Wed, Jan 08, 2020 - Page 10 News List

World Business Quick Take

Agencies

TOURISM

UAE visa scheme announced

The United Arab Emirates (UAE) on Monday introduced a multiple-entry visa scheme valid for five years for all nationalities, with the aim of turning the Persian Gulf state into a tourism hub. “#UAE Cabinet chaired by @HHShkMohd, approves new amendment for tourist visas in #UAE,” the government of Dubai Media Office wrote on Twitter, referring to Emir Mohammed bin Rashid Al Maktoum, the Emirati prime minister and ruler of Dubai. “The new tourist visa will be valid for 5 years and can be used for multiple entries and is open for all nationalities.” He said on Twitter that the state attracts 21 million tourists a year.

ENTERTAINMENT

Group seeks US$1.1bn loan

A consortium led by Tencent Holdings Ltd (騰訊) is seeking a 1 billion euro (US$1.1 billion) five-year loan to help fund its US$3.4 billion purchase of a stake in Universal Music Group, people familiar with the matter have said. Five banks — Bank of America Corp, Bank of China Ltd (中國銀行), HSBC Holdings PLC, Industrial and Commercial Bank of China (Asia) Ltd (中國工商銀行) and Morgan Stanley — are expected to provide the non-recourse financing as a club deal, people said. The Chinese social media and gaming giant and its partners last month agreed to buy a 10 percent stake in Universal Music from French media company Vivendi SA after months of talks.

AVIATION

BOC orders 20 Airbus jets

Singapore-based aircraft leasing firm BOC Aviation Ltd (中銀航空租賃) yesterday announced that it had ordered 20 Airbus A320neo planes, with up to 12 of them planned to go to Colombian airline Avianca SA. The order is worth approximately US$2.2 billion at list prices, but airlines and leasing firms typically negotiate discounts. “We are thrilled to welcome Avianca as a new customer,” BOC Aviation chief executive Robert Martin said in a statement. “This addition of 20 new Airbus A320neo aircraft reflects our disciplined investment strategy of building our portfolio with popular and in-demand new technology aircraft that provide reliability and operational efficiency.”

CHINA

Tax cuts boost growth

The nation’s economic growth was boosted by about 0.8 percentage points last year, following tax cuts of more than 2 trillion yuan (US$288 billion), the State Taxation Administration said on Monday. The tax cut was worth more than 2 percent of GDP, it said. That means that the nominal value of the economy likely grew to about 100 trillion yuan at the end of last year, according to Bloomberg calculations, up from 92 trillion yuan in 2018. Tax revenue rose 1.8 percent to about 14 trillion yuan last year, the agency said, lower than the 9.5 percent increase in 2018.

BANKING

UBS splitting its business

UBS Group AG is splitting its European wealth management business into three regions and expects to cut as many as 500 private banking jobs globally as it overhauls its most important division. The revamp would break apart the Europe, Middle East and Africa private banking business led by Christl Novakovic, giving Caroline Kuhnert responsibility for central and eastern Europe, and Ali Janoudi the Middle East and Africa. Novakovic would keep Western Europe, according to an internal memo from wealth management co-heads Iqbal Khan and Tom Naratil that was obtained by Bloomberg.

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