Finance World

The early January recovery across key commodities extended into a second week with the Bloomberg Commodity index rallying by more than 4% since touching a near three-year low on the first trading day of year.

Emirates NBD, a leading bank in the region has announced the launch of a new VAT-based enhanced loan solution for small and medium-sized enterprise (SME) customers.

The new loan program makes it easier for SMEs to apply for financing by providing copies of their VAT (Value Added Tax) returns filed with the UAE’s Federal Tax Authority to serve as validation of business turnover and income.

Cooper Fitch estimates the GDP growth for the Emirates will be approximately 4 per cent in 2019. However, there is a consensus that it could be as high as 5-6%. With oil prices at an average of $71 per barrel in 2018, we are optimistic that oil prices will remain steady in 2019. However, we are not expecting any significant increase in salary ranges in 2019.

A tumultuous first trading week of 2019 headed towards a calmer close. After hitting a 33-months low the Bloomberg Commodity Index managed to climb to record its first weekly gain in five. The global market rout was caused by economic and political uncertainty as well as tightening liquidity paused on Friday after Beijing confirmed that a US trade delegation would visit on January 7- 8.

Trade Bank of Iraq (TBI) has been assigned Long-term Issuer Default Rating (IDR) of ‘B-‘ with Stable Outlook by Fitch Ratings.

The impressive B- marks the first time an Iraqi Bank has received an official rating through an international ratings agency.