August, 2019

• 7 August

  DFSA, Central Bank of Egypt sign deal

  

  Dubai / WAM The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding with the Central Bank of Egypt to enhance the relationship and cooperation between both institutions and facilitate the performance of their respective supervisory tasks. Under the new agreement, the two sides will also work to promote the safety and soundness of banks in their respective ...

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• 7 August

  Marhaba unveils newly expanded airport lounge at DXB 

  

  DUBAI / WAM Following the recent opening of its new facility at Changi Airport, marhaba, one of the world’s fastest growing passenger services providers, has expanded its lounge at Dubai International Airport Terminal 3 by 400 square metres, increasing its capacity by 50 percent. Located at Concourse “B”, the lounge now features comfortable seating for 300 guests, a spacious dining ...

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• 7 August

  Samsung loosens Sony’s grip on China smartphone cameras

  

  Bloomberg Samsung Electronics Co. scored a victory over Sony Corp. after a major Chinese customer declared it was going with the Korean company’s camera sensors in future smartphones. On Wednesday, Xiaomi Corp. said it will turn to Samsung for a future line of its mainstream Redmi smartphones with an impressive 64-megapixel camera. That’s part of a strategic alliance under which ...

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• 7 August

  India proposes user safeguard rules for e-commerce platforms

  

  Bloomberg India is proposing a series of consumer safeguards that forbid e-commerce companies such as Amazon.com Inc. and Walmart Inc.-owned Flipkart Online Services Pvt. from influencing pricing, adopting unfair promotion methods or misrepresenting the quality of goods and services. E-commerce companies must self-declare compliance and also provide a way for customers to contact them directly, said the proposed e-Commerce Guidelines ...

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• 7 August

  S’pore to step up oversight on Grab, Gojek

  Bloomberg Singapore will tighten regulations on ride-hailing operators such as Grab and Gojek, bringing safety-related rules for the services in line with taxi operators to better protect commuters and drivers. Senior Minister for Transport Janil Puthucheary outlined a new bill governing the ride-hailing industry in the country’s parliament. He said ride-hailing operators with at least 800 vehicles will be licensed. ...

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• 7 August

  As trade war runs hot, China scoops up more gold for its reserves

  

  Bloomberg There’s a powerful constant amid the to-and-fro of the US-China trade war as currency policy gets dragged into the standoff between the world’s two top economies: Beijing wants more gold in its reserves. China’s central bank expanded gold reserves again in July, pressing on with a run that stretches back to December. The People’s Bank of China raised holdings ...

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• 7 August

  SoftBank’s Son to remove a big cloud on his investment empire

  

  Bloomberg Masayoshi Son can’t wait to wash his hands of Sprint Corp. SoftBank Group Corp. will stop consolidating the US carrier in its results starting next earnings report, anticipating a successful merger with T-Mobile USA Inc. despite questions over the deal’s eventual closing. That accounting change will slash SoftBank’s debt load and help it shed its image as a staid ...

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• 7 August

  Key gauge of Japan’s economy falls to lowest since early 2010

  

  Bloomberg A key measure of Japan’s economy fell to a level not seen since the wake of the financial crisis, adding to concerns about the economy ahead of an October sales-tax hike. The leading coincident index dropped to 93.3 in June, the lowest since February 2010, the Cabinet Office said. The index is one of Japan’s broadest indicators of current ...

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• 7 August

  Oil plummets as central banks cut interest rates

  

  Bloomberg Oil plunged, re-entering bear-market territory, as central banks cut interest rates around the world, feeding into an increasingly dismal economic view. Futures in New York fell as much as 4.2% on Wednesday to the lowest in almost two months. Crude was swept up in a global meltdown of stock and commodity markets after rate cuts in New Zealand, India ...

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• 7 August

  India’s Sterlite sees $35 billion energy storage opportunity

  

  Bloomberg Sterlite Power Grid Ventures Ltd., one of India’s biggest private transmission companies, sees a $35 billion investment opportunity into grid-connected energy storage projects in the country over the next decade to support government renewables targets. Chief Executive Officer Pratik Agarwal said he expects central and state governments to issue battery tenders totaling several gigawatts of capacity by no later ...

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