May, 2017

• 4 May

  SBI sees ‘positive turnaround’ in India’s bad loans

    Bloomberg State Bank of India (SBI) sees a ‘positive turnaround’ in the nation’s bad loans after the government implements a new ordinance aimed at resolving the problem, according to the Chairman of India’s biggest bank. “The non-performing asset cycle is different this time,” Arundhati Bhattacharya, SBI’s top executive, said in an interview with Bloomberg News in Yokohama, Japan. “Many ...

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• 4 May

  High debt weakened economy’s resilience, says RBA governor

  

    Bloomberg Australia’s central bank chief had a reminder on Thursday for borrowers that have helped send household debt to record levels: interest rates will one day rise. Reserve Bank of Australia (RBA) Governor Philip Lowe used a speech in Brisbane to reiterate his concerns about growth in private debt outpacing incomes. The risk is that heavily indebted households could ...

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• 4 May

  Norway holds key interest rates at record low

  

    Bloomberg Norway’s central bank kept rates unchanged at a record low and said it was “sticking to plans” even as inflation and the krone have come in weaker than forecast. The benchmark deposit rate was held at 0.50 percent, Norges Bank said in Oslo on Thursday. None of the 25 analysts surveyed by Bloomberg had expected any change. Since ...

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• 4 May

  Rate-hike end won’t cut borrowing costs: SARB

    Bloomberg The end of the interest-rate increase cycle in South Africa doesn’t mean that the South African Reserve Bank (SARB) will start reducing borrowing costs, Governor Lesetja Kganyago said. “We could be coming to the end of our hiking cycle,” Kganyago said in an interview with Bloomberg TV’s Francine Lacqua on Thursday. “That you are coming to the end ...

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• 3 May

  Foreign shares value on UAE markets hits $27bn

  

    ABU DHABI / WAM Foreign investors secured AED6.4 billion in gains during April, 2017, augmenting the total market value of foreign stocks at Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) to AED97.7 billion ($26.6 billion) by end of last month, a 7% increase from AED91.3 billion ($24.8 billion) in March. The growth is attributable to an ...

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• 3 May

  Borouge, Borealis’ new brand to revolutionise solar industry

  

    ABU DHABI / WAM Borouge and Borealis, leading providers of innovative, value-creating plastics solutions, announced the launch of Quentys, the new umbrella brand created to empower and potentially revolutionise the solar energy industry by making applications more affordable, reliable, and durable. As leading providers of polyolefin compounds for the global wire and cable industry for over 50 years, Borouge ...

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• 3 May

  Damac awards infrastructure contract worth AED40 million

  

    DUBAI / WAM Damac Properties has awarded a contract worth AED40 million to Proscape LLC for the roads and infrastructure works at Vardon cluster within AKOYA Oxygen, a 55-million-square-foot lush green development in Dubai. Mohammed Tahaineh, Senior Vice President of Commercial at DAMAC Properties, said, “We are pleased to award the roads and infrastructure works at Vardon cluster within ...

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• 3 May

  Central Bank board holds 3rd meet for ‘17

    Abu Dhabi / WAM The Board of Directors of the Central Bank of the UAE held its 3rd meeting for 2017 on Tuesday under the chairmanship of Khalifa Mohammed Al Kindi, Chairman of the Board. The Board also reviewed Central Bank’s Q1 Report for the year 2016, presented by the Research and Statistics Depart-ment. The report covered international economic developments, ...

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• 3 May

  DCCI’s workshop highlights opportunities in e-commerce sector

    Dubai / WAM The Dubai Chamber of Commerce and Industry (DCCI) hosted a workshop for its members and the business community in Dubai, focussing on the key consumption and e-commerce trends reshaping China’s e-commerce sector, as well as the potential for UAE companies to capitalise on new opportunities in the market. Titled, “Navigating China’s B2C E-commerce Landscape,” the workshop ...

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• 3 May

  TCA Abu Dhabi to promote emirate in Chinese cities

    Abu Dhabi / WAM The Abu Dhabi Tourism and Culture Authority (TCA Abu Dhabi), is embarking on a promotional tour to several cities across China in May to capitalise on the growing popularity of the emirate as a tourist destination. Inbound visitor arrivals from China have seen dramatic rises over the past few years, with the number of hotel guest ...

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