March, 2018

• 19 March

  Bitcoin rises from 6-week low as G-20 weighs cryptocurrencies

  Bloomberg A weekend selloff cryptocurrencies subsided, with Bitcoin rallying from a six-week low before Group of 20 finance ministers and central bank governors discuss digital assets in Buenos Aires. Bitcoin traded at $8,235 as of 11:20 a.m. in Hong Kong, up 12 percent from its low reached over the weekend, according to prices on Bitstamp. Traders are watching this week’s ...

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• 19 March

  ECB pleased investor views on stimulus exit align with their own

  

  Bloomberg European Central Bank officials told investors from around the world that they’re right to bet on a gradual reduction of monetary stimulus in the euro area. On the eve of a Group of 20 meeting of finance chiefs in Buenos Aires, Governing Council members Klaas Knot and Francois Villeroy de Galhau expressed confidence that inflation in the 19-nation region ...

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• 19 March

  Europe cyclical rally heading for a pause, says Deutsche Bank

  Bloomberg The record-beating rally of European cyclical stocks is heading for a pause. That’s according to Deutsche Bank’s head of European equity strategy Sebastian Raedler, who argues that equities geared to the economy will underperform defensive peers by about 10% through mid-year. Sectors like banks and miners — which last year benefited from investor optimism over growth — will bear ...

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• 19 March

  Societe Generale seeks Australia banking license

  

  Bloomberg Societe Generale SA has applied for an Australian banking license as it prepares to restart its onshore lending business, according to a person familiar with the situation. The French bank wound down much of its Australian business in 2010, when it shifted its foreign exchange and commodities trading from Sydney to Hong Kong, giving up its local deposit-taking license ...

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• 18 March

  Adnoc awards $1.45bn oil concession to Total

  

  ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) on Sunday signed agreements with Total of France, awarding them stakes in two of Abu Dhabi’s new offshore concessions. Under the agreements, which were signed at the Abu Dhabi Louvre, Total has been awarded a 20 percent interest in the Umm Shaif and Nasr concession and a 5 percent ...

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• 18 March

  DP World’s India JV buys 90% stake in logistics firm

  

  DUBAI / WAM Hindustan Infralog Private Limited (HIPL), a joint venture between DP World and the National Investment and Infrastructure Fund (NIIF), announced the acquisition of a 90% stake in Continental Warehousing Corporation (Nhava Seva) Ltd (CWCNSL), an integrated multimodal logistics player in India. CWCNSL’s founders, the Reddy family, will retain the remaining 10% shareholding and will remain involved in ...

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• 18 March

  NBF okays dividend of 15%

  FUJAIRAH / WAM The National Bank of Fujairah (NBF) on Sunday approved a distribution of profits of 15 percent of paid-up capital. This took the form of cash dividends of 7.5 percent, AED102.5 million, and bonus shares of 7.5 percent, AED102.5 million, of paid-up capital. The bank’s shareholders also approved the Chairman’s and Directors’ Reports, and the Sharia Supervisory Board ...

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• 18 March

  UAE leads region in digital banking adoption

  

  DUBAI / Emirates Business Pressure is mounting on regional banking and financial institutions to accelerate the adoption and digitisation of processes as the dem-and for cutting-edge online bank- ing from millennial consumers continue to rise. In order to remain competitive, swift response to the evolving consumer needs is paramount as more and more customers are now expecting their respective banks ...

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• 18 March

  Azizi to begin works on Dubai’s second tallest skyscraper in Q3

  DUBAI / Emirates Business Azizi Developments, one of the leading private developers in the UAE, has announced that its most ambitious project till date — a commercial and residential tower that will add to Dubai’s iconic skyline — will commence construction in the third quarter of 2018. The 122-storey building will stand at approximately 570m tall on Sheikh Zayed Road ...

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• 18 March

  IDB lists $1.25 billion sukuk on Nasdaq Dubai

  DUBAI / WAM Nasdaq Dubai on Sunday welcomed the listing of a $1.25 billion sukuk by the Islamic Development Bank (IDB), whose activities include financing development projects for its 57 member countries. The listing brings the number of Sukuk listings by the IDB on the exchange to nine with a total value of US$11.5 billion, making it one of the ...

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