August, 2019

• 3 August

  Dubai Investments wins ESQR quality choice prize

  Dubai / Emirates Business Dubai Investments PJSC, the leading, diversified investments company listed on the Dubai Financial Market, announced that it has been conferred with the ESQR Quality Choice Awards 2019 in Berlin, Germany. The award, presented in recognition of the company’s exemplary leadership within UAE’s thriving investment sector, marked Dubai Investments the only investment company awarded from the region. ...

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• 3 August

  Khalifa Fund-supported Cirta’s unit signs major deal in Serbia

  

  Abu Dhabi / WAM The Airport Belgrade Catering (ABC), company, which was fully acquired by Emirati-owned Cirta Group, a group of companies supported by government entity Khalifa Fund for Enterprise Development (KFED), has secured the biggest deal with the country’s flag carrier Air Serbia. Under the terms of the agreement, ABC will provide the Serbian airline company, in which Etihad ...

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• 3 August

  UAE, Saudi to combat financial terrorism under new agreement

  

  Abu Dhabi / WAM The UAE’s Financial Intelligence Unit (FIU) has announced on Saturday the signing of a Memorandum of Understanding (MoU) with the Saudi Arabia Financial Intelligence Unit. The strategic partnership will further strengthen the cooperation between the two financial intelligence agencies. This will include the development of shared network platforms which will allow for enhanced knowledge sharing between ...

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• 3 August

  Fed move ends a short era of global quantitative tightening

  

  Bloomberg The Federal Reserve’s decision to stop shrinking its balance sheet means the era of quantitative tightening by major central banks is over less than a year after it started. Net bond purchases by the Fed, European Central Bank and Bank of Japan are now turning positive, according to an analysis of their balance sheets by Bloomberg Economics. That’s just ...

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• 3 August

  StanChart H1 pretax profit beats estimate, reaches $2.61 billion

  

  Bloomberg US-China trade tensions didn’t stop Standard Chartered Plc from delivering results that beat expectations. Adjusted pretax profit was $2.61 billion in the first half, the bank reported, higher than the company-compiled $2.50 billion estimate. Standard Chartered said it remains confident of a full-year return on tangible equity greater than 10 percent in 2021. “Trade protectionism is bad for the ...

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• 3 August

  Mark Carney can’t save the day when it comes to no-deal Brexit

  

  Bloomberg Mark Carney won’t be able to play the saviour if the UK leaves the European Union with no deal at the end of October. The Bank of England (BOE) governor said that the institution can’t necessarily deliver a growth-boosting package in the event of Brexit without a transition. In a week when the pound capped its worst monthly performance ...

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• 3 August

  Monte Paschi’s profit struggle complicates exit from state control

  Bloomberg Banca Monte deiPaschi di Siena SpA had another tough quarter for earnings, showing how far the state-rescued Italian lender has to go before it can re-emerge as a private company. Second-quarter net income fell 35 percent to 65.3 million euros ($72 million) from a year earlier hurt by lower income from lending and fees, the Siena-based bank said. Monte ...

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• 3 August

  Goldman sees rate cuts holding rally in EM bonds

  

  Bloomberg The building blocks for a sustained rally in emerging-market bonds are in place as their central banks embark on a rate-cutting cycle, according to Goldman Sachs Asset Management. Last month’s easing by South Korea, Indonesia and South Africa is a foretaste of things to come as policy makers step up efforts to bolster growth, said Angus Bell, a senior ...

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• 3 August

  Credit Agricole lifts capital as investment banking slumps

  

  Bloomberg Credit Agricole SA followed competitor SocieteGenerale SA in strengthening its capital buffers, even though slower investment banking activity weighed on second-quarter earnings. Profit at the large clients business that houses the securities unit fell 20 percent after the bank saw a continued drop in margins in a sluggish market. A decline in overall net income was in line with ...

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• 3 August

  China vows to counter Trump’s tariff threat as trade rift widens

  

  Bloomberg Beijing pledged to respond if the US insists on adding extra tariffs to the remainder of Chinese imports, as President Donald Trump’s abrupt escalation of the trade war between the world’s largest economies sent stocks tumbling across three continents. Trump announced that he would impose a 10% tariff on a further $300 billion in Chinese imports, a move set ...

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