August, 2017

• 30 August

  China’s ICBC bank in talks with Gulf govts, firms on yuan bonds

  

  Reuters Industrial and Commercial Bank of China is talking to governments and state-linked entities in the Gulf that are interested in issuing yuan-denominated bonds in China, said an executive at ICBC, China’s largest bank. One government entity is in the process of applying to issue such instruments, known as panda bonds, which would make it the first issuer from the ...

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• 30 August

  Nigeria’s UBA makes provision on loans to 9mobile

  Reuters Nigeria’s United Bank for Africa (UBA) said it had made a provision on loans made to 9mobile, the mobile operator formerly known as Etisalat Nigeria. The lender did not give details of the provision but said it had a $125 million exposure to 9mobile. UBA said the exposure was secured, and part of a syndicated loan with 12 other ...

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• 30 August

  Euro rises against dollar

  

  Bloomberg The Bloomberg Dollar Spot Index extended its Asia session gain with investors continuing to unwind their short dollar exposure across the board as the gauge rebounded from its lowest level since January 2015. The greenback’s relief rally saw the euro slide a second day, set for its first two-day decline in two weeks. Euro-dollar was 0.2 percent lower at ...

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• 30 August

  Russia readies emergency loans to contain Otkritie crisis

  

  Bloomberg Russia’s slow-motion banking crisis claimed its biggest victim yet, forcing the central bank to provide support for other lenders to prevent panic from spreading. Bank Otkritie FC, a month removed from being Russia’s biggest private lender, was taken over by a government-backed fund set up by the central bank to consolidate the sector. The move will place at least ...

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• 29 August

  Top UAE banks post AED6.7bn Q2 profit

  

  Dubai / WAM Profitability at the four largest UAE banks will remain solid in the next 12 to 18 months underpinned by solid interest income, despite pressure on fee and commission income, says Moody’s Investors Service in a new report. The four banks, First Abu Dhabi Bank PJSC (FAB), Emirates NBD PJSC (ENBD), Abu Dhabi Commercial Bank (ADCB) and Dubai ...

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• 29 August

  UAE seeks to join maritime organisation board

  DUBAI / WAM The UAE is seeking to join the Board of the International Maritime Organisation (IMO) as a “Category B” member, which is supported by its leading ranking on the map of international ports, as the first placed country on a regional and Arab level and third on an international level, in terms of the quality of the infrastructure ...

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• 29 August

  UAE to showcase investment potential at ‘China-Arab Expo’

  

  ABU DHABI / WAM The UAE, represented by a senior delegation, will participate in the China-Arab States Expo 2017 that will take place from September 6-8 in Yinchuan, capital city of Ning-xia Province in northwest China. The Ministry of Economy held a coordination meeting at its headquarters in Abu Dhabi, which included the delegation that will participate in the expo, ...

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• 29 August

  BAML, FAB to get roles in Emaar IPO

  DUBAI / Reuters Bank of America Merrill Lynch (BAML) and First Abu Dhabi Bank (FAB) are set to join Goldman Sachs in getting roles in the share sale of the UAE real estate development business of Emaar Properties, sources told Reuters on Tuesday. Dubai-based Emaar, the builder of the world’s tallest tower, is considering an initial public offering of up ...

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• 29 August

  Strategies to promote, develop e-consumer protection discussed

  

  Dubai / Emirates Business The third meeting of the Higher Committee for Consumer Protection (HCCP) under the chairmanship of Sultan bin Saeed Al Mansoori, Minister of Economy, witnessed discussions on various strategies for developing and promoting consumer protection in the UAE’s markets. The HCCP followed up on developments in the implementation of the recommendations forwarded during its previous meetings. Among ...

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• 29 August

  Initiative to boost Abu Dhabi industrial sector competitiveness taken

  ABU DHABI / WAM The Industrial Development Bureau of the Department of Economic Development in Abu Dhabi (DED) organised a workshop titled “Developing and Improving the Industrial Licensing Procedures”. The aim of the workshop was facilitating the procedures for the industrial investors by developing and updating the industrial licensing procedures. This step will help reinforce the competitiveness of the industrial ...

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