July, 2018

• 17 July

  Kuwait bank seeks talks to create $92bn Islamic lender

  

  Bloomberg Kuwait Finance House KSCP wants to hold renewed talks with Bahrain’s Ahli United Bank BSC about a takeover, a potential boost to the island kingdom as it seeks financial support from richer neighbours. Shares in Ahli United Bank, or AUB, rose 6.8 percent on Tuesday to the highest levels since April last year, valuing the Manama, Bahrain-based lender at ...

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• 17 July

  India’s PNB to receive $290 million capital infusion next week

  

  Bloomberg India is preparing to infuse about 20 billion rupees ($290 million) into Punjab National Bank (PNB) by next week to help it meet dues on its perpetual bonds, people familiar with the matter said. India’s third-largest state-run lender will issue preferential shares to the government, the people said, asking not to be named as the information isn’t public. This ...

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• 17 July

  BofA’s profit up on consumer loan growth

  

  Bloomberg US consumers are levering up again, and Bank of America Corp. (BofA) is using that, along with cost cuts, to boost profit. Bank of America’s consumer unit posted its highest earnings in more than eight years in the second quarter, helping the lender top analysts’ estimates. Loans in that business climbed 6.6 percent compared with a year earlier, according ...

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• 17 July

  BlackRock sees outflows from equity products

  

  Bloomberg BlackRock Inc. saw outflows from equity products in the second quarter and slower inflows into its exchange-traded funds as investors reacted to market uncertainty. Clients pulled $22.4 billion from BlackRock’s equity products in the period, according to a statement. Inflows into its iShares products totaled $17.8 billion, the lowest since the second quarter of 2016. BlackRock is the world’s ...

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• 17 July

  BOE gets vital economic healthcheck before August meet

  

  Bloomberg Bank of England (BOE) policy makers are getting a crucial glimpse of the health of the UK economy before their crunch August meeting. A deluge of numbers on wages, inflation, retail sales and public borrowing are coming over the next five days. While a similar run of reports prompted the bank to back away from an interest-rate increase in ...

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• 16 July

  Abu Dhabi, China non-oil trade hits AED13.2bn

  

  ABU DHABI / WAM The value of non-oil trade between Abu Dhabi and China, in 2017, reached AED13.2 billion, constituting around 8.2 percent of the emirate’s registered trade that totalled AED160 billion during the same year, according to statistics from the Statistics Centre-Abu Dhabi (SCAD). Statistics on Abu Dhabi’s non-oil trade also show that China is among the top five ...

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• 16 July

  Mohamed: UAE will pursue its drive towards further progress, prosperity

  

  ABU DHABI / WAM The UAE, led by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, with the aid of Allah Almighty and its highly qualified, educated and determined citizens will pursue its drive towards further development, progress and prosperity, stated His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of ...

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• 16 July

  UAE set to become global leader in VAT innovation

  

  DUBAI / Emirates Business A recent report by Global Innovation Index 2017 stated that UAE ranks first in Mena region in terms of innovation. The United Arab Emirates has always adopted an innovative methodology, noting that innovation has become a future necessity for the development of world nations. And with the introduction of Value Added Tax (VAT) this year, UAE ...

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• 16 July

  DP World, EGA sign strategic deal to spur aluminium exports

  DUBAI / Emirates Business DP World, UAE Region, the Middle East’s leading regional trade enabler, signed an important strategic long-term service agreement with Emirates Global Aluminium (EGA), the largest industrial company in the United Arab Emirates outside oil and gas, aimed at supporting the UAE’s position as a major exporter of the metal. The agreement extends the strategic partnership between ...

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• 16 July

  President Xi’s visit to UAE will boost political, economic ties

  

  ABU DHABI / WAM Huang Jang Zhang, the President of the Chinese Business Council in the UAE has said that the upcoming visit of President Xi Jinping of China to the UAE will help boost the political and economic ties between the two countries and will also create additional commercial links, to achieve the mutual goals of the business communities ...

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