September, 2019

• 15 September

  Dubai, South Africa to boost mutual trade

  

  DUBAI / WAM Ahmed Mahboob Musabih, Director-General of Dubai Customs, and a South African delegation headed by the Consul-General, Mogobo David Magabe, have discussed means to further develop cooperation relations between the two sides. Musabih briefed the South African delegation about customs facilities and services delivered by Dubai Customs to investors and businesses. He also talked about the different initiatives ...

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• 15 September

  Trump offers support for Saudi Arabia’s self-defense

  

  Bloomberg President Donald Trump offered US support for Saudi Arabia’s self-defense in a call with Saudi Crown Prince Mohammed Bin Salman, the White House said. The pair spoke after a swarm of explosive drones hit key oil-industry targets in Saudi Arabia. The state-run Saudi Press Agency earlier reported on the call. Iranian-backed Houthi rebels in Yemen claimed responsibility for the ...

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• 15 September

  Bank of Montreal’s CEO aims to double indigenous lending

  

  Bloomberg A team of Bank of Montreal (BMO) commercial bankers have traded their suits and ties for Ford F-150 pickups to reach Canada’s remote regions and build up a part of their business that has yet to see a bad loan. Indigenous banking is one area Chief Executive Officer Darryl White targeted in June when he vowed increased support for ...

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• 15 September

  Wealth-management price war spikes in Nordics over ‘fees’

  

  Bloomberg At the biggest bank in the richest Nordic economy, the head of wealth management is about to make life harder for his rivals by cutting fees yet again. DNB Asset Management, which oversees about 600 billion kroner ($67 billion) from Oslo, already lowered fees on several mutual funds back in February. That move gave the asset manager a bigger ...

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• 15 September

  Lagarde faces call for ‘ECB inflation goal’

  

  Bloomberg When Christine Lagarde conducts a rethink of the European Central Bank’s policies and tools during her impending presidency, her new Austrian colleague will be keen to contribute. “I look forward to the strategic review,” Robert Holzmann, the governor of the Austrian central bank who began his role this month, said in an interview in Helsinki. “I’m a fan of ...

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• 15 September

  Maintenance fees may be on Japan banks’ cards

  

  Bloomberg Japan’s long-suffering savers have put up with virtually zero interest for years, but at least their bank accounts have remained free. That may change as speculation for further monetary stimulus mounts. Lenders could begin imposing maintenance fees for retail deposit account holders if the Bank of Japan deepens negative interest rates from minus 0.1 percent, according to JPMorgan Chase ...

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• 15 September

  Clearwater-backed lender’s default adds to India’s woes

  

  Bloomberg Another shadow financier in India has defaulted on a debt repayment, signaling the nation’s yearlong credit crisis is far from abating. Altico Capital India Ltd, a non-banking finance company that focusses on lending to the real-estate sector, didn’t pay 199.7 million rupees ($2.8 million) of interest on borrowings from Dubai-based Mashreqbank PSC, Altico said in an exchange filing. The ...

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• 15 September

  India’s $1.4b housing fund ‘not enough’ to spur sector

  

  Bloomberg The Indian government’s decision to launch a $1.4 billion fund to salvage stalled residential projects is unlikely to revive a sector that’s been the worst hit by the growth slowdown in Asia’s third-largest economy. As part of a broader plan to kick-start the economy, Finance Minister Nirmala Sitharaman announced the setting up of a 100 billion rupee fund to ...

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• 15 September

  US probes Nissan’s top-selling model

  

  Bloomberg The US National Highway Traffic Safety Administration (NHTSA) is investigating Nissan Motor Co’s top-selling model after hundreds of drivers complained a safety system is prone to suddenly triggering the brakes for no apparent reason. More than 840 Nissan Rogue drivers have complained to NHTSA and the company that the vehicle’s automatic emergency braking system activates when there’s no obstruction ...

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• 15 September

  Seoul to exclude Tokyo from trade whitelist

  

  Bloomberg South Korea will probably announce its decision to officially exclude Japan from its “whitelist” of trusted export destinations as early as this week, Yonhap reported. Should the measures be implemented, Japan will be removed from the group of 29 member states of the export control regime that also includes the US and will be subject to stricter export conditions, ...

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