October, 2018

• 9 October

  Adnic strengthens its credit risk management

  

  ABU DHABI / WAM In a pioneering move for the insurance industry, Abu Dhabi National Insurance Company (Adnic), one of the leading regional multi-line insurance providers for corporates and individuals, has announced it will utilise Al Etihad Credit Bureau (AECB) products. As per UAE Federal Law No. (6) of 2010 concerning Credit Information, AECB regularly collects credit information from financial ...

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• 9 October

  Emirates offers business class companion fares

  

  Beirut / Emirates Business Emirates is offering travellers in Lebanon special Business class companion fares to 15 destinations across its network. The offers are valid for bookings until 31 October 2018, for travel until December 20. The special fares are available for two to eight people booking and flying together in Business Class. Fares from Lebanon start from $3626 per ...

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• 9 October

  Dubai named ‘Destination of the Year’

  

  Dubai / Emirates Business Dubai has been adjudged the ‘Destination of the Year’ at the Seatrade Cruise Awards 2018, in recognition of the work done by the Cruise Tourism department of Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) in pioneering cruise tourism in the region and positioning the city as a hub for winter sun cruising. Considered to ...

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• 9 October

  World to install over one trillion watts of clean energy by 2023

  

  Bloomberg The world could install more than a trillion watts of renewable power over the next five years, more than the entire current generation capacity of the European Union. The International Energy Agency’s (IEA) latest annual report on renewables forecasts as much as an extra 1.3 terawatts of clean energy will be installed by 2023 under one scenario. Even in ...

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• 9 October

  Global growth at risk from $100 oil next year: BofAML

  

  Bloomberg If oil prices head above $100 a barrel, it could shave 0.2 percentage points from global economic growth next year — but this hinges crucially on the dollar, according to Bank of America Merrill Lynch (BofAML). Sanctions on Iran, shale bottlenecks, Venezuelan turmoil and increased demand pose an upside risk to prices, the bank said. Higher prices would slow ...

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• 9 October

  GE wins first order for Egypt’s N-plant

  

  Bloomberg General Electric Co. secured a $700 million contract to supply turbine and generator units for Egypt’s first nuclear power project, the company said. GE will supply four turbine units for the country’s planned 4,800 megawatt El Dabaa nuclear facility, it said on Tuesday in a statement. The company will deliver one turbine each year from 2023 until 2026, and ...

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• 9 October

  Jakarta to topple Tokyo as most populous city by 2030

  

  Bloomberg Tokyo will lose the crown of being the world’s most populous city to Jakarta by 2030, according to Euromonitor International. The population in Jakarta, the capital city of Indonesia, will reach 35.6 million as it is forecast to add 4.1 million people between 2017 and 2030, Euromonitor said in a report. In contrast, Tokyo’s population will shrink by about ...

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• 9 October

  US tariffs won’t force China to back down, says trade minister

  Bloomberg The US shouldn’t believe that ever higher tariffs can induce China’s government to capitulate to American demands in the escalating trade dispute between the world’s biggest economies, according to Chinese Commerce Minister Zhong Shan. “There is a view in the US that so long as the US keeps increasing tariffs, China will back down,” Zhong said in a written ...

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• 9 October

  Pakistan seeks IMF bailout

  

  Bloomberg Pakistan’s stocks and bonds rose and the rupee fell after the government said it would seek the nation’s thirteenth International Monetary Fund (IMF) bailout since the late 1980s in a bid to stabilise the economy and plug dwindling finances. The South Asia nation’s key stock measure snapped six days of losses to advance as much as 3%, the most ...

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• 9 October

  Malaysia plans new taxes to shore up state budget

  

  Bloomberg Malaysia will devise new taxes soon to shore up a state budget that’s been constrained by debt and changes to the consumption levy, Prime Minister Mahathir Mohamad said. The government may also have to sell assets to raise money to pay “huge debt,” he said at a forum in Kuala Lumpur, adding that he believes foreign investment will still ...

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