February, 2017

• 1 February

  India’s bad bank plan would be a $60bn mistake

  

    With most of its state-run lending businesses resembling one giant bad bank, it’s puzzling why India keeps toying with the idea of setting up a new one. The government’s annual assessment of the economy even invokes Sherlock Holmes to make a fresh case for an asset reconstruction company within the public sector. Other schemes have not worked, years have ...

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• 1 February

  Deutsche Bank’s Russian scheme isn’t needed now

  

    Deutsche Bank, for which fines have become almost a routine expense, has agreed to pay $630 million to end US and UK investigations into a scheme that helped wealthy Russians move $10 billion out of Russia. But those clients have little need for such a channel anymore: Capital outflow from Russia has slowed to a trickle. Between 2012 and ...

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• 1 February

  Top banks weigh on Abu Dhabi, other Gulf markets move little

  

    DUBAI / Reuters Shares in two of Abu Dhabi’s top banks fell on Wednesday after fourth-quarter earnings, while other Middle East markets hardly moved as global equities and oil prices offered little positive impetus. National Bank of Abu Dhabi (NBAD) slid 5.0 percent after posting a fourth-quarter net profit of 1.33 billion dirhams ($362 million), up 28 percent from ...

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• 1 February

  European stocks bounce back from 3-day selloff

    Bloomberg European stocks rallied on Wednesday as earnings reports from Siemens AG and Volvo AG boosted industrial shares, while positive data from China and the U.S. helped lift shares most sensitive to economic growth. The Stoxx Europe 600 Index advanced 0.9 percent at the close. The benchmark is rebounding after capping its worst three-day drop since the week before ...

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• 1 February

  Dollar rises, treasuries fall as Fed meeting looms

    Bloomberg The dollar advanced, while Treasuries tumbled as corporate results and economic data bolstered optimism that growth is accelerating before the Federal Reserve’s latest policy decision. U.S. stocks erased early gains. The S&P 500 Index was little changed as 10-year yields above 2.50 percent weighed on high dividend paying industries and boosted banks. Apple Inc. rose the most since ...

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• 1 February

  Year of Giving will solidify UAE’s position as world’s most giving nation: Mohammed

  

    Dubai / WAM The Giving Retreat was held on Wednesday under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The retreat included the largest brainstorm of its kind in the UAE, bringing together over 100 experts, stakeholders, officials and humanitarian workers in an interactive dialogue ...

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• 1 February

  Nakheel makes history, posts AED4.96bn profit in 2016

  

    Dubai / WAM Nakheel announced on Wednesday its highest annual net profits in the company’s history: AED4.96 billion in 2016 – a 13 per cent increase on the 2015 net profit of AED4.38 billion. Nakheel generated a net profit of AED955 million for the last quarter of 2016 – up 22 per cent on the AED781 million posted for the ...

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• 1 February

  MoF receives BSI Group certificate

    Abu Dhabi / WAM The Ministry of Finance (MoF) announced that it received certification for the PAS 99:2012 Integrated Management System, including ISO 20000, ISO 27001, and ISO 22301. Commenting on the announcement, Musabah Mohammed Al Suwaidi, Assistant Under-Secretary for Support Services Sector at MoF, said, “This achievement falls in line with the ministry’s continuous commitment to adopt the best ...

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• 1 February

  Sharjah Light Festival kicks off

  

    Sharjah / Emirates Business The seventh annual Sharjah Light Festival (SLF) kicks off yesterday in University City Hall in Sharjah City, and will go on for 10 days from February 2 to 11, covering 14 locations across the emirate. Initiated, managed, and produced by the Sharjah Commerce and Tourism Development Authority (SCTDA) – under the patronage and in the ...

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• 1 February

  DIB wins four distinctive awards

  

    Dubai / Emirates Business Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, received four remarkable awards at two prestigious events this month, appraising its distinctive practices of delivering exceptional customer experience. The bank collected three awards at the 2016 Service Olympian Awards, including ‘Best Customer Experience Strategy’, Best Customer Experience Improvement Program – Call Center and ...

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