July, 2019

• 17 July

  FAB reports record AED6.3bn in profit for first-half of 2019

  

  ABU DHABI / WAM First Abu Dhabi Bank (FAB) reported a record half year net profit of AED6.3 billion, up 4 percent year-on-year, driven by revenue growth, coupled with continued cost control and prudent risk management. According to its financial results for the first half ended on June 30, FAB delivered a solid financial performance in the first half of ...

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• 17 July

  ‘India-UAE Bridge’ set to drive mutual trade and investment flows

  

  CHANDIGARH / WAM The trade and investment flow between India and the United Arab Emirates are poised to expand rapidly with the launch of a major initiative by DP World, UAE Region. The recent launch of the ‘India-UAE Bridge’ initiative is set to attract both Indian and UAE trade and investments as DP World offers technology-driven end-to-end (e2e) smar-ter trade ...

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• 17 July

  Pemex plan to reverse oil drop fails to impress

  

  Bloomberg Mexico’s Petroleos Mexicanos announced plans to reverse a decade and half of declining crude production as early as next year and balance its budget by 2021. The peso and the company’s bonds weakened on skepticism that the strategy to achieve those goals will be effective. Under the presidency of Andres Manuel Lopez Obrador, Pemex will invest 1.95 trillion pesos ...

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• 17 July

  India’s Suzlon Energy slumps after missing dollar bond payment

  

  Bloomberg Suzlon Energy Ltd., which became India’s biggest convertible-note defaulter in 2012, slumped in Mumbai after missing payments on dollar-denominated convertibles. Shares of the stressed wind-turbine maker fell as much as 8.6 perce-nt in trading on Wednesday after missing a deadline to repay $172 million outstanding on the securities. While an earlier debt revamp helped the company’s shares surge in ...

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• 17 July

  Billionaire Premji-backed Icertis latest Indian tech unicorn

  

  Bloomberg Billionaire Azim Premji has helped create India’s latest tech unicorn: a fast-rising software startup that symbolises the growing investor interest in the Asian nation’s enterprise technology space. Icertis, which competes with SAP SE and Oracle Corp to help businesses manage contracts in the cloud, has raised $115 million, propelling it to unicorn status as investors flock to enterprise software ...

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• 17 July

  Philippine farmers seek rice law review over prices

  Bloomberg As rice prices plunge, farmers in the Philippines are asking President Rodrigo Duterte to review a 5-month-old law that paved the way for unlimited imports of the staple grain, Agriculture Secretary Emmanuel Pinol said. Rice prices at the farm gate dropped to 12-14 pesos ($0.24-$0.27) a kilo from 20 pesos earlier this year, Pinol said on his Facebook account. ...

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• 17 July

  Singapore’s export slumps amid trade war

  Bloomberg Singapore’s exports plummeted in June amid a worsening trade war, spelling more bad news for the city state’s economy. Non-oil domestic exports contracted 17.3 percent from a year ago after falling a revised 16.3 percent in May, Enterprise Singapore said. That was worse than the median estimate of a 9.6 percent decline in a Bloomberg survey of economists. The ...

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• 17 July

  Visa invests in Go-Jek to push digital pay in SE Asia

  

  Bloomberg Visa Inc has become the latest investor in ride-hailing giant Go-Jek as the two companies push digital payments across Southeast Asia. The world’s biggest payments network has invested an undisclosed amount in Go-Jek as part of the Indonesian company’s ongoing series F fundraising round, the two companies said. The move follows Go-Jek’s announcement this month it had secured funding ...

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• 17 July

  India’s Apollo Hospitals family seeks investors, asset sales to cut debt

  

  Bloomberg The family that controls Apollo Hospitals Enterprise Ltd, India’s largest private hospital chain, is looking to sell assets or bring an outside investor into their holding company to pay down debt. The aim is to reduce the Apollo shares pledged by the family as collateral to lenders, to 20 percent of their total holding in the company from about ...

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• 17 July

  India mulls splitting world’s top coal firm to boost output

  

  Bloomberg India may spin off units of Coal India Ltd, the world’s largest coal miner, into separate listed companies to boost competition and raise government funds, according to people with knowledge of the matter. The state-run company and the coal ministry are studying a proposal by the finance ministry’s Department of Investment & Public Asset Management to list four of ...

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