October, 2019

• 30 October

  Swedbank faces high risk of fines as watchdog weighs sanctions

  

  Bloomberg Swedbank AB faces an increased risk of fines amid allegations its Baltic operations may have handled more than $100 billion in potentially suspicious funds, the lender’s regulator said. Sweden’s financial watchdog gave its strongest indication yet that there’s evidence of serious wrongdoing at Sweden’s oldest bank and biggest mortgage lender. Its findings to date show there could be grounds ...

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• 30 October

  UK to melt commemorative 50p coins amid Brexit delay

  Bloomberg Thousands of 50-pence coins minted to commemorate Brexit on October 31 will be melted down after Prime Minister Boris Johnson accepted an extension from the European Union, two people familiar with the matter said. UK Chancellor of the Exchequer Sajid Javid had announced plans for millions of coins engraved with the date Johnson pledged to leave the bloc, but ...

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• 29 October

  Saudi ready for deeper oil cuts: Opec minister

  

  Bloomberg Saudi Arabia’s Energy Minister Prince Abdulaziz said his country is ready to make deeper cuts in oil output than it agreed to with other global producers, according to Nigerian Minister of State for Petroleum Resources Timipre Sylva. “He assured me that they are very ready to even cut deeper,” Sylva told Bloomberg TV in Riyadh. The Opec minister said ...

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• 29 October

  UAE banks’ investments reach $17.4b in 9 months

  

  Abu Dhabi / WAM The investment portfolio of UAE-based banks amounted to AED64 billion ($17.42b) in the first nine months of 2019, hitting a total record of AED397.3 billion by the end of September, according to figures revealed by the central bank of the UAE. The growth trajectory is driven by a 19.4 percent jump in banks’ investments in securities ...

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• 29 October

  Dubai-Brazil trade hit AED5.6b

  

  DUBAI / WAM Dubai mutual trade with Brazil in 2018 made around AED5.6 billion, with AED5.2 billion in imports, AED136 million in exports and AED234 million in re-exports. According to statistics released by Dubai Customs in conjunction with the visit of the Brazilian President, Jair Bolsonaro to the UAE, trade with Brazil touched AED3.6 billion in the first half of ...

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• 29 October

  FAB opens new branch in Saudi Arabia

  AL KHOBAR / WAM First Abu Dhabi Bank (FAB), has expanded its operations in Saudi Arabia with the opening of a branch in Al Khobar. The new branch joins one already operating in Riyadh. Abdulhamid Saeed, Group CEO of FAB, said, “It gives me great pleasure to open our second branch in Saudi Arabia. We look forward to providing the ...

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• 29 October

  Airbus wins $33b order from IndiGo

  

  Bloomberg Airbus SE landed one of its biggest-ever deals with the sale of 300 narrow-body planes to Indian budget carrier IndiGo that’s worth more than $33 billion at sticker prices. The contract for A320neo-series jets includes the latest XLR long-range variant and takes IndiGo’s orders for the re-engined aircraft to 730, the companies said in a statement on Tuesday. That’s ...

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• 29 October

  Adnic Q3 profit up 11.1%

  Abu Dhabi / WAM Abu Dhabi National Insurance Company (Adnic) reported AED194.4 million in net profit in Q3-2019, a 11.1 percent growth on the comparable period last year. The shareholders’ equity increased by 5.1 percent to AED 2.21 billion as of September 30, compared to AED2.10 billion as of December 31, 2018. For the nine-month period ended September 30, Adnic’s ...

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• 29 October

  Sial Middle East to kick off this December in Abu Dhabi

  

  Abu Dhabi / WAM Under the patronage of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and Chairman of The Abu Dhabi Agriculture & Food Safety Authority (Adafsa), the tenth edition of Sial Middle East, the exclusive regional food, beverage and hospitality trade event, will run from December 9-11 at the Abu Dhabi ...

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• 29 October

  Possibility to establish airline link from UAE to Slovenia discussed

  

  Dubai / WAM Slovenian Foreign Minister Miro Cerar is currently on a working visit to UAE, with first stop being the site of Expo 2020 in Dubai, where he met Reem bint Ibrahim Al Hashemy, Director-General of Expo 2020 Dubai, reported the Slovenian Press Agency (STA), quoting the country’s foreign ministry. “Cerar visited the site of the future world exposition ...

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