June, 2016

• 27 June

  Brexit impact hangs on policy makers’ next move, says Lagarde

  

    Bloomberg International Monetary Fund Managing Director Christine Lagarde said that the fallout from Britain’s vote to leave the European Union hinges on what policy makers do in coming days. Much of the outcome “is going to depend on certainty or uncertainty, predictability or lack of predictability — people going in a risk-off mode or considering that the situation is ...

  Read More »
• 27 June

  Oil trades near $48 a barrel as UK vote spurs market volatility

  

    Bloomberg Oil traded near $48 a barrel as the market remained volatile after the U.K. last week voted to leave the EU. Futures rose as much as 0.7 percent after declining 1.5 percent earlier in New York, following Friday’s 4.9 percent slump, the biggest drop in four months. The turmoil in financial markets continued on Monday with the pound ...

  Read More »
• 27 June

  NYC’s Waldorf Astoria said to close in 2017 for condo rebuild

    Bloomberg New York’s landmark Waldorf Astoria hotel is scheduled to close in spring 2017 so owner Anbang Insurance Group Co. can begin converting most of the more than 1,400 rooms to luxury condominiums, said a person with knowledge of the plans. The luxury hotel, managed by Hilton Worldwide Holdings Inc., is set to reopen as many as three years ...

  Read More »
• 27 June

  Markets were rational, but UK voters weren’t

  

    It was 22 years ago this month when the U.S. was preparing for combat. North Korea’s expanding nuclear weapons program prompted President Bill Clinton to order reinforcements. The administration was lining up votes in the U.N. Security Council to impose economic penalties on the Pyongyang government, which repeatedly denounced sanctions as a “declaration of war.” Any investors could see ...

  Read More »
• 27 June

  Cambodia rejects Europe’s human rights criticisms

    Mong Palatino SPECIAL TO EMIRATES BUSINESS On June 9, the European Parliament passed a resolution expressing “deep concerns about the worsening climate for opposition politicians and human rights activists in Cambodia.” Meanwhile, 41 international NGOs signed a letter urging the Cambodian government to stop the harassment of groups working for people’s rights. Cambodian authorities were quick to dismiss these ...

  Read More »
• 27 June

  Did China just kill cross-strait relations?

  

    Shannon Tiezzi SPECIAL TO EMIRATES BUSINESS Well before Taiwan held its elections on January 20, Beijing made it clear that the “1992 consensus” was its bottom line for cross-strait relations. During an historic meeting with then-President Ma Ying-jeou of Taiwan, Chinese President Xi Jinping stressed that “as long as the 1992 Consensus and its core values are acknowledged, we ...

  Read More »
• 26 June

  UAE Space Agency, Lockheed Martin deal to train Emirati space talent

    ABU DHABI / WAM The UAE Space Agency signed a Memorandum of Understanding (MoU) with Global technology leader, Lockheed Martin, to launch a comprehensive dual-track space training programme for students and early career professionals in space fundamentals. Designed to prepare tomorrow’s Emirati leaders for future careers in space, the programme will feature a comprehensive four-month space training programme that ...

  Read More »
• 26 June

  SIB voted ‘Best Islamic Bank’

    Sharjah/ Emirates Business Sharjah Islamic Bank (SIB), voted “Best Islamic Bank in the UAE” at the World Finance Awards 2016, on Sunday announced that more honours have been bestowed as it has received the “First Successful Data Submission Award” from Al Etihad Credit Bureau (AECB). AECB provides world-class services on creditors to help financial institutions and credit providers make ...

  Read More »
• 26 June

  ADX lists ADNIC’s bonds

    ABU DHABI / WAM Abu Dhabi Securities Exchange (ADX) has listed mandatory convertible bonds worth AED390 million, that were issued by Abu Dhabi National Insurance Company (ADNIC), as shares of the company. ADNIC had issued the bonds at a fixed interest rate of 7.5 percent per annum. ADX said the issuance of the dirham-denominated convertible bonds was part of ...

  Read More »
• 26 June

  ACCI organises meet to discuss economic coop, trade exchange

  

    AJMAN / WAM The Ajman Chamber of Commerce and Industry (ACCI) organised the 4th edition of its annual Ramadan Diplomatic Forum aimed at enhancing economic cooperation and trade exchange. A number of ambassadors, consuls-general and representatives of business offices from different Arab and other countries attended the forum held at the Asateer Tent, Atlantis The Palm, in Dubai. Mohammed ...

  Read More »