UAE bank organises global seminar on financial markets

October 4th, 2009 ISTANBUL - The United Arab Emirates (UAE) has called for setting up a regional financial market for the Middle East and East Asia following the failure of efforts to globalise financial services, WAM news agency reported Sunday. The recommendation was made by Sultan bin Nasser Al Suweidi, governor of the UAE Central Bank, while addressing the meeting of governors of central banks and monetary agencies of member states of the Organization of the Islamic Conference (OIC) which took place at the sidelines of the annual International Monetary Fund-World Bank meeting being hosted by Turkey.

September 17th, 2009 ABU DHABI - The financial markets in the United Arab Emirates (UAE) will remain closed from Saturday, the 29th day of Ramzan until the 3rd of the month of Shawwal to observe Eid holidays, WAM news agency reported. The Securities and Commodities Authority (SCA) has decided to close the financial markets after consultation with the representatives of the markets and financial institutions in the country, according to the report Wednesday.

September 11th, 2009 Fmr Merrill dealmaker to lead BofA global bankingNEW YORK — Bank of America has named Andrea Orcel, one of the bank's top remaining Merrill Lynch holdovers, as its executive chairman, Global Banking & Markets. Orcel will be responsible for strategy and working with other major corporations, along with investors and governments around the world.

September 5th, 2009 LONDON - Major forces around the world have supported Indian Finance Minister Pranab Mukherjee's view that protectionism is a real threat to the global economy. "Emerging markets need to guard against tendencies in some developed countries to extend protectionism beyond trade to financial markets and investment," Mukherjee said in a press conference here on Friday evening.

July 30th, 2009 THIRUVANANTHAPURAM - Kerala will host a seminar on Indo-British business partnership here Aug 6 to explore fresh business opportunities in the European country. According to a statement issued by the British Deputy High Commission, Chennai, a 10-member team representing the UK Trade and Investment (UKTI) will hold talks on discuss business opportunities with top officials of Kerala-based companies at the seminar.

July 7th, 2009 Australia leaves key interest rate unchangedSYDNEY — Australia's central bank left its key interest rate unchanged for the third month at 3 percent Tuesday, citing a stabilizing global situation and stronger-than-expected domestic economy. The Reserve Bank of Australia has kept rates at the current level — their lowest in 49 years — since April but said in a statement there is room for further cuts this year if necessary.

June 22nd, 2009 WASHINGTON/SEOUL - Most developing economies will slip into recession this year amid a global financial crisis that has prompted wealthy investors to pull their money out of projects for the poor, the World Bank warned Monday. The developing world will grow 1.2 percent this year after growing 5.9 percent in 2008.

May 31st, 2009 NEW DELHI - Around 100 officials and scholars from China and India have gathered in Beijing to discuss how to boost cooperation between the two Asian giants. "Dragon and elephant have danced together in recent years," Feng Zuoku, vice president of the Chinese People's Association for Friendship with Foreign Countries, said at the start of the seminar.

May 1st, 2009 Macquarie Bank profits collapse 52 percentSYDNEY — Australia's Macquarie Bank, once nicknamed the millionaire's factory for the number of executives it made rich, said Friday its profits halved last year, and slashed 2.5 billion Australian dollars ($1.8 billion) from its asset values because of the global financial crisis. Net profit for the 12 months to March 31 was AU$871 million ($635 million), a 52 percent fall from the AU$1.8 billion earned a year earlier, Australia's largest investment bank said.

April 24th, 2009 Developing countries hit harder by global crisisWASHINGTON — Developing countries are being hit harder by the global financial crisis than industrialized nations and need urgent and unprecedented help to cope with it, the Group of 24 countries said Friday. Among the effects of the crisis the developing countries are experiencing are falling prices for their commodities and exports, a decline in money transfers their citizens send from abroad, a sharp reduction in foreign direct investment and exposure to the credit crunch other countries are facing.

April 16th, 2009 NEW DELHI - The Confederation of Indian Industry (CII) Thursday launched an India Business Forum (IBF) in China, a lobby to promote bilateral trade and economic cooperation between the two countries. The IBF will act as a forum for promoting India-China trade through collective and consensual approach and will also work with the Indian embassy in Beijing and others towards 'building brand India', the CII said in a statement released here.

April 2nd, 2009 NEW HAVEN - Ivy League business school Yale School of Management will Friday organise a seminar on emerging business opportunities in India during the current economic crisis. The seminar will focus on the impact of the global financial crisis on the Indian economy and discuss the opportunities and challenges faced by foreign investors in India.

March 20th, 2009 NEW DELHI - India Thursday warned that under-investment in the petroleum sector would lead to a 'demand-supply crisis' in the near future and urged the oil industry to pump more money in augmenting supplies. This was stated by Petroleum Minister Murli Deora while addressing the fourth OPEC International Seminar in Vienna.

February 26th, 2009 MUMBAI - The settlements system in Indian equities markets was robust and has successfully tackled redemption pressures in the past, the markets watchdog said Wednesday. The pressure mounted after foreign and domestic financial institutions stepped up withdrawals in the wake of the global financial meltdown last year.

January 5th, 2009 NEW DELHI - International Finance Corp (IFC), a World Bank member organisation, Tuesday anounced it will spend $6 billion to support the private sector in emerging markets hit by the global financial crisis. IFC will double the existing global trade finance programme to $3 billion over a three-year period to meet a large increase in demand for short-term trade finance.