July, 2016

• 23 July

  Clinton picks senator Kaine for running mate

  

    Washington / AFP Hillary Clinton tapped Tim Kaine, a popular Spanish-speaking senator from the swing state of Virginia, to be her running mate in the White House showdown against Donald Trump. The pick comes three days before the start of the Democratic National Convention in Philadelphia, where Clinton — and now Kaine — will be elevated as the nominees ...

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• 23 July

  ‘Cambodia blocking ASEAN consensus on South China Sea’

    Vientiane, Laos / AFP Staunch China ally Cambodia is preventing Southeast Asia from reaching a consensus on the South China Sea after an international tribunal rejected Beijing’s territorial claims to the waters, a diplomat said on Saturday. The Association of Southeast Asian Nations (ASEAN) is meeting in Laos for the first time since the UN-backed tribunal ruled earlier this month ...

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• 23 July

  PayPal,Visa unveil pact on fees and data

  

    Bloomberg PayPal Holdings Inc and Visa Inc just made up after more than a decade sparring over the future of digital payments. The two companies announced an agreement in which PayPal will stop discouraging customers from linking accounts to Visa cards and share more data with the card network in exchange for “long-term Visa fee certainty” and other incentives. ...

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• 23 July

  Dollar bulls would be wise not to count on Fed: Citigroup

  

    Bloomberg The world’s largest currency trader says forget about the Federal Reserve driving the dollar higher, even if the central bank does raise interest rates later this year. The greenback, which strengthened for a third week for the first time since May, is more likely to trade on evidence of US economic growth than on what the central bank ...

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• 23 July

  JPMorgan to stop settling govt securities for dealers

  

    Bloomberg JPMorgan Chase & Co plans to exit the business of settling government securities for most dealers by the end of 2017, including some transactions in a key corner of the US$1.6 trillion repurchase-agreement market. The departure from the business of facilitating settlement of such trades with 30 dealers and broker-dealers, a fraction of the bank’s hundreds of clients, ...

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• 23 July

  Azerbaijan resumes bank cleanup by culling four more lenders

  

    Bloomberg Azerbaijan closed down four more banks as the former Soviet Union’s third-largest crude exporter reels from the worst collapse in oil prices in a generation. The Financial Markets Supervisory Authority revoked the licenses of Dekabank, Kredobank, Parabank and Zaminbank to “reduce risks in the banking sector, ensure financial sustainability and increase trust,” Rufat Aslanli, head of the Baku-based ...

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• 23 July

  The Swiss watch industry’s perfect storm

  

    Swiss watchmakers sailed into a perfect storm this year. The industry, which generates more than $20 billion in exports, was buffeted from all sides — largely by circumstances largely beyond its control, but it’s increasingly clear that the decline will continue unless the industry changes the way it designs and markets its products. In January through June, the exports ...

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• 23 July

  Duterte, regional security and the South China Sea

    Shigeki Sakamoto SPECIAL TO EMIRATES BUSINESS On January 22, 2013, the Philippines submitted its disputes with China over the Spratly Islands to arbitration under Annex VII of the United Nations Convention on the Law of the Sea (UNCLOS). Prior to this action, on August 25, 2006, China lodged a declaration with the Secretary-General of the United Nations stating that ...

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• 23 July

  ‘Land Kings’: China’s frenzied property deals

    Xue Gong SPECIAL TO EMIRATES BUSINESS On the first day of June, a central State-owned Enterprise (CSOE), Cindare Property, affiliated with the Ministry of Finance, placed a bid for the land in Gu Village of Shanghai at the price of 5.805 billion yuan. Its premium was over 303 percent, setting a record for the highest property deal and creating ...

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• 23 July

  Boeing sees $2.1bn cost on 787 Dreamliner

  

    Bloomberg Boeing Co. said it expects to report a $2.1 billion after-tax accounting cost for the second quarter as it absorbs expenses from programmes with well-publicised stumbles: the 787 Dreamliner, the 747-8 jumbo jet and a refuelling tanker for the US Air Force. The largest blow is related to the Dreamliner, Boeing’s carbon-fiber jet, which debuted more than two ...

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