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Reuters As India’s foreign-exchange reserves march towards the unprecedented $400 billion mark, its central bank faces a costly conundrum. To keep the rupee stable and exports competitive, it is having to mop up inflows that’s adding cash to the local banking system. Problem is, banks are flush with money following Prime Minister Narendra Modi’s demonetisation programme last year, leaving them ...

Bloomberg Mario Draghi said that while central-bank actions over the last decade have strengthened the global economy, it is important to be open-minded in readying for future developments. In a speech that gave no specific signals on the European Central Bank’s current policy deliberations, the institution’s president stressed that officials must be “unencumbered by the defense of previously held paradigms ...

Bloomberg Indonesia’s central bank surprised most economists by lowering interest rates, reflecting its relative comfort with the currency and inflation outlook. The benchmark rate was cut by a quarter point to 4.5 percent, with all but six of the 28 economists surveyed by Bloomberg predicting it would stay on hold. Bank Indonesia reduced borrowing costs six times last year, making ...

Bloomberg Bank of America Corp.’s investment bank executives are divided over where their European Union trading hub should be after Brexit, according to people with knowledge of the matter. Equities head Fabrizio Gallo has pushed for Frankfurt as the base for traders working with EU clients, while his fixed-income colleagues Sanaz Zaimi and Bernard Mensah have favoured Paris, the people ...

ABU DHABI / WAM The Emirate of Abu Dhabi’s non-oil trade with four GCC states hit AED11.33 billion ($3bn) during the first five months of the year, with the Kingdom of Saudi Arabia coming on top of the emirate’s Gulf trade partners. According to the Statistics Centre- Abu Dhabi, the four countries, which include Kingdom of Saudi Arabia, Kingdom of ...

DUBAI / Emirates Business Worldwide spending on information security products and services will reach $86.4 billion in 2017, an increase of 7 percent over 2016, with spending expected to grow to $93 billion in 2018, according to the latest forecast from Gartner, Inc. Within the infrastructure protection segment, Gartner forecasts fast growth in the security testing market (albeit from a ...

ABU DHABI / WAM The Central Bank announced that the money supply aggregate M1 decreased by 1.9 percent, from AED507.1 billion at the end of June 2017 to AED 497.5 billion at the end of July 2017. The money supply aggregate M2 decreased by 0.2 percent, from AED1267.1 billion at the end of June 2017 to AED1264.4 billion at the ...

ABU DHABI / WAM Officials from the Industrial Development Bureau of the Department of Economic Development, visited three new factories in the Emirate of Abu Dhabi, which started their operation in 2017 with a total investment value of AED2.471 billion. The first company was Taweelah Aluminium Extrusion Company LLC (TALEX) which specialises in the field of metal coating as well ...

GENEVA / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has committed $5 million to Gavi, the Vaccine Alliance, to support its Innovation for Uptake, Scale and Equity in Immunisation (INFUSE) initiative. His Highness Sheikh Mohamed bin Zayed has provided $33 million for the work ...

The Board shall have a renewable membership term of three-years, and whenever a member’s seat has become vacant, another member shall be appointed for the rest of the membership period, and the Vice-President shall replace the Chairman in his absence. The Chairman of the Board shall issue the Statutes and Internal Regulation of the Board after approval by other board ...