August, 2019

• 27 August

  DoE to promote Abu Dhabi as world energy capital

  

  ABU DHABI / Emirates Business The Abu Dhabi Department of Energy (DoE), host sponsor of the upcoming 24th World Energy Congress, revealed its plans for the event, taking place in the UAE capital on September 9-12, under the theme ‘Energy for Prosperity’. The 2019 edition of the Congress, which was laun-ched 95 years ago, marks the first time the event ...

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• 27 August

  Emirati women are partners in nation’s development process

  DUBAI / WAM HH Sheikha Hind bint Maktoum bin Juma Al Maktoum, the wife of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, stated that Emirati women were and will remain partners in the country’s development process, in light of the support of the UAE’s leadership. She also ...

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• 27 August

  Pope welcomes UAE committee to promote tolerance, cooperation

  

  VATICAN CITY / WAM His Holiness Pope Francis of the Catholic Church welcomed the UAE’s committee which aims to spread the principles of tolerance and cooperation. He also thanked the UAE “for the concrete commitment shown on behalf of human fraternity”. Pope Francis and His Eminence the Grand Imam of Al Azhar, Dr Ahmed el-Tayyeb, signed the Document on Human ...

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• 27 August

  Central Bank’s gross assets hit AED2975.8b

  

  ABU DHABI / WAM The UAE Central Bank has announced that gross bank assets, including bankers’ acceptances, rose by 0.6 percent, climbing from AED2958.6 billion at the end of June 2019 to AED2975.8 billion at the end of July 2019. Gross credit increased by 0.7 percent from AED1692.7 billion at the end of June 2019 to AED1704.9 billion at the ...

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• 27 August

  Japan wants to end auto tariff threat as part of US trade deal

  

  Bloomberg Japan signaled it wanted to lay to rest the threat of new auto tariffs before agreeing to a final trade deal with US President Donald Trump, after he left the door open for slapping levies on the nearly $50 billion sector. Trump said he was not considering imposing punitive duties “at this moment,” after he and Prime Minister Shinzo ...

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• 27 August

  Indonesia has room to cut rates further

  

  Bloomberg Indonesia has a raft of stimulus options available to bolster Southeast Asia’s biggest economy if global conditions worsen, Finance Minister Sri Mulyani Indrawati said. The government is prepared to boost spending and “re-activate” measures used during the global financial crisis if domestic growth needs a boost, Indrawati said on Tuesday in an interview in Jakarta. The administration could both ...

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• 27 August

  Pakistan’s fiscal deficit widens to 8.9% of GDP

  

  Bloomberg Pakistan’s budget deficit rose to the highest in almost three decades, ahead of the International Monetary Fund’s (IMF) first quarterly review of a bailout program that sought to curtail a fiscal blowout. The deficit increased to 8.9% of the nation’s gross domestic product in the year ended June compared with 6.6% a year earlier, according to provisional numbers released ...

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• 27 August

  Thailand aims to be power-trading hub

  

  Bloomberg Thailand is jump starting a decades-old plan to create a Southeast Asia electricity super-grid, and wants to be the power-trading hub at the center of it. The nation is set to triple the amount of electricity from Laos that it resells to Malaysia, while encouraging infrastructure upgrades stretching from Cambodia to Myanmar necessary for cross-border power trading, said Wattanapong ...

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• 27 August

  Singapore faces increasing tide of bad debt

  

  Bloomberg Singapore firms are likely to see more soured debt as the trade-reliant economy takes a hit from US-China tensions. That’s the view of debt restructuring experts, for whom more bad debt could mean increased business. Singapore’s government cut its forecast for economic growth this year to almost zero, and weak export data have stoked fears of a recession. The ...

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• 27 August

  India mulls new sourcing rules that may help Apple

  

  Bloomberg India is considering relaxing local sourcing norms for foreign companies that sell only their own brand, a move that is likely to encourage Apple Inc. to set up stores, people with knowledge of matter said. According to the proposal, export of goods from a foreign company’s factory in India will be accounted as local sourcing, the people said, asking ...

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