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Federal budget marks 11% of overall spending

The UAE federal budget, that involves expenditures and projects undertaken by the UAE Federal Government, represents only 11 per cent of the country’s overall spending. Budgets of the seven emirates make up the rest 89 per cent. The bulk of the investment in large infrastructure projects and sectoral allocations usually comes from various g


Bank of Japan unveils new monetary easing

Tokyo: The Bank of Japan (BoJ) unveiled $138 billion (Dh506.89 billion) in fresh monetary easing on Tuesday, its latest volley in a battle to kickstart an economy it also warned would grow much less than previously expected.

The BoJ, which also said it would provide new loans to banks, had been under pressure from politicians calling for urgent


UBS job cuts part of 3.4b Swiss Franc cost-cut programme

Zurich: UBS unveiled plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, as it adapts to tougher capital rules that make it more difficult for investment banks to turn a profit since the financial crisis.

Zurich-based UBS will focus on its private bank and a smaller investment bank, ditching much of the trading business


Etihad forced to postpone Addis Ababa launch

Abu Dhabi: Etihad Airways on Tuesday confirmed that the airline had been forced to postpone the launch of its flights to Addis Ababa, the capital of Ethiopia, after the Ethiopian Civil Aviation Authority rejected the airline’s application for the required operating permit.

This decision comes despite the existence of a Memorandum of Understanding


Spain recession drags on

Madrid: Spain fell deeper into recession in the third quarter and prices rose sharply in October, piling pressure on the government to revive a paralysed economy as it stalls over requesting aid.

Prime Minister Mariano Rajoy is in no hurry to apply for a politically humiliating financial rescue that would kickstart a European Central Bank (ECB)


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Abatera Tours is an expert destination management company that covers all aspects of inbound tourism business including FIT Travel, Leisure groups and Meetings, Incentives, Conferences & Events (MICE)...

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