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Markets up despite China downgrade
NEW YORK: World stock markets recovered on Wednesday from initial losses after Moody’s first credit downgrade of China in 30 years, with investors turning their attention to US Federal Reserve minutes that could provide more certainty of a rate hike next month. Asia stocks and emerging markets initially skidded after Moody’s Investors Service’s downgraded China, cutting its sovereign debt to A1 from Aa3. But dented markets
 
 
ADFD finances 17 projects worth Dhs5.6b
ABU DHABI: Abu Dhabi Fund for Development (ADFD) has overseen 17 development projects collectively valued at Dhs5.6 billion across seven countries, dispensed Dhs3.9 billion in concessionary loans to support a further four projects, and Dhs1.7 billion in government grants to finance 13 projects in 2016. During a press conference at the ADFD headquarters to announce the annual results for 2016, Mohammed Saif Al Suwaidi, Director-
   
UAE team explores business avenues in Denmark
COPENHAGEN: A high-level UAE delegation headed by Minister of State, Dr Sultan Ahmed Al Jaber, on Wednesday explored trade and development opportunities with Danish government officials and business leaders. The delegation included representatives of the Dubai Chamber of Commerce and Industry, DCCI, Emirates Airlines, DP World, Emirates NBD, Etisalat, Siemens, Roads and Transport Authority, RTA, Dubai Electricity and Water
 
 
Dubai Chamber, KNCCI sign MoU to boost ties
Dubai: The Dubai Chamber of Commerce and Industry and the Kenya National Chamber of Commerce and Industry (KNCCI) signed on Wednesday a memorandum of understanding (MoU) that established a practical framework for enhancing economic cooperation and strengthening trade ties between Kenya and the emirate. The MoU was signed during the Kenya Business Briefing which the Chamber hosted at its premises in cooperation with the Consulate
   
Opec nearing deal to extend oil output cut to March 2018
VIENNA: Opec and non-member oil producers moved closer on Wednesday to clinching a deal on extending output cuts by nine months to clear a global stocks overhang and prop up the price of crude. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday to consider whether to prolong the accord reached in December in which OPEC and 11 non-members agreed to cut oil output by about 1.8 million barrels per
 
 


 
Markets
 
ADSM
 DFM Kuwait   S.Arabia
0.34%
 
0.73%
 
0.23%
 
0.13%
 
 INDICES CLOSE

 UP/DOWN 
 Bombay
30,750.03
448.39
 Karachi
52,869.01
7.45
 Philippines
7,871.65
33.83
 Nikkei 225
19,813.13
70.15
 

 CURRENCIES/DHS BUY SELL
 US $ 3.6730  3.6730
 British £
4.5953
 4.5957
 Euro ç   3.9253   3.9261
 Yen ¥ 0.0327 0.0327

 GOLD(24ct/g) CLOSE

 UP/DOWN 
 Dubai
152.50
00.75
 Bombay
29,572
214.00
 Karachi
42,985
86.00
  UK (Oz)$
1,257
4.00

 DRAFT RATE

 India (Rs) 17.50
 Pakistan (Rs)
28.27
 Bangladesh (Taka) 21.91
 Sri Lanka (Rs)
41.47
     
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