May, 2017

• 31 May

  Co-Op Bank heads for debt- for-equity swap

  

  Bloomberg Co-Operative Bank Plc, the UK lender that put itself up for sale amid a capital shortfall, is coming closer to forcing bondholders to swap debt into equity and selling shares as it runs out of options to bolster its financial strength, according to people familiar with the matter. The Manchester, England-based lender is seeking an agreement with bondholders including ...

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• 31 May

  AIB takes spotlight as Ireland plans biggest 2017 London IPO

  

  Bloomberg The Irish government fired the starting gun for the initial public offering of Allied Irish Banks Plc, laying out a plan to sell 25 percent of the nationalized lender. The government plans to sell the AIB stake in a share offering in London and Dublin, with terms to be set in mid-June, the country’s finance ministry said in an ...

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• 31 May

  BOJ may stop cutting bond purchases

  

  Bloomberg The ‘stealth’ tapering of bond buying by the Bank of Japan (BOJ) may take a summer break, at least for June. With medium-term Japanese government bond yields on the rise, a further scaling back of monthly debt purchases could risk upsetting the market, strategists say. That means the central bank may keep the pace of buying as is for ...

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• 31 May

  Citi to sell fixed income index unit to LSE for $685mn

  

  Bloomberg Citigroup Inc agreed to sell its fixed-income analytics and index business to the London Stock Exchange Group Plc for US$685 million in cash following a strategic review of the unit. The transaction includes Citigroup’s fixed-income analytics platform, The Yield Book, and indexes including the World Government Bond Index, the New York-based bank said in a statement on Tuesday. The ...

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• 30 May

  UAE savings account balances hit AED158bn

  ABU DHABI / Agencies Savings account balances in the UAE amounted to AED158.5 billion during the first third of 2017, a growth of 3 percent, i.e. AED4.75 billion, over the same period in 2016, according to UAE Central Bank statistics. Saving by local currency at the banking sector hit AED129.56 billion against an equivalent of AED28.88 billion in foreign currencies ...

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• 30 May

  Emirati team marks UAE-IAEA cooperation

  ABU DHABI / WAM A delegation from the UAE representing various national stakeholders in nuclear industry, is taking part in the International Conference on the IAEA Technical Cooperation Programme: ‘Sixty Years and Beyond-Contributing to Development’. The three-day event, concluding on the June 1, is being held at the headquarters of the International Atomic Energy Agency in Vienna, Austria. Led by ...

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• 30 May

  ERC, ADIB join hands to launch Certificate of Giving campaign

  ABU DHABI / WAM The Emirates Red Crescent (ERC) launched the Certificate of Giving campaign, in co-operation with Abu Dhabi Islamic Bank, during the holy month of Ramadan, based on an initiative by both parties for the UAE’s Year of Giving. The initiative is a financial endowment, through contributi- ons placed in bank accounts. The value of the sukuk, to ...

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• 30 May

  Work begins on AED410mn Dubai JVC residential project

  

  Dubai / Emirates Business Ground breaking has taken place on the site of a new six tower residential complex designed by Abdul Rahim Architectural Consultants (ARACO) and located in Dubai’s fast-growing residential suburb, Jumeirah Village Circle (JVC). Close to Al Barsha Fourth, the six building project is valued at AED 410 million, and covers an area of 100,000sqft. Commenting on ...

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• 30 May

  $23.2bn invested in global FinTech deals in 2016

  

  Dubai / Emirates Business FinTech Hive at DIFC, the region’s first FinTech accelerator launched by Dubai International Financial Centre (DIFC) earlier this year, received over 100 applications from more than 32 countries for its inaugural programme. The majority of applications have come from the UAE, the UK, the US, India, Nigeria and Singapore, and cover a range of concepts including ...

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• 30 May

  DIP grows with 280 new sub-tenants in Q1

  

  Dubai / Emirates Business Dubai Investments Park [DIP], the unique integrated commercial, industrial and residential community in the Middle East and a wholly-owned subsidiary of Dubai Investments PJSC, announced that 280 new sub-tenants have leased premises within DIP between January and April 2017, reinforcing its surging reputation as the preferred and most sought-after business destination in region. The new leases ...

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