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2,778.76 0.09%
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78,038,369
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0.09%
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1,457
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UAE introduces framework for fintech pilot licences - Dotemirates
2 month 6 day

UAE introduces framework for fintech pilot licences

The UAE’s minister of economy has issued a decree adopting a regulatory framework for financial technology (fintech) firms conducting operations under experimental licences. The decree, which comes into force after its publication in the Official Gazette, follows the introduction of similar licence concepts by financial free zones Dubai International Financial Centre and Abu Dhabi Global Market over the last year. Read: Dubai expands experimental licence scheme for fintechs It will allow companies operating outside of these zones to conduct similar activities with less stringent regulation for a set period. Sultan bin Saeed Al Mansouri, who is also chairman of the...


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Business News

1 hour 11 minute

$70 oil price is comfortable for all – US disappoints producers with its Iran waivers

Russia, the biggest oil producer, clearly stated last week that an oil price of $70 per barrel is satisfactory. With this, rest of the oil producers feel better and will take prompt actions on their part to reduce their production in order to bring the oil prices to a comfortable level. Regardless of the forthcoming OPEC meeting next month, the outcome is clear. Saudi Arabia, the biggest exporter, announced ahead of time of cuts of up to 500,000 barrels from its exports next month. Kuwait and the United Arab Emirates will be second in line to reduce their production, and...
1 hour 12 minute

Boursa Kuwait plans OTC market

KUWAIT CITY, Nov 17: Boursa Kuwait announced Saturday the introduction of an Over the Counter Market (OTC). The new market will serve as a trading platform for companies that are not listed on Boursa Kuwait. OTC transactions will be carried out through licensed brokerage offices working under Capital Market Authority bylaws and Boursa Kuwait rules for the OTC market. The newly introduced market will create a transparent environment by bringing buyers and sellers together using fully supervised mechanisms. The trading platform will adopt the clearing and settlement procedures. Boursa Kuwait has also developed a comprehensive offering for OTC market transactions,...
1 hour 15 minute

Kuwait bourse begins off-exchange trades Sunday – New system first-of-its-kind in the Arabian Gulf region

KUWAIT CITY, Nov 17, (KUNA): Boursa Kuwait announced on Saturday it would begin on Sunday effecting Over the Counter Market (OTC) regulations and trading in this off-exchange system at the national stock exchange. The bourse said on its website that the new system would be launched at 09:00 am (06:00 GMT) and would remain open till closing the operations by 12:40 noon time (09:40 GMT). The new system for trades in unlisted stocks is the first of its kind to be launched in the Arabian Gulf region. The system encompasses trades that may lead to earnings or losses, assets’ ownership...

1 hour 59 minute

Fed nods to concerns but still sees US rate hikes

NEW YORK: Federal Reserve policymakers on Friday signaled further interest rate increases ahead, even as they raised relatively muted concerns over a potential global slowdown that has markets betting heavily that the rate-hike cycle will soon peter out.The widening chasm between market expectations and the interest-rate path the Fed laid out just two months ago underscores the biggest question facing US central bankers: How much weight to give a growing number of potential red flags, even as robust US economic growth continues to push down unemployment and create jobs? “We are at a point now where we really need to...
2 hour 33 second

German industry says hard Brexit would be disastrous

BERLIN: Britain crashing out of the European Union without a divorce deal would have disastrous consequences for companies and workers in Britain and across Europe, the head of the BDI German Federation of Industry said on Saturday.Britain’s Prime Minister Theresa May is fighting to defend a draft deal agreed with the EU but opposition from both within and outside her party has raised the possibility of a no-deal hard Brexit or even another referendum.Dieter Kempf told Funke Mediengruppe newspaper chain that a no-deal Brexit would hit the automotive, aerospace, chemical, pharmaceutical, engineering and electrical industries particularly hard. But service industries...
2 hour 1 minute

US, China in APEC cruise ship clash on trade

Port Moresby: China and the US crossed swords on Saturday ahead of an APEC summit, duelling over protectionism, trade tariffs and “chequebook diplomacy” as they laid out sharply contrasting visions for the Pacific Rim region.In combative back-to-back speeches at a business forum held on a hulking cruise ship moored in Port Moresby in Papua New Guinea, Xi Jinping and US Vice-President Mike Pence pulled few punches.The feisty exchanges laid the ground for what could be a fiery encounter between the Chinese leader and President Donald Trump at next month’s G20 in Argentina.Xi lashed out at “America First” trade protectionism and...