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Dubai / WAM The UAE is launching a fiscal risk management project with the IMF’s help and will produce its first fiscal stress test this year, according to Christine Lagarde, Managing Director and Chairwoman of the International Monetary Fund (IMF). Speaking at the main session of the Fourth Annual Arab Fiscal Forum organized by the IMF, Arab Monetary Fund, AMF, ...

Bloomberg The US has some “some hard work” to do with North Korea before President Donald Trump meets Kim Jong un in Vietnam later this month, according to its special envoy Stephen Biegun. Trump is “very much looking forward to taking the next steps,” according to a pool transcript of Biegun’s remarks on Saturday. The envoy on North Korea spent ...

Bloomberg Brexit is driving companies out of the UK, and the Netherlands is raking in the corporate refugees. About 250 companies are in talks with the Netherlands Foreign Investment Agency to potentially relocate activities to the country, according to a statement. The candidates would join 42 companies that made the move last year, and the 18 early birds in 2017. ...

Bloomberg German online payments firm Wirecard AG has seen its stock plunge by more than a third in recent days on reports of accounting misdeeds at its Singapore unit. Now, the company is fighting back by questioning the foundations of the allegations. A preliminary review last May by a respected Singapore law firm lists allegations of potential financial irregularities, money ...

Bloomberg Publicis Groupe SA is setting off alarm bells on Madison Avenue as the ad industry’s earnings season gets under way. The French owner of Saatchi & Saatchi and Leo Burnett Worldwide suffered a surprise drop in fourth-quarter sales, blaming cuts in ad spending by consumer brands in the US. So-called organic revenue fell 0.3 percent in the quarter, missing ...

Bloomberg Call it the Masayoshi Son mathematical distortion field. The founder of SoftBank Group Corp. added about 1.94 trillion yen ($17.6 billion) to the market value of his company— by unveiling a plan to buy back shares worth less than a third of that amount. Based on his own stake, Son’s net worth rose by about $5 billion. His fortune ...

Bloomberg India’s biggest foreign-owned money manager expects the nation’s economic growth and company earnings to be insulated from national elections even as stock market volatility increases in the run-up to voting. “Elections can only boost or dampen sentiment depending on the news flow, but they won’t massively impact the underlying earnings and economic growth of India,” said Anand Radhakrishnan, chief ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Wednesday attended part of the Third Forum of UAE’s Ambassadors and Representatives of Diplomatic Missions, which started on February 2 and will wrap up on Thursday. His Highness Sheikh Mohamed attended panel sessions ...

Dubai / WAM The total number of operational restaurants and cafes in the emirate of Dubai reached 11,813 at the end of 2018, according to a report issued by the Business Registration & Licensing (BRL) sector in the Department of Economic Development (DED), Dubai. This increase was driven by Dubai’s sophisticated infrastructure and its conducive environment for doing business. The ...

DUBAI / WAM Dubai SME, an agency of the Department of Economic Development in Dubai that helps develop the Small and Medium-sized Enterprise (SME), sector, and Jumbo 3D Manufacturing, part of the Jumbo Group, signed a Memorandum of Understanding (MoU), to drive awareness about 3D manufacturing technology. Abdul Baset Al Janahi, CEO, Dubai SME and Arvind Agrawal, CEO, Jumbo Group, ...