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Bloomberg A setup long acknowledged as dubious but tolerated in many countries just got thrown into the limelight. Shell companies — constructions often used to hide the identity of investors keen to dodge authorities — played a key role in Europe’s dirty money machine as billions of dollars flowed from Russia into the west. Danske Bank A/S was allegedly at ...

Bloomberg The Bank of Greece released details on how it proposes lifting much of the burden weighing on the country’s lenders under a complex plan involving securitisations and the shifting of tax credits. The plan foresees the transfer to a special purpose vehicle of a significant part of banks’ non-performing loans at net book value, along with a portion of ...

Bloomberg The Bank of Canada plans to buy for the first time government-backed mortgage bonds in a bid to broaden the range of high-quality assets in its operations to manage its balance sheet. The move, which is part of a decision of including government-guaranteed debt issued by federal Crown corporations, will allow Ottawa-based central bank to offset continued growth in ...

Bloomberg The South African Reserve Bank increased its benchmark interest rate for the first time in more than two years as it sees inflation risks remaining elevated. The Monetary Policy Committee voted to raise the benchmark repurchase rate to 6.75 percent from 6.5 percent. Of the six panel members, half preferred the increase and the rest favored an unchanged stance, ...

Bloomberg European Central Bank officials warned that uncertainty and tension over Italy’s expansive budget risk causing damage to the country’s economy in the long-run. “Italy’s current financing conditions are much too tight for a country with weak growth and low inflation,” ECB Chief Economist Peter Praet told Handelsblatt in an interview. Italian central bank Governor Ignazio Visco urged his government ...

ABU DHABI / WAM Dana Gas, the Middle East’s leading publicly-listed regional natural gas company, and its partner Crescent Petroleum, have announced achievement of a 30% increase in production capacity at the Khor Mor field in the Kurdistan Region of Iraq, which the companies jointly operate on behalf of Pearl Petroleum. This increase delivers much-needed gas supply to fuel power ...

Bloomberg Oil recovered from a one-year low as industry data showing a drop in US crude inventories allayed some of the concern that a new surplus is amassing in global markets. Futures in New York rose as much as 2.7 percent after plunging more than 6 percent. The American Petroleum Institute was said to report a 1.55 million-barrel drop in ...

Bloomberg The US accused China of continuing a state-backed campaign of intellectual property (IP) and technology theft as the World Trade Organization (WTO) said it would establish a dispute panel to rule on the complaint. The new accusations came in a detailed 53-page report released by US Trade Representative Robert Lighthizer’s office just 10 days before President Donald Trump is ...

Paris / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has emphasised that the UAE and France are partners in the fight against extremism and terrorism, support values of tolerance, promote dialogue, interaction and coexistence among peoples, civilisations and cultures, reject intolerance and hatred, and ...

Abu Dhabi / WAM Under the patronage of Ministry of Foreign Affairs and International Cooperation, the delegation of the European Union to the UAE, is organising an exhibition titled ‘Sheikh Zayed and Europe: a Journey’ in celebration of the Year of Zayed. The exhibition will take place at The Founder’s Memorial Abu Dhabi Corniche, on November 25 until December 31 ...