March, 2018

• 31 March

  Defying fed, Egypt cuts interest rates again as inflation falls

  

  Bloomberg Egypt’s central bank cut interest rates for the second time in six weeks after inflation slowed into its target range, shrugging off rising US rates as it unwinds record-high borrowing costs. The monetary policy committee led by Governor Tarek Amer lowered the overnight deposit rate by 100 basis points to 16.75 percent. The move was predicted by all eight ...

  Read More »
• 31 March

  Now, Qantas eyes Chicago direct as next step in ultra-long-haul push

  

  Bloomberg Qantas Airways Ltd. is evaluating direct flights from Australia to Chicago as the next step in its plan to add more ultra-long-haul destinations using an expanding fleet of Boeing Co. 787 jetliners. Fresh from launching the first-ever direct passenger service to Europe—linking Perth with London’s Heathrow hub—Qantas will turn its attention to the US with the next batch of ...

  Read More »
• 31 March

  Walmart in talks with Humana for ‘partnership’

  

  Bloomberg Walmart Inc. is in talks with health insurer Humana Inc. for a closer partnership to provide health care to consumers at home and prevent illness, according to a person familiar with the matter. Health-care spending accounted for about 18 percent of the US economy in 2017, and continues to surge with an aging population, pricey medications, and a complex ...

  Read More »
• 31 March

  Boeing says cyberattack not affected production

  

  Bloomberg Boeing Co. said it was hit by a cyberattack, following a Seattle Times report that some manufacturing equipment used to build its 787 Dreamliner and newest 777 wide-body jets could be crippled. Aircraft production and deliveries aren’t affected, the Chicago-based planemaker said. Some reports on the attack “are overstated and inaccurate,” said Linda Mills, a spokeswoman at Boeing’s commercial ...

  Read More »
• 31 March

  Amazon to sever ties with top Washington lobbying firms

  

  Bloomberg Amazon.com Inc. cut ties with Washington’s biggest lobbying firm and brought on new advisers following passage of the tax overhaul bill in 2017 and in the face of new challenges in the age of President Donald Trump. The shakeup occurred a week before Trump briefly sent Amazon’s stock tumbling with a Twitter attack on the world’s largest online retailer. ...

  Read More »
• 28 March

  Saudi, SoftBank ink $200bn solar deal

  

  Bloomberg Saudi Arabia and SoftBank Group Corp. signed a memorandum of understanding to build a $200 billion solar power development that’s exponentially larger than any other project. SoftBank founder Masay-oshi Son, known for backing ambitious endeavors with flair, unveiled the project in New York at a ceremony with Saudi crown prince Mohammed bin Salman. The kingdom is seeking to diversify ...

  Read More »
• 28 March

  UAE Central Bank: M1 increases to AED509.7 billion

  ABU DHABI / WAM The Central Bank has announced that the Money Supply aggregate M1 increased by 2.3 percent, from AED498 billion at the end of January 2018 to AED509.7 billion at the end of February 2018. In a statement, the bank said, “The Money Supply aggregate M2 increased by 0.6 percent, from AED1277.2 billion at the end of January ...

  Read More »
• 28 March

  UAE offers AED1.84bn in Yemen aid

  ABU DHABI / WAM The UAE has pledged AED1.84 billion ($500 million), to support the United Nations 2018 Yemen Humanitarian Response Plan (YHRP) which aims to reach more than 13 million underprivileged individuals in Yemen. The move is part of the Saudi-led Arab Coalition to alleviate the suffering of Yemeni people from the Iranian-backed Houthi militias. The coalition has announced ...

  Read More »
• 28 March

  Mubadala, Taneo to invest $496 million in Greece

  

  DUBAI / Reuters Mubadala Investment Company has signed a deal with Greece’s New Economy Development Fund, known as Taneo, to create a 400 million euro ($496 million) co-investment platform, the Abu Dhabi state fund said on Wednesday. Under the agreement, Taneo and Mubadala will each contribute 200 million euros to invest in businesses with growth potential across key sectors of ...

  Read More »
• 28 March

  MoE: Share of non-oil sector in GDP to rise to 80 pct by 2021

  Abu Dhabi / WAM The Ministry of Economy is predicting a rise in the share of the non-oil sector in the UAE’s GDP to 80% by 2021, compared to 70 percent in 2017 while stating that the UAE has the most diverse economy in the GCC region. It added that the country’s seven emirates have their own economic priorities, despite ...

  Read More »