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  Bloomberg Egyptian companies unable to repay US-dollar denominated debts after the devaluation of the pound will be allowed to negotiate fixed exchange rates with banks. The move aims to alleviate financial pressure on manufacturers following the central bank’s decision to remove all restrictions on the local currency on Nov. 3. The pound has since lost more than half its ...

  Bloomberg Britons are holding onto their cash in a sign that they may be hunkering down in the face of economic uncertainties, according to the British Bankers Association. Personal deposits grew an annual 4.8 percent in November, data compiled by the BBA show. They increased by 32.4 billion pounds ($39.7 billion) in the first 11 months of the year, ...

  Bloomberg China’s requirement for how much cash banks must hold as reserves is “very high” and should be reduced at an “appropriate time,” a senior banking regulator said, according to a media report. Other financing tools can be used to manage the money supply after easing the required reserve ratio, China Banking Regulatory Commission official Yu Xuejun said at ...

  DUBAI / Emirates Business The Dubai Festivals and Retail Establishment (DFRE), an agency of Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism), lauded the solid partnership between the government and private sectors, describing it as a unique role model of public-private collaboration that works collectively with a single-minded purpose to achieve the common goal of promoting a destination. ...

  Sharjah / Emirates Business ‘Horouf,’ the innovative educational imprint of Kalimat Group – a publishing house dedicated to printing and distributing quality children books in Arabic – is continuing with its programme of activities taking place at its winter camp for children at Maktaba Al Qasba, Sharjah. Titled ‘Shitaa Bil Arabi’ (Winter in Arabic), the camp is set to ...

  ABU DHABI / Emirates Business With an aim to raise awareness and encourage the use of legal channels for sending money home among the Bangladeshi expatriates, UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand, launched ‘Amar Bangladesh’. Derived from a Bangla term that literally means “My Bangladesh”, the new social awareness campaign stands out for its ...

  DUBAI / Emirates Business du announced a first-of-its-kind collaboration with Dubai Taxi Corporation, Roads and Transport Authority, to launch WiFi UAE access and smart screens in 500 cars of the Dubai Airport Fleet. This effort is in line with Dubai Government strategy to make Dubai the smartest city in the world, and wholly embodies the Smart Dubai strategy. “Our ...

  ABU DHABI / Emirates Business Ambitious plans set out by the Kingdom of Saudi Arabia for the deployment of renewable energy are strongly aligned with the hopes and ambitions of the country’s young people, according to global research commissioned by Masdar, Abu Dhabi’s renewable energy company. The Masdar Gen Z Global Sustainability Survey, which spoke to around 5,000 youth aged ...

  While the world looks to Prime Minister Shinzo Abe to see where he’ll take Japan next year, a lesser-known name is a better guide to the country’s long-term future. Tai Jeng-wu, 65, took over as president of Sharp Corp. in August after Foxconn Technology Group, and its founder Terry Gou, won a four-year battle for control of the struggling ...

  Even if it doesn’t get to host the IPO of Saudi oil giant Aramco, potentially the biggest float of all time, Hong Kong should still be able to maintain its billing as the world’s No. 1 venue for share sales next year. But with limited tech deals on the horizon, and most in the listing queue rather staid Chinese ...