April, 2018

• 16 April

  Credit Suisse pay plan sees opposition at home

  

  Reuters A Swiss investor adviser group said Credit Suisse Group AG share-holders should vote against the bank’s 2017 compensation plan, splitting with overseas advisers that backed changes made following uproar last year. Ethos, which advises Swiss pension funds, also said investors shouldn’t support the re-election of Chairman Urs Rohner because renumeration changes were driven by management rather than the board, ...

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• 16 April

  ECB asks Deutsche Bank to model wind down of trading book

  

  Bloomberg Deutsche Bank AG has been asked by the European Central Bank to simulate an orderly wind-down of its trading book, Chief Financial Officer James von Moltke told Bloomberg on Monday. “There’s no novelty about the exercise per se; the novelty is that we’re doing this with the ECB,” von Moltke said. The exercise will take several months, being “broader ...

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• 15 April

  UAE leads region in exports

  ABU DHABI / WAM The UAE has moved ahead four places in the area of exports in 2017, to occupy the 15th position internationally, surpassing Russia, Spain and Switzerland, while maintaining its leadership in the Arab region, Middle East and Africa, acco- rding to reports by International Trade Statistics and forecasts by the World Trade Organisation (WTO) in 2018. The ...

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• 15 April

  Stocks locked in strong uptrend

  ABU DHABI / WAM UAE stocks locked in a strong uptrend in the maiden session of the week supported by most of the listed sectors, primarily the realty and banking companies, with the DFM General Index rising to 3151 points, an increase of 1.83 percent over the last session, and ADX General Index following suit by 1 percent over Thursday’s ...

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• 15 April

  Aldar increases foreign ownership limit to 49%

  ABU DHABI / AGENCIES Aldar Properties announced on Sunday that its Foreign Ownership Limit (FOL) has been increased to 49%, from 40%, following completion of all regulatory formalities and will be implemented for trading effective from Sunday. This follows shareholder approval of the increase at Aldar’s 2018 Annual General Meeting, which was held on March 21. Talal Al Dhiyebi, CEO ...

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• 15 April

  Investcorp acquires US auto parts firm KSI

  BAHRAIN / WAM Investcorp, a global provider and manager of alternative investment products, on Sunday announced its recent acquisition of KSI Trading Corp. (KSI), a supplier of aftermarket auto body parts in the US. Founded in 1984, KSI is an industry-leading distributor of quality replacement auto body parts servicing over 10,000 collision repair shop customers across 25 locations in 14 ...

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• 15 April

  Oil, gold set to extend gains on Syria strikes

  

  LONDON / Reuters Gold and oil will extend their gains on Monday, albeit modestly, when the markets open for the first time since Western powers launched a missile attack on Syria but equities and bonds are unlikely to suffer big losses unless the West strikes again or Russia retaliates. “The newsflow is actually better than what it looked like at ...

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• 15 April

  Arab bank donates AED1.7 million to Zakat Fund

  ABU DHABI / WAM The Arab Bank for Investment and Foreign Trade donated AED1.7 million to the Zakat Fund, as part of the responsibility of banks in the UAE to provide zakat money to eligible beneficiaries through the Zakat Fund, by supporting its charity and humanitarian projects. The donation took place during a meeting between Abdullah Aqeeda Al Muhairi, Secretary-General ...

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• 15 April

  ET arm inks AED590mn deals

  DUBAI / WAM The Emirates Centre for Transport and Leasing, a subsidiary of Emirates Transport (ET) announced the signing of a number of new and renewal contracts, expected to be worth AED590 million for the first quarter of 2018. The centre said that the contracts were signed with both government and private sectors for a term spanning three to five ...

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• 15 April

  New system drives UAE interbank rates up

  

  DUBAI / Reuters Most United Arab Emirates interbank offered rates (EIBOR) rose on Sunday as the central bank introduced a new way of calculating them, seeking to make the system more transparent and reflect market conditions more accurately. The one-month rate edged up to 1.93500 percent from 1.92667 percent on Thursday, while the one-year rate jumped to 3.03998 percent from ...

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