May, 2018

• 21 May

  UoS inaugurates College of Health Sciences exhibition

  SHARJAH / WAM Prof. Qutayba Hamid, Vice Chancellor for Medical Colleges and Health Sciences and Dean of College of Medicine at the University of Sharjah (UoS), inaugurated the annual exhibition of the graduating students’ projects from the College of Health Sciences for the 2017-2018 academic year. Attending the exhibition were Dr. Amina Mohammed Almarzouqi, Acting Dean of the College, department ...

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• 21 May

  MRM Business Award sees sharp rise in UAE, GCC applicants

  Dubai / Emirates Business The Dubai Chamber of Commerce and Industry announced that it recorded a 61% year-on-year increase in the number of companies from the UAE and GCC applying for the 10th cycle of the Mohammed bin Rashid Al Maktoum (MRM) Business Award. The number of companies in the region applying for the 2nd cycle of the MRM Business ...

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• 21 May

  China’s CEFC defaults as Rosneft deal fails

  

  Bloomberg As corporate defaults pile up in China’s onshore bond market, a unit of a once-promising energy conglomerate with $4.8 billion of debt and a checkered past said it won’t be able to meet its payment obligation on Monday. CEFC Shanghai International Group Ltd., a unit of the privately-held CEFC China Energy Co., failed to repay 2 billion yuan ($313 ...

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• 21 May

  Oil gains near $72 as Venezuelan risk adds to Iran concerns

  

  Bloomberg Oil advanced towards $72 a barrel as Venezuela’s election results escalated the risk of US sanctions against the OPEC nation, adding to mounting concerns about supply following curbs against Iran. Futures in New York rose as much as 0.9 percent. President Nicolas Maduro won the elections in Venezuela, increasing the prospect of US sanctions that could curb the nation’s ...

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• 21 May

  Ghana favours forecourt operator as Exxon partner

  Bloomberg Ghana sees the country’s state-owned gas-station operator as the leading bidder to partner Exxon Mobil Corp. to explore for crude at an offshore field, according to two people familiar with the matter. Exxon was awarded exploration and production rights for the Deepwater Cape Three Points block in January and must choose a local partner for a 5 percent stake ...

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• 21 May

  Hyundai buckles under Elliott pressure, scraps $8.8bn deal

  

  Bloomberg Hyundai Motor Group bowed to pressure from billionaire Paul Singer’s Elliott Management Corp. by shelving a controversial $8.8 billion deal, marking an unprecedented victory for shareholder activists in South Korea. The group’s Hyundai Mobis Co. unit on Monday withdrew a proposal to sell two of its most lucrative businesses to affiliate Hyundai Glovis Co., Mobis Chief Executive Officer Young-Deuk ...

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• 21 May

  US-China trade truce may not last with differences unresolved

  

  Bloomberg The US and China declared a truce in their trade dispute over the weekend, but that will prove temporary if the world’s two largest economies fail to deliver on their vague commitments to re-balance trade. “We’re putting the trade war on hold,” Treasury Secretary Steven Mnuchin said after the two sides released a joint statement a day earlier. “Right ...

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• 21 May

  First big bankruptcy success hands $5.2bn to India lenders

  

  Bloomberg The biggest asset sale under India’s new bankruptcy law offers a breather to the nation’s banks, a number of which posted record losses for last quarter. Tata Steel Ltd. bought insolvent Bhushan Steel Ltd. and is paying 352 billion rupees ($5.2 billion) to Bhushan’s creditors. This is about 63 percent of the 560 billion rupees claimed by a consortium ...

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• 21 May

  Hong Kong spends $2.4 billion a week to defend currency

  Bloomberg Currency intervention is becoming a daily necessity for Hong Kong as the local dollar continues to trade at the weak end of its trading band. The Hong Kong Monetary Authority spent HK$5.99 billion ($763 million) buying local dollars as the weekend began, bringing its purchases over the past week to HK$19 billion. Lower interest rates relative to the greenback ...

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• 21 May

  China considers ending birth limits as soon as this year

  

  Bloomberg China is planning to scrap all limits on the number of children a family can have, according to people familiar with the matter, in what would be a historic end to a policy that spurred countless human-rights abuses and left the world’s second-largest economy short of workers. The State Council, China’s cabinet, has commissioned research on the repercussions of ...

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