Mumbai, New Delhi: Reserve Bank of India (RBI) Governor Urjit Patel’s shock resignation following a policy tussle with the government sent tremors through financial markets on Tuesday, and investors are keen to see the government quickly name a credible replacement. Both foreign and domestic investors say any openly political appointee with little macro-economic experience, would […]
Helsinki: Ten former employees of the Estonian branch of Danske Bank have been detained in connection with a probe into a major money laundering scandal that allegedly involved money from Russia and former Soviet states. Estonia’s Prosecutor General Lavly Perling said Wednesday the employees were mainly Danske Bank client managers suspected of knowingly assisting large-scale […]
New Delhi: The exit of Urjit Patel as governor of the Reserve Bank of India (RBI) was the culmination of months of simmering tensions between the government and the central bank. In a way, it gives the government the opportunity to do what it wants: name a new governor who is more willing to do […]
Dubai: The city of Dubai continues to attract new businesses, with the emirate’s licensing division recently approving close to 2,000 permits. The Business Registration and Licensing (BRL) sector in the Department of Economic Development (DED) of Dubai issued 1,748 new licenses in November 2018, a testament that Dubai remains a destination of choice for investment […]
Hong Kong: While 2018 was the year trade wars broke out, 2019 will be the year the global economy feels the pain. Bloomberg’s Global Trade Tracker is softening amid a fading rush to front-load export orders ahead of threatened tariffs. And volumes are tipped to slow further even as the US and China seek to […]
Chicago: Boeing Co. is poised to open its first 737 finishing plant in China, underscoring the company’s commitment to the world’s largest aircraft market amid simmering trade tension. The Chicago-based plane maker will inaugurate its completion and delivery centre in Zhoushan, 90 miles southeast of Shanghai, on Saturday, after more than a year of construction. […]
Dubai: Dubai’s DP World is revolutionising the way containers are handled at the ports. The ports operator announced on Monday that it has entered into an international joint venture with engineering specialists SMS group, which will pave the way for the introduction of a “new and intelligent storing system” at Jebel Ali Terminal 4 in […]
The logistics and supply chain industry in the UAE is big business, with many companies vying for a piece of the action. “There are close to 5,000 established companies that operate in the logistics sector across the UAE, ranging from small freight forwarding companies, large conglomerate logistics service providers, through to multinational, fully integrated, global […]
Dubai: The UAE Central Bank has announced it will follow the US in raising interest rates by 25 basis points. Rates will rise effective Thursday, a statement from the UAE Central Bank said. The US central bank raised the benchmark borrowing rate on Wednesday but gave the clearest sign to date that it will go […]
London: In the race to outpace developed economies, emerging countries such as China, India, and Brazil suffered a setback this year and will outgrow them later than previously expected, the Centre for Economics and Business Research (CEBR) said. The CEBR consultancy’s 2019 World Economic League Table was more downbeat on the global economy than last […]