February, 2017

• 7 February

  Google China app entry won’t be something to shout about

  

    The going-concern issue is becoming a problem in Singapore. Ezra Holdings Ltd., an oil-services company, was the latest to indicate it faces debt hurdles that require a restructuring. Under Singapore law, as in the US, that could mean a stay on interest payments until creditors and shareholders agree on a balance sheet that allows the company to keep operating ...

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• 7 February

  The wisdom and madness of crowds

  

    Social scientists have always been fascinated by crowds. From guessing the weight of a cow to identifying which company built the faulty part in the space shuttle Challenger disaster, the many have often been able to outguess the expert few. Crowd wisdom is often cited as the justification for the idea of efficient asset markets — many investors, each ...

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• 6 February

  Food security tops UAE’s priorities

  

    Abu Dhabi / WAM The UAE, led by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, places food security at the top of its policy priorities and is proceeding to deliver the highest possible rates for national food security and its sustainability, said His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy ...

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• 6 February

  ENOC attains record sales volume of 245mn barrels

    DUBAI / Emirates Business Emirates National Oil Company (ENOC) announced a record volume of sales of petroleum products of 245 million barrels, reflecting a 5-year rolling average growth of 9 percent, despite the challenging macroeconomic situation. The announcement was made during the Group’s board meeting, which took place on February 2, to discuss 2016 performance, including Dragon Oil, and ...

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• 6 February

  NBAD, FGB assets jump to AED655.8bn before merger implementation

    ABU DHABI / WAM The total combined assets of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) jumped to AED665.8 billion at the end of 2016, as revealed before the execution of a planned merger during the 1st quarter of the current year. The same financial data showed a rise in their combined deposits to around ...

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• 6 February

  EGA’s unit awards $700mn mine works contract to Fluor

    Abu Dhabi / Emirates Business Emirates Global Aluminium, the largest industrial company in the United Arab Emirates outside oil and gas, announced that its subsidiary Guinea Alumina Corporation (GAC) has awarded an engineering and programme management consultancy contract for its under-construction bauxite mine in the Republic of Guinea in West Africa to Fluor Corporation. The total value of contracts ...

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• 6 February

  MoE to explore investment opportunities in Moldova

    ABU DHABI / WAM The Ministry of Economy is to lead a trade delegation to the UAE-Moldovan Business Forum, which is taking place on February 8 and 9, in the Moldovan capital, Chisinau. The UAE delegation will be headed by Sultan bin Saeed Al Mansouri, Minister of Economy, who will meet with Pavel Filip, Prime Minister of Moldova and ...

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• 6 February

  UAE outperforms flat Gulf markets; Egypt dips

  

    DUBAI / Reuters Most stock markets in the Gulf moved little on Monday but United Arab Emirates bourses outperformed with mid-to-large sized companies boosting Dubai, while Egypt’s index slipped in thin volume. Dubai’s main index added 1.2 percent as Emaar Properties gained 2.7 percent after saying it would recover 1.22 billion dirhams ($332 million) from an insurance claim for ...

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• 6 February

  European stocks decline ahead of Draghi testimony

    Bloomberg European stocks fell on Monday, with banking shares surrendering early gains, as concern increased about the region’s political risks and as investors await European Central Bank President Mario Draghi’s testimony at the European Parliament. The Stoxx Europe 600 Index was down 0.6 percent as of 1:56 p.m. in London, after erasing an earlier gain of 0.2 percent. The ...

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• 6 February

  Treasuries, gold rise as US stocks slip with oil

    Bloomberg Treasuries rose with gold, while US and European equities slipped as a note of caution spread through global financial markets amid signs of growing political uncertainty in France and as investors await details from the Trump administration on promised pro-growth policies. The euro slumped versus the dollar and the region’s bonds advanced after prospective French presidential candidate Marine ...

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