September, 2019

• 18 September

  DoF says, public-private partnerships to see multi-billion dirham projects in few years

  Dubai/ WAM Developing and maintaining a sustainable, reliable and high-quality infrastructure is the key to the success of any city, according to Abdulrahman Saleh Al Saleh, Director-General of Dubai’s Department of Finance (DoF). “We are continuously aspiring to enhance the financial sustainability of the public sector and provide a stimulus for economic growth in the Emirate of Dubai. In line ...

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• 18 September

  Ras Al Khaimah records 118,000 visitors in August

  

  Ras Al Khaimah / Emirates Business Ras Al Khaimah Tourism Development Authority (Raktda) on Wednesday announced record-breaking visitor numbers to Ras Al Khaimah in August, with almost 118,000 visitors choosing the UAE’s northernmost Emirate to visit and enjoy it’s fascinating history, traditional culture, magnificent landscapes and world-class hotels and resorts. The emirate of Ras Al Khaimah has witnessed a 5% ...

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• 18 September

  Exxon puts Australia ops back on block amid global sell off

  

  Bloomberg Exxon Mobil Corp. is again trying to sell its oil and gas operations in southeast Australia as part of a move to shed assets and boost shareholder returns. The US supermajor “will be testing market interest” for global assets, including what it operates in Australia, the company said in an emailed statement. No buyers have been identified and no ...

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• 18 September

  India plans to build mega solar park

  

  Bloomberg India’s NTPC Ltd. plans to set up a 5 gigawatt solar park in the western state of Gujarat, which would be the biggest in the country, as the top electricity generator shifts towards cleaner energy. A site has been identified for the project, which is expected to cost as much as 250 billion rupees ($3.5 billion) and begin operations ...

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• 18 September

  Zambia may double prices of electricity

  Bloomberg Zambia, Africa’s second-biggest copper producer, may double power tariffs as the government seeks more costly imports to offset a shortfall from its drought-stricken hydropower dams. The southern African nation has an electricity deficit of more than 700 megawatts, about a quarter of total capacity, and wants to buy 300 megawatts from South Africa, Energy Minister Matthew Nkhuwa told reporters ...

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• 18 September

  StanChart targets retail banking for Nigerian unit

  

  Bloomberg Standard Chartered Plc’s Nigerian unit is joining the rush to grab a larger share of the consumer-banking market in Africa’s most populous nation, targeting a five-fold increase in customers over the next two years. “Retail is where we’re going to see exponential growth,” Lamin Manjang, the chief executive officer for Standard Chartered’s Lagos-based subsidiary, said in an interview. “It’s ...

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• 18 September

  UBS ‘raid’ of rival Credit Suisse in US prompts $9m slap

  

  Bloomberg A public spat between a pair of Swiss banking giants that erupted almost four years ago is now finally ending with a payment. It began in 2015, when Credit Suisse Group AG accused crosstown rival UBS Group AG of unfairly poaching staff from its US private banking business. UBS Chief Executive Officer Sergio Ermotti personally shot back, insisting at ...

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• 18 September

  Greece to offer banks $10b to tame bad debt

  

  Bloomberg Greece plans to provide as much as 9 billion euros ($10 billion) in state guarantees to help its banks reduce a mountain of soured debt weighing on their balance sheets, according to two people with knowledge of the matter. The initiative, similar to a successful programme used in Italy, depends on antitrust officials in Europe ruling that it doesn’t ...

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• 18 September

  Volatility jump betrays SA rand traders’ nerves

  

  Bloomberg As investors were expected to brace for the Federal Reserve’s policy decision on Wednesday, one corner of the foreign-exchange market looks particularly nervous. Overnight volatility for South Africa’s rand rose to as much as 25 percent, the most since August 2018, before paring the steep climb to trade at levels last seen in early May. The rand, which is ...

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• 18 September

  Deutsche Bank chief mulls outside hire for investment unit

  

  Bloomberg Deutsche Bank AG Chief Executive Officer Christian Sewing is considering whether to appoint a new investment banking head after ousting Garth Ritchie during his recent restructuring, people familiar with the matter said. Sewing — who had assumed direct oversight after Ritchie’s departure — thinks it may make sense to relinquish the extra responsibility to focus fully on his CEO ...

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