing would be a welcome boost for Congo’s new president, Felix Tshisekedi, who has promised a bold series of costly social programs, ...

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• 4 November

  Philippine central bank chief says no more rate cuts this year

  Bloomberg The Philippine central bank is done with easing monetary policy for this year after it cut interest rates three times and pumped liquidity into the banking system, Governor Benjamin Diokno said. When asked if there would be no more reductions in the benchmark rate or reserve requirement ratio in 2019, Diokno said “absolutely.” Monetary authorities have done “more than ...

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• 4 November

  Etihad, Emirates Islamic launch branded credit card

  

  Abu Dhabi / Emirates Business Etihad Guest, the award-winning loyalty programme of Etihad Airways, and Emirates Islamic, one of the leading Islamic financial institutions in the country, have signed a Memorandum of Understanding (MoU) to partner in launching a new jointly branded credit card. Yasser Al Yousuf, Vice President Commercial Partnerships, Etihad Airways said: “We are proud to expand our ...

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• 4 November

  Forum discusses future of Arabic language

  ABU DHABI / WAM The Ministry of Culture and Knowledge Development hosted an inaugural forum at Manara Al Saadiyat, which gathered academics, researchers, writers and students from across the UAE to discuss the Status Report and Future of the Arabic Language. The report, which was launched last year under the directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, ...

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• 4 November

  UAE, Azerbaijan to boost bilateral ties

  

  Abu Dhabi / WAM The UAE and Azerbaijan have discussed means to enhance cooperation and bilateral relations to achieve joint interests at the second UAE- Azerbaijan Political Consultative Committee meeting. The meeting, which kicked off in Abu Dhabi, touched upon various issues of common interest. Co-chaired by Khalifa Shaheen Al Marar, Assistant Minister of Foreign Affairs and International Cooperation for ...

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• 4 November

  Abu Dhabi announces major increase in oil, gas reserves

  

  Abu Dhabi / WAM Abu Dhabi’s Supreme Petroleum Council (SPC), launched, on Monday, a new pricing mechanism for the Abu Dhabi National Oil Company’s (Adnoc), flagship onshore crude oil, Murban, and announced a significant increase in oil and gas reserves and new discoveries in the emirate of Abu Dhabi, at its meeting held at Adnoc’s headquarters. The SPC meeting was ...

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