March, 2017

• 9 March

  Co-op Bank plans $912mn capital raising if sale fails

  

    Bloomberg Co-Operative Bank Plc, the British lender that put itself up for sale last month, said it might look to raise as much as 750 million pounds ($912 million) by selling new shares and converting debt to equity if a buyer isn’t found. The bank may seek about 300 million pounds by selling new stock while asking bondholders to ...

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• 9 March

  China plans stricter bank capital rules to contain risks

  

    Bloomberg China’s central bank plans to apply a stricter method for assessing banks’ capital as part of efforts to contain financial-sector risks, people with knowledge of the matter said. Under the proposed change to the so-called Macro Prudential Assessment (MPA) framework, the People’s Bank of China will remove an intermediary category in its evaluation of banks’ capital adequacy, the ...

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• 9 March

  UNB to open China branch, expand in Egypt: CEO

  

    ABU DHABI / Emirates Business Union National Bank (UNB), 50 percent owned by the Abu Dhabi government, will open its first branch in China next month, its chief executive said, as Gulf banks expand in the world’s second biggest economy. Union National has got approval from China’s central bank to convert its representative office into a branch in Shanghai, ...

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• 9 March

  Indonesia has had enough rate cuts, says central bank deputy

    Bloomberg Indonesia’s central bank has cut borrowing costs enough to spur growth in the economy, Senior Deputy Governor Mirza Adityaswara said, giving his clearest signal yet that the bank’s easing policy is over as inflation pressures pick up. Boosting growth is “not about interest rates anymore,” Adityaswara said in an interview in Jakarta on Thursday. “We monitor the external ...

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• 9 March

  ECB inflation outlook set to keep bar high for stimulus end

  

    Bloomberg For Mario Draghi, ‘all talk and no action’ at the European Central Bank may be just fine this week. The ECB president essentially preempted Thursday’s monetary policy decision back in December, when he announced that bond purchases will be extended until at least the end of 2017. With updated inflation forecasts said to be little changed for 2018 ...

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• 9 March

  Private sector growth in Dubai on track for first quarter

  

    Abu Dhabi / WAM The Emirates NBD Dubai Economy Tracker Index (DET) eased slightly to 56.2 in February from the two-year high reached in January, according to new data released today by the lender. The DET in February was higher than the average reading for 2016, signaling an acceleration in economic growth at the start of this year. Output and ...

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• 9 March

  Nasdaq Dubai, Bourse de Tunis to promote Islamic capital markets

    Dubai / WAM Nasdaq Dubai and Bourse de Tunis have signed a Memorandum of Understanding to explore collaboration possibilities, including initiatives regarding existing and future issuers and listings on the two exchanges. Ways to promote Islamic capital markets products and solutions will also be considered under the MoU, together with supporting potential links between central securities depositories in the respective ...

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• 9 March

  Dubai Canvas Festival draws to a close

    Dubai / WAM The third edition of the Dubai Canvas Festival concluded following a week-long exhibition of scintillating 3D art created by some of the world’s most innovative exponents of the art form. The public 3D art festival was organised by Brand Dubai, the creative arm of the Government of Dubai Media Office, in partnership with Meraas, one of Dubai’s ...

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• 9 March

  Emirates, Google team up for creative on-ground digital experiences

    Dubai / WAM Emirates and Google are engaging visitors at this year’s Emirates Airline Festival of Literature with innovative on-ground experiences ranging from virtual reality 3D painting tools to an e-book reading lounge. Emirates’ on-ground activations run until March 11 at the InterContinental Hotel, Dubai Festival City. The airline is partnering with Google to feature Google Tilt Brush, a ...

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• 9 March

  Al Nuaimi visits Dubai Sustainable City

    Dubai / WAM Minister of Infrastructure Development, Dr Abdullah bin Mohammed Belhaif Al Nuaimi on Thursday visited The Sustainable City, region’s first sustainable and integrated project and the first residential project in Dubai that produces clean energy. The tour to the city included a special preview on the first ever complete model of the Sustainable City which will be showcased ...

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