October, 2019

• 2 October

  Dubai FDI explores Industry 4.0 at ‘Impact FDI Forum’

  

  Dubai / WAM Dubai FDI, the investment development agency of Dubai Economy, and the Dubai Future Foundation held the ‘Impact FDI Forum’ at Emirates Towers. The forum was part of a programme of the Hamdan Centre for the Future of Investment, focused on helping stakeholders transform the targets of the Sustainable Development Goals into attractive opportunities for investors and entrepreneurs ...

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• 2 October

  New initiative to enhance UAE youth skills launched

  

  Abu Dhabi / WAM The UAE Ministry of Education, the Abu Dhabi National Oil Company (Adnoc), and Bloomberg L.P. signed on Wednesday a Memorandum of Understanding (MoU), to implement a training and development programme — called the Adnoc-Bloomberg Education Initiative. The initiative is designed to equip a new generation of students with the specialised financial skills needed to excel in a ...

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• 2 October

  EGA inks deal to supply Dugas with electricity

  

  Abu Dhabi / WAM Emirates Global Aluminium (EGA), and the Dubai Natural Gas Company (Dugas), signed a landmark tolling agreement under which EGA will generate the electricity required for industrial operations at the Dugas using natural gas sourced by Dugas from the Dubai Supply Authority. The agreement is the first one wherein EGA will supply another company with all its power requirements, ...

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• 2 October

  UAE wins ICAO membership for 5th consecutive time

  

  MONTREAL / WAM The United Arab Emirates has been elected for the fifth consecutive time to the International Civil Aviation Organisation (ICAO), Council. The UAE will serve its fifth term aboard the international organisation after successfully winning its re-election campaign on Tuesday, garnering 152 votes at the meetings of the ICAO’s 40th Session, running in Montreal, Canada from September 24 through ...

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• 2 October

  ECB begins transition of benchmark ‘interest rate’

  

  Bloomberg The European Central Bank (ECB) began its official transition to a new benchmark short-term interest rate on Wednesday, as global regulators move away from tainted Libor gauges. The new rate, known as ESTR, which reflects overnight borrowing costs of banks in the monetary bloc, fixed at -0.549 percent for October 1, the central bank said on its website. The ...

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• 2 October

  Sabadell prepares sale process for asset management unit

  

  Bloomberg Banco de Sabadell SA, the Spanish bank under pressure to bolster its capital, is making preparations for a potential sale of its asset management business, people familiar with the matter said. Sabadell, which has been conducting a strategic review of the business for the past few months, is now leaning towards a sale of part or all of the ...

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• 2 October

  Credit Suisse CEO seeks to stem defections

  

  Bloomberg Credit Suisse Group AG Chief Executive Officer TidjaneThiam is devoting more face time to top private bankers and holding talks on boosting pay as he seeks to prevent defections after Iqbal Khan’s exit. Thiam has been reaching out to the best revenue generators at the international wealth business to discuss compensation and career prospects since Khan left in the ...

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• 2 October

  Robots to cut 200,000 US bank jobs in next decade

  

  Bloomberg Technological efficiencies will result in the biggest reduction in headcount across the US banking industry in its history, with an estimated 200,000 job cuts over the next decade, Wells Fargo & Co said in a report. The $150 billion annually that the country’s finance firms are spending on tech — more than any other industry — will lead to ...

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• 2 October

  Latvia mulling four central bank candidates

  Bloomberg Latvia’s political parties are discussing four candidates to lead the central bank after IlmarsRimsevics’s term ends in December, Latvia’s LatvijasAvize newspaper reported. Under consideration are Roberts Zile, a member of the European Parliament, Martins Kazaks, a central bank board member, UldisCerps, a former director of the banking regulator, and KarlisBauze, who previously headed monetary policy at the central bank, ...

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• 2 October

  Facebook Libra payments partners waver on cryptocurrency

  

  Bloomberg Four payments companies that have joined Facebook Inc as founding members of the Libra Association are wavering over whether to officially sign on to the cryptocurrency project, according to people familiar with the matter. Visa Inc, Mastercard Inc, PayPal Holdings Inc and Stripe Inc are undecided about formally signing onto Libra’s organising charter because they’re concerned about maintaining positive ...

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