Bloomberg Yes Bank Ltd., the Indian bank that almost collapsed two years ago from bad loans, is now on a hunt to buy stressed assets from other lenders. A new partnership with US private-equity firm JC Flowers & Co. LLC allows it to buy soured loans of other banks, Prashant Kumar, chief executive officer of the Mumbai-based lender, said ...

  Bloomberg Royal Bank of Canada (RBC) expects to gain more market share in UK wealth-management business in the years ahead, with its technological capabilities key to attracting clients. Canada’s largest bank has completed its $1.8 billion acquisition of Brewin Dolphin, vaulting its wealth-management operation to the No. 3 spot in the UK and Ireland. Still, the industry in the ...

  Bloomberg UK bonds tumbled while the pound rose as investors digested a deeply uncertain policy outlook from both the Bank of England (BOE) and Liz Truss’s government. The yield on 30-year gilts — favoured by the pension funds at the heart of recent market stress — rose as much as 22 basis points to 5.02% after a BOE spokesperson ...

  Bloomberg ByteDance Ltd. is offering to buy back shares from its employees, ramping up efforts to boost staff morale after plans for an initial public offering stalled. The Beijing-based company, parent of the hit TikTok video app, informed employees on Wednesday that it will repurchase shares at a price of $155 per restricted stock unit to help those who ...

Bloomberg Oil slumped as concerns over a global slowdown and weaker demand vied with a tightening supply outlook after Opec+ cut output. West Texas Intermediate traded near $90 a barrel, after earlier falling as much as 2.9%. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the US and global economies are likely to sink into recession next year, ...

  Dubai / Gulf Time Etisalat UAE, branded as etisalat by e&, on Tuesday announced a memorandum of understanding (MoU) with Emirati Talent Competitiveness Council (ETCC) to participate in the Nafis initiative that will involve the hiring and empowering of more than 500 Emirati professionals in its retail, customer service, technology and IT space in a span of five years. ...

  Dubai / WAM The UAE Federal Tax Authority (FTA) on Tuesday announced the launch of the new “EmaraTax” integrated platform later this year following an extensive period of assessment, consultation and development. EmaraTax will significantly enhance the way that taxpayers can access the FTA’s services, pay their taxes and obtain refunds. The new platform also greatly enhances the ability ...

  Abu Dhabi / WAM Etihad Airways has launched its first-ever scheduled flights linking Abu Dhabi and Guangzhou, China. The inaugural flight, EY868, departed Abu Dhabi after a ribbon-cutting ceremony attended by representatives from the Chinese embassy to the UAE, Abu Dhabi Airports Company, Miral Asset Management and Etihad Aviation group. The flight touched down at Guangzhou Baiyun International Airport ...

SAINT PETERSBURG / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan, affirmed the UAE’s endeavour to contribute to strengthening the foundations of global peace and stability to reduce tensions and find diplomatic solutions to crises. This came during the reception hosted in Saint Petersburg by Vladimir Putin, President of the Russian Federation, in honour of His Highness Sheikh ...

  Abu Dhabi / WAM The Ministry of Human Resources and Emiratisation (MoHRE) announced on Tuesday that an “Unemployment Insurance Scheme” for employees of the federal government and the private sector has come into force. The Decree-Law on Unemployment Insurance Scheme stipulates that the insured will be compensated with a cash amount for a specific period of time if they ...