July, 2016

• 10 July

  Brexit impact on Japan

    Tomohiko Taniguchi SPECIAL TO EMIRATES BUSINESS Brexit was a bolt out of the blue, one with strategic, economic, and political implications not just for countries across the Atlantic, but also for ones in the Asia-Pacific, particularly Japan. On the strategic front, as Britain begins to determine how to move forward while exiting the European Union, if indeed it will, ...

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• 10 July

  Should India privatize Assam’s oilfields?

    Ibu Sanjeeb Garg SPECIAL TO EMIRATES BUSINESS The Indian government recently arrived at a decision to privatize 12 small oilfields in Assam. This, as part of the new policy that will privatize 67 small oil fields in India, has drawn understandably strong reactions from the vocal civil society of Assam. Assam has had a long checkered history with oil, ...

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• 10 July

  Devaluation bets spur Egypt stocks

  

    BLOOMBERG Egyptian stocks had the biggest advance in almost four months, leading gains across most Middle Eastern markets, as traders speculated the country may devalue its currency as early as Tuesday. The EGX 30 Index jumped 4.7 percent at the close in Cairo, with trading volumes on the main gauge 157 percent above the average of the past 20 ...

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• 10 July

  Sugar surge helps boost global food prices

  

    Bloomberg Global food prices climbed the most in almost four years, boosted by a rally in sugar and gains in grains, dairy and meat. The United Nations’ food-price index jumped 4.2 percent in June, the most since July 2012, the group’s Food & Agriculture Organization said on its website. The gauge, which monitors 73 different food prices, advanced for ...

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• 10 July

  Commodities rally fizzling out as Merchant Fund sees oil drop

    Bloomberg The best is probably over for commodities this year as the Brexit vote adds risks to global growth and oil is set to retreat, according to the Merchant Commodity Fund, which returned 9 percent in the first half. The fund, run by ex-Cargill Inc. employees Doug King and Michael Coleman, has changed its commodities outlook to neutral from ...

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• 10 July

  Deutsche Bank downslide triggers existential fears

  

    AFP Deutsche Bank once epitomised the best of Germany’s financial sector, shining brightly as the European economic powerhouse’s biggest lender. But this week its share price slid to new lows, fuelling concerns about the health of the institution, with some even questioning if it has a long-term future and the IMF moved to see it as a “systemic” risk ...

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• 10 July

  Ex-investment banker admits to US$38mn fraud

  

    AP An ex-executive at a New York investment bank has admitted to defrauding investors of more than US$38 million, blaming it on his gambling addiction. Andrew Caspersen pleaded guilty to securities and wire fraud in federal court in Manhattan. Prosecutors say he scammed clients of PJT Partners Inc into investing millions of dollars in sham private equity investments. They ...

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• 10 July

  Puerto Rico goverment bank Prez to resign amid crisis

  

    AP The president of Puerto Rico’s Government Development Bank is resigning less than a week after the federal government passed measures to aid the US territory’s dire finances. Melba Acosta said she’ll step down July 31 to focus on her professional career. She directs a bank that issues loans to government agencies and is responsible for overseeing Puerto Rico’s ...

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• 10 July

  Bank of Italy chief hints public intrusion in ailing sector

  

    AFP Bank of Italy Governor Ignazio Visco said that public intervention in the country’s banks was not to be ruled out amid growing fears the sector’s 360 billion euros (US$398 billion) in bad debt would trigger a potentially contagious banking crisis. “Given the risk that, in a context of high uncertainty, limited problems could undermine the trust in the ...

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• 10 July

  SA central bank champions choice for welfare banking

    Bloomberg The 16.9 million people receiving welfare payments from South Africa’s government into bank accounts should have the right to choose between financial services companies, according to the country’s central bank. A contract awarded by the South African Social Security Agency to Johannesburg-based Net 1 UEPS Technologies Inc to pay grants electronically in 2012 has this year been dogged ...

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