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UAE CB’s FX assets stand at Dhs326.4b
ABU DHABI: Total foreign currency assets held by the Central Bank of the UAE surged 2.8 per cent during April 2018 to Dhs326.4 billion, from Dhs317.44 billion during the same month in 2017, as current account balances rose and deposits with foreign banks strengthened, according to figures released by CBUAE on Thursday. The foreign assets exclude CBUAE Reserve Tranche Position and Special Drawing Rights holdings with the
 
 
UAE, S.Arabia sign deal on taxation
JEDDAH: The UAE, represented by the Ministry of Finance (MoF), signed an agreement for the Avoidance of Double Taxation and Prevention of Tax Evasion with respect to taxes on income and capital, with Saudi Arabia. The signing took place at the headquarters of the Saudi Ministry of Finance in Jeddah. The agreement reflects the UAE’s keenness to strengthen cooperation in tax-related matters, and enhance economic relations with its
   
Merkel woos China as Trump poses new challenge
BEIJING: China said on Thursday it would “open its door wider” to German businesses, giving a warm reception to visiting Chancellor Angela Merkel, who has wooed Beijing to counterbalance trade threats from US President Donald Trump. Germany and China, two exporting nations that run large trade surpluses with the United States, have found themselves in Trump’s firing line and are scrambling to preserve the multi-lateral order on
 
 
Axed US-North Korea meeting sinks shares
NEW YORK: President Donald Trump’s move to cancel a planned June meeting with North Korean leader Kim Jong Un sent global shares lower on Thursday, while auto stocks continued to decline on tariff fears. Trump, in a letter to North Korea released by the White House, called off the June 12 summit, citing “tremendous anger and open hostility” in a recent statement by the East Asian country. The cancellation came even after North
   
EU reaches deal with Gazprom in anti-trust case
Brussels: The EU on Thursday settled a high-stakes anti-trust case against Gazprom, the Kremlin-backed energy giant, over claims it abused its dominant positon as a gas provider in eastern Europe member states. With the deal Gazprom avoids billions in fines and offers a rare respite to tensions between the Russia and West that have worsened over Ukraine, the war in Syria and allegations of election meddling by the Kremlin.
 
 
‘Europe can expect only modest trade deal with US’
BRUSSELS: The European Union’s trade chief described on Thursday the lack of a full trade accord between the bloc and the United States as ridiculous, but said the best that could be expected now was only a very modest agreement. Trade Commissioner Cecilia Malmstrom also rebuffed suggestions that the EU should simply seek to settle its differences over tariffs with the United States at the World Trade Organization, questioning

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