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Bloomberg Argentina’s ninth default on its external debt is now official after some of its bonds were cut to default status by two rating companies. Fitch Ratings reduced the South American nation to restricted default (RD), while S&P Global downgraded four of its dollar-denominated bonds to default from CC following a missed $500 million payment last week. That sets up ...

Bloomberg Brazil, the biggest exporter of beef and chicken, is betting on a new set of safety standards to avoid the kind of mass processing disruptions that caused meat shortages and price spikes in America. The South American farming powerhouse plans to introduce new national guidelines that incorporate requirements from local authorities and labour prosecutors, Agriculture Minister Tereza Cristina Dias ...

Bloomberg Stocks advanced in Europe along with US equity futures as investors looked past simmering tensions between Washington and Beijing and focused on progress in relaxing lockdowns. Oil slipped, while Treasuries and the dollar edged higher. The Stoxx Europe 600 Index headed for a third daily increase as the region’s push to revive battered economies looked to be on track, ...

Bloomberg Shares in Singapore Exchange Ltd. (SGX) plunged after MSCI Inc. announced it will move licensing for derivatives products on a host of gauges to Hong Kong from Singapore. SGX’s stock fell 11.8% as of 3:22 pm local time, set for the biggest drop since 2003, amid concerns over the loss of revenue stream following the move. MSCI has struck ...

DUBAI / WAM Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Crown Prince of Dubai and Chairman of the Executive Council His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum announced the gradual reopening of business activities in Dubai from the fourth day ...

Bloomberg Oil rose near $34 a barrel following Russia’s prediction that the market may balance as early as next month as global producers take historic amounts of crude out of the market. Russia, a key member of the Opec+ alliance that has pledged record output cuts, expects the market to balance in June or July. Energy Minister Alexander Novak said ...

ABU DHABI / WAM The Federal Tax Authority (FTA) issued a decision to postpone implementation of the ban on supplying, transferring, storing, and possession of water pipe tobacco and electrically heated cigarettes in the UAE that do not carry digital tax stamps until January 1, 2021. The ban had previously been scheduled to come into effect on June 1 this ...

Bloomberg The Philippines’ Trade Department wants lawmakers to pass a 1.3-trillion peso ($26 billion) stimulus package that will aid the recovery of industries and their displaced workers. Of the total stimulus being discussed at the House of Representatives, about 628 billion pesos is planned for wage subsidies and loans for businesses hit by the lockdown, the Trade Department said in ...

DUBAI / WAM Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) held a virtual meeting with key aviation and hospitality partners to discuss current and post-pandemic strategies and joint initiatives aimed at ensuring the tourism industry’s gradual return to normalcy. The meeting also discussed global efforts to minimise the transmission of Covid-19 and precautionary measures deployed to safeguard the ...

HADRAMAUT / WAM On the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, with the monitoring of HH Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region, and Chairman of the Emirates Red Crescent (ERC) the ERC distributed 770.4 tonnes of ...