May, 2018

• 30 May

  The $457bn reason for China to cut its reserve ratio again

  

  Bloomberg The case for the People’s Bank of China to cut the amount of cash lenders are required to hold is getting stronger. Chinese banks racked up 2.93 trillion yuan ($457 billion) in medium-term loans extended by the PBOC scheduled for repayment during the rest of 2018. That has prompted some analysts to raise bets the PBOC may soon repeat ...

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• 30 May

  787 Dreamliner groundings to worsen on engine checks

  

  Bloomberg Rolls-Royce Holdings Plc is expecting a sharp increase in the number of Boeing Co. 787 Dreamliner planes that will have to be grounded because of faults with the engine maker’s Trent 1000 turbine. The spike will occur ahead of a deadline next month for mandated inspections forced by durability problems, Rolls said in an emailed statement. The number of ...

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• 30 May

  Alibaba leads $1.38bn investment in ZTO

  

  Bloomberg Alibaba Group Holding Ltd. is leading the purchase of 10 percent of Chinese delivery service ZTO Express (Cayman) Inc. for $1.38 billion, a deal that’ll augment the e-commerce giant’s ability to ship packages around the globe. The Alibaba-led investor group includes its own logistics arm Cainiao, the company said in a statement that didn’t specify other buyers. Under an ...

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• 30 May

  AirAsia tumbles as CEO faces graft probe in India

  

  Bloomberg AirAsia Group Bhd. shares fell to their lowest level in six months after India said it’s investigating Chief Executive Officer Tony Fernandes and other officials for allegedly paying bribes to influence local policy. India’s Central Bureau of Investigation said that the budget airline’s executives bribed Indian officials through middlemen to sway government decisions on aviation, including obtaining a flying ...

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• 30 May

  Gucci strikes China gold with ‘moonlight clans’ who spend it all

  

  Bloomberg Gucci’s brand is worth more than ever—thanks in part to young, spendthrift shoppers in China eager to shell out everything they earn on $2,900 velvet clutches or $1,400 crystal-studded sunglasses. The value of Gucci’s label jumped a whopping 66 percent, to $22.4 billion, in 2018, according to a report by Kantar Millward Brown. It helped that the Italian fashion ...

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• 30 May

  DHL Express picks soccer star Salah as brand ambassador

  

  Emirates Business DHL Express, the world’s leading express logistics provider, has signed a strategic partnership for the Egyptian football superstar Mohamed Salah to become its brand ambassador for Middle East and North Africa (MENA) region for the next two years. The partnership is a testament to the synergy of core values DHL Express and Mohamed Salah share; leadership, commitment, teamwork, ...

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• 29 May

  UAE, ILO discuss technical cooperation, expertise

  GENEVA / WAM Nasser bin Thani Al Hamli, Minister of Human Resources and Emiratisation, has discussed, with Ruba Jaradat, Assistant Director-General of the International Labour Organisation (ILO), and Regional Director for Arab Countries, the potential technical cooperation between the UAE and ILO. Their discussion took place during a meeting on Tuesday in Geneva, on the sidelines of the 107th International ...

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• 29 May

  UAE, Canada to boost military, defense ties

  OTTAWA / WAM HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, met with Harjit Singh Sajjan, Minister of National Defence of Canada. During the meeting, the two sides discussed cooperation ties between the UAE and Canada especially in the military, security and defence industry sectors. They also exchanged views on the latest developments in ...

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• 29 May

  Trump plows ahead on China tariffs threats

  

  Bloomberg President Donald Trump signalled his intention to impose tariffs on $50 billion in Chinese imports and curbs on investments in sensitive technology, sending a hawkish message to Beijing days before the latest round of trade talks between the world’s two largest economies. In a statement on Tuesday, the White House said a final list of covered imports will be ...

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• 29 May

  UAE, Saudi and Kuwait plan meeting on OPEC

  Bloomberg Energy ministers from Saudi Arabia, the United Arab Emirates and Kuwait plan to meet on Saturday to discuss OPEC matters, about a week after the Saudis and Russia announced a new policy to revive oil production. Saudi Energy Minister Khalid Al-Falih will meet with Kuwait’s Bakheet Al-Rashidi and the UAE’s Suhail Al Mazrouei — also the holder of OPEC’s ...

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