September, 2019

• 7 September

  The hard part of ending inequality is paying for it

  Buried among the storylines about global trade and political intrigue from the G7 summit last month is perhaps the most noteworthy one of all. Business for Inclusive Growth, or B4IG, a coalition of 34 multinational companies with more than 3 million employees and revenues topping $1 trillion, unveiled an initiative to tackle inequality with help from the Organisation for Economic ...

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• 7 September

  EU nationals can’t trust Brexiters on migration

  

  As crowds gathered last week to protest UK Prime Minister Boris Johnson’s decision to suspend Parliament ahead of Brexit, a distraught woman pushed her way in front of the cameras to voice her fears of being kicked out of the country. “I’m Portuguese and I’ve worked here for 20 years,” she said, explaining that her bid to register for the ...

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• 7 September

  Misguided war on corporate profits

  

  Bernie Sanders relishes the disdain of America’s business elite, proudly displaying on his campaign website his anti-endorsements from corporate titans and their apologists. It’s theme he has championed his entire career — and it appears to be gaining purchase on both sides of the aisle. Fox News host Tucker Carlson calls corporate America the biggest threat to liberty in America. ...

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• 7 September

  Negative interest rates threaten financial system

  

  Former Federal Reserve Chairman Alan Greenspan recently said he wouldn’t be surprised if yields on US bonds turned negative and if they do, it wouldn’t be “that big a of a deal.” That seems to be a sentiment widely held in central banking circles these days, but it’s wrong. Negative interest rates represent a threat to the financial system. To ...

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• 4 September

  Gross UAE banking assets reach $780 billion in 2018

  

  ABU DHABI / WAM UAE Banks Federation (UBF), officially released its annual report for the year 2018, shedding light on the significant progress and achievements of UBF and UAE banking sector, as well as major developments and trends in local and regional economies. The report highlights an increased number of UBF activities, achievements, and outcomes, and that the UAE banking ...

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• 4 September

  Saving accounts of UAE banks hit $45.1b by July

  ABU DHABI / WAM UAE banks’ saving account balances hit a record of circa AED165.8 billion ($45.14 billion) during the first seven months of the year, a 9% growth of AED13.8 billion against AED152 billion by the end of 2018, according to statistics revealed by the Central Bank of the United Arab Emirates. The savings accounts for 11.4% of the ...

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• 4 September

  Adnoc, Singapore’s GIC close $600mn pipeline infra deal

  

  ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), on Wednesday announced that it formally closed its $600 million pipeline infrastructure investment agreement with GIC, Singapore’s sovereign wealth fund. This marks successful closing of total investment transaction, following formal closing of initial investment agreement with BlackRock and KKR on June 27, and subsequent closing of Abu Dhabi Retirement ...

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• 4 September

  US trade with China fell in July

  

  Bloomberg America’s merchandise trade with China continued to sag in July despite a tariff-war truce between the world’s two largest economies that’s since evaporated as President Donald Trump escalated levies and China retaliated. US exports of goods to the Asian nation fell 2.7% from the prior month while imports declined 1.9%, narrowing the trade gap between the countries to a ...

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• 4 September

  YouTube to pay $170mn for child privacy breaches

  

  Bloomberg Google’s YouTube agreed on Wednesday to pay a $170 million fine and limit ads on kids’ videos to settle claims that the company violated children’s privacy laws. The world’s largest video-sharing site agreed to pay the fine, which is a record for a children’s privacy case, of $136 million to the US Federal Trade Commission and $34 million New ...

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• 4 September

  UAE’s efforts to ensure internet safety for kids bear fruit

  

  Abu Dhabi / WAM The UAE’s years-long efforts to ensure internet safety for children have made remarkable results. The country’s commitment to protecting children from the negative effects of the virtual world has reflected in a broad spectrum of initiatives such as formulating a national plan, legislations, awareness mechanisms and participating in international efforts in this regard. Since the emergence ...

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