June, 2016

• 8 June

  Phase 2 of Online Vehicle Mortgage Addition service out

  

    Dubai / WAM The Road and Transport Authority (RTA) Licensing Agency has recently launched the second phase of its ‘Online Vehicle Mortgage Addition’ service, the ‘Vehicles Mortgage Addition/Redemption’ scheme. The first phase of the scheme, ‘Online Vehicles Mortgage Redemption,’ was launched in 2013. Ahmed Bahrozyan, CEO of the RTA Licensing Agency, said, “The RTA constantly seeks to adopt the world’s ...

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• 8 June

  TRA suggests project to integrate GCC’s telecommunication devices

  

    Dubai / Emirates Business The Telecommunications Regulatory Authority (TRA) participated in the recently concluded 25th GCC Ministerial Committee for Post and Telecommunications, chaired by Dr Mohamed Bin Ibrahim Al-Swail, Minister of Communications and Information Technology of Saudi Arabia, held in Riyadh, Kingdom of Saudi Arabia. The meeting focused on the recommendations raised by the GCC Committee for Undersecretaries of ...

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• 8 June

  Kempinski Hotel Mall of the Emirates wins awards

  

    Dubai / Emirates Business The Kempinski Hotel Mall of the Emirates, a leading luxury destination for fine dining and leisure, was recognised for its excellence in guest comfort at the Middle East Hotel Awards 2016, winning the trophies for the Best Room Refurbishment and the Best Hotel Suite. Taking place at Palazzo Versace Hotel in Dubai, the awards gala ...

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• 8 June

  ENOC appoints GBFL to sell marine lubricants in South Africa

  

    Dubai / Emirates Business Global shipping, logistics and marine services provider GAC announced an exclusive partnership between its bunker fuels trading arm GAC Bunker Fuels (GBFL) and ENOC Global Marine. Under the agreement, which was announced during the Posidonia international shipping event in Athens, GBFL has been appointed as ENOC’s exclusive sales agent and distributor, for marine lubricants in ...

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• 8 June

  Brexit stress goes global, Central Banks fear trouble

  

    Bloomberg From Washington to Mumbai, central bankers are finding their policy decisions gummed up by a potential British exit from the European union. Federal Reserve Chair Janet Yellen became the highest-profile monetary policy maker to speak out this week, when she warned a so-called Brexit would have “significant economic repercussions,” a concern echoed by counterparts including Reserve Bank of ...

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• 8 June

  ANZ sells Australia’s first offshore CoCo under Basel III rules

  

    Bloomberg Australia & New Zealand Banking Group Ltd raised US$1 billion with the first offshore sale by an Aussie bank of hybrid bonds that qualify as additional tier 1 capital under the current regulatory regime. The perpetual contingent convertible securities, which can be called by the issuer from June 2026 onward, were priced in the US currency market at ...

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• 8 June

  India’s private banks’ new loans outdo state-run rivals

  

    BLOOMBERG India’s privately owned banks are extending new loans faster than their state-run rivals for the first time ever, as government lenders struggle to bring surging bad loans under control. New credit from private lenders amounted to 3.5 trillion rupees (US$52.4 billion) in the year to March 31, taking their outstanding advances to 17.9 trillion rupees, while state banks’ ...

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• 8 June

  Bank of Japan considers exit as primary JGB dealer

  

    Bloomberg The main lending unit of Japan’s biggest bank may quit as one of the 22 primary dealers that underwrite auctions of the nation’s bonds, potentially becoming the first major financial firm to withdraw since the Bank of Japan introduced negative interest rates this year. Bank of Tokyo-Mitsubishi UFJ Ltd is considering the move and nothing has been decided, ...

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• 8 June

  Yuan exchange rate increasingly transparent: PBOC

  

    Bloomberg The yuan’s pricing mechanism is increasingly transparent and its rate against a basket of currencies may alternate between appreciation and depreciation, according to Ma Jun, chief economist of the People’s Bank of China’s research bureau. Since the spring festival holiday in February, changes in the yuan’s central parity rate against the dollar have been closely aligned with the ...

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• 8 June

  World Bank cuts global growth outlook

  

    Bloomberg The World Bank cut its outlook for global growth as business spending sags in advanced economies including the U.S., while commodity exporters in emerging markets struggle to adjust to low prices. World gross domestic product will grow by 2.4 percent this year, an “insipid” pace that’s unchanged from 2015 and down from the 2.9 percent estimated in January, ...

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