November, 2018

• 19 November

  Can central banks go broke? A question for India

  

  An institution with money-printing powers should have no difficulty keeping the lights on. But could it continue to act effectively after depleting its net worth? Former Bank of England policymaker Willem Buiter posed that question in early 2008, and it’s currently the biggest challenge facing his long-time research collaborator Urjit Patel, the Reserve Bank of India (RBI) governor. Under pressure ...

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• 19 November

  UBS could face $6 billion in fines as tax-fraud trial ends

  

  Bloomberg In the middle of UBS Group AG’s six-week tax trial in Paris, Presiding Judge Christine Mee’s tone changed. And that may have given a sign of what the bank can expect in a case that could cost it as much as $6 billion. The hearings, which have ended, started well for the Zurich-based bank. A team of 20 high-powered ...

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• 19 November

  Nordea dropped off list of global systemic banks

  

  Bloomberg Nordea Bank Abp just dropped off the list of global banks deemed too big to fail, but that doesn’t mean it can hold less regulatory capital. The Financial Stability Board removed Nordea from a group it defines as global systemically important banks (G-SIB). A G-SIB needs to have more capital than other banks, so the assumption is that no ...

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• 19 November

  Poland vows liquidity for troubled banks

  

  Bloomberg Poland’s finance minister and central bank chief pledged to provide liquidity for two lenders at the center of a corruption scandal as investors again sold battered bank stocks. “We are ready to guarantee that these banks have and will maintain liquidity,” Governor Adam Glapinski said on Monday. “Their clients are safe.” He spoke after the country’s Financial Stability Committee ...

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• 19 November

  Argentina nears end of a key rate floor

  Bloomberg Argentina’s central bank may eliminate the floor on its benchmark interest rate in early December if it sees a second consecutive decline in inflation expectations, according to two people with direct knowledge of the plan. The decision to eliminate the 60 percent floor may come as early as December 3, said the two people. Policy makers want to see ...

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• 19 November

  Africa central banks may move to tighten monetary policy

  

  Bloomberg A plunging oil price gives African central banks more to think about as they move towards a cycle of raising interest rates. With a month to go before the US Federal Reserve delivers what would be its fourth interest-rate increase of the year, African policy makers may still move to tighten to avoid a further sell-off of assets and ...

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• 17 November

  UAE student-made nanosatellite successfully launches into space

  

  ABU DHABI / Emirates Business Yahsat, UAE-based global satellite operator wholly-owned by Mubadala Investment Company, and Khalifa University of Science and Technology, and Northrop Grumman Corporation, a leading global security company, on Saturday announced the successful launch of the MYSAT-1 CubeSat to the International Space Station (ISS) on board the Northrop Grumman Cygnus spacecraft. The launch took place at the ...

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• 17 November

  UAE, Kazakhstan discuss ways to strengthen ties

  

  DUBAI / WAM Dr Amal Abdullah Al Qubaisi, Speaker of Federal National Council (FNC) met Bektas Beknazarov, Deputy Chairman of the Senate of the Parliament of Kazakhstan, and his accompanying delegation on the sidelines of the World Tolerance Summit, in Dubai. During the meeting attended by FNC Secretary-General Ahmed Shabib Al Dha- heri, the two sides discussed many topics, including ...

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• 17 November

  Ministry reviews economic cooperation with France

  

  ABU DHABI / WAM Sultan bin Saeed Al Mansouri, Minister of Economy, and Amelia Lacravi, Head of the UAE-France Parliamentary Friendship Group at the French National Assembly, reviewed cooperation betw-een two countries, and discussed joint efforts to adva- nce them in multiple sectors. Al Mansouri and Lacravi exchanged views on current economic and trade developments in international arena, particularly in ...

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• 17 November

  Oil short-selling up in record streak

  Bloomberg Hedge funds are betting Opec will struggle to reverse oil’s precipitous plunge. Their combined wagers against West Texas Intermediate and Brent crude soared for a seventh straight week, the longest global short-selling streak in data going back to 2011. The bearish bets jumped 14 percent in the week ended on November 13 and have tripled since the end of ...

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