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Bloomberg The People’s Bank of China (PBOC) has set up a department to oversee and eliminate financial risks, as part of its restructuring of departments and personnel. The PBOC established the macro-prudential management bureau to draft rules, monitor and handle financial systemic risks, and to advise on currency issues including yuan convertibility, according to a statement published by the State ...

Bloomberg Federal Reserve Chairman Jerome Powell met President Donald Trump at the White House for dinner to discuss the economy’s performance and outlook, but the central bank said its chief did not share his expectations for monetary policy. Powell’s comments were “consistent with his remarks at his press conference of last week,” the Fed said in a statement. “He did ...

Bloomberg A regulatory spring-clean that’s cut the number of Ghanaian banks by almost a third is strengthening the industry, brightening prospects for lending growth and easing the pain of unpaid debts. The expanding economy is also helping lenders put behind them years of challenges weighing on the West African nation — including daily power outages, poor banking regulation and an ...

Bloomberg Weaker global growth and trade protectionism could start to gnaw on company investment in the euro area, according to the European Central Bank (ECB). “Increasing uncertainties at the global level constitute a downside risk to the outlook, particularly for business investment,” according to an article to be published in the ECB’s bulletin. Malin Andersson and Benjamin Mosk argue there’s ...

Dubai / Emirates Business Mergermarket, the leading provider of mergers and acquisitions (M&A) data and intelligence, has released research showing that in 2018 the Mena region experienced a significant spike in deal value, reaching $26.76 billion, compared with $15.86 billion in 2017 — an increase of 68.7%. The significant growth in deal value was driven by increased deal-making in the ...

Dubai / Emirates Business Emirates NBD Purchasing Managers’ Index (PMI) released January data for the UAE non-oil private sector. The survey, compiled by IHS Markit, contains original data collected from a monthly survey of business conditions in the industry. Khatija Haque, Head of Mena Research at Emirates NBD, said: “The Emirates NBD Purchasing Managers’ Index (PMI) for the UAE rebounded ...

Bloomberg Oil held gains near a two-month high after data showed US production growth slowing at a time when Opec cuts and American sanctions on Venezuela have already eased concerns over a supply glut. Futures in New York rose as much 0.9 percent to reach the highest intraday level since November 21, after adding 2.7 percent. Opec’s crude output fell ...

TOKYO / WAM Japan imported from the United Arab Emirates 22.778 million barrels of crude oil in December 2018, data released by the Agency of Energy and Natural Resource in Tokyo showed. This accounts for 24.5% of Japan’s total crude imports, the agency that belong to the Ministry of Economy, Trade and Industry, said. Saudi Arabia provided 39.437 million barrels, ...

Abu Dhabi / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, have discussed with His Holiness Pope Francis the friendly relations between the UAE and ...

ABU DHABI / WAM Etihad Rail, the developer and operator of the UAE’s national railway network, has revealed details of their new strategy and brand identity, following the recent financing approval for Stage Two of the UAE’s national rail network. Operating under the directions of HH Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Etihad Rail, the new ...