Bloomberg Canadian Imperial Bank of Commerce (CIBC) is taking over Capital One Financial Corp’s Costco Wholesale Corp credit card business in Canada, helping diversify its portfolio away from travel rewards. CIBC will buy Capital One’s existing portfolio of Costco-branded Mastercards, which has more than $2.4 billion in outstanding balances, and become the exclusive issuer. The change is expected to begin ...

Bloomberg Oversea-Chinese Banking Corp (OCBC) is boosting its wealth management and corporate banking staff for Greater China to capture regional business flow from the world’s second-largest economy. The lender plans to double the number of relationship managers for wealthy Chinese clients to 500 by 2023, Chief Executive Officer Helen Wong said in her first in-person interview. The planned hires will be ...

Bloomberg The split screen views of US-listed Chinese stocks falling as the S&P 500 marches higher suggest that China’s pains are localised. That may be true, but one group of investors is not taking its chances. Hedge funds that make both bullish and bearish wagers on stocks are slashing their exposure to American companies that lean heavily on China for ...

Bloomberg Blank-check companies could revive Singapore’s languishing market for initial public offerings as stock exchanges from Mumbai to Seoul profit from blockbuster deals. Singapore Exchange Ltd. this week presented rules for the listing of special purpose acquisition companies, or SPACs, as it attempts to get a slice of what has become a worldwide frenzy. It is allowing SPACs to list ...

Sharjah / WAM In the lead up to the 10th edition of the International Government Communication Forum (IGCF), scheduled for September 26 – 27, under the theme “Historic lessons, Future ambitions”, the forum has announced that it will review the critical messages delivered by leaders and governments in the wake of the coronavirus (Covid-19) pandemic. The discussion will aim to ...

Bloomberg Oil in New York posted its second weekly gain as the impact of Hurricane Ida continues to snarl US oil production, though prices edged lower following a weak US jobs report. West Texas Intermediate futures capped a gain 0.8% for the week despite shedding 1%. The deceleration in hiring reflects growing fears of the delta variant of Covid-19 and ...

DUBAI / WAM Dr Anwar bin Mohammed Gargash, the Diplomatic Advisor to President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and British Minister of State for South Asia and Commonwealth, Lord Tariq Mahmood Ahmad, have reviewed the prospects of cementing the UAE-UK ties across various fronts. This came as Dr Gargash on Saturday received Lord Tariq who expressed appreciation ...

DUBAI / Emirates Business The India Pavilion in Expo 2020 Dubai starting October 1 is set to showcase a resurgent India’s march to becoming a $5 trillion economy in the post-Covid world. The pavilion which is a technology marvel will not only capture the vibrant Indian culture and its past but also the capabilities and opportunities that it presents as ...

DUBAI / Emirates Business Etisalat on Saturday announced that it has been awarded the Best Regional SMS Service Provider at the fifth annual Carrier Community (CC) Global Awards ceremony in Berlin. The CC Global Awards, which are independently judged by a panel of telecom analysts and experts, recognise innovations and achievements among telecom wholesale operators and ecosystem partners around the ...

Dubai / WAM Dubai Electricity and Water Authority (Dewa) inaugurated the world’s first mosque to receive the platinum rating for green buildings by the Leadership for Energy and Environmental Design (LEED v4) from the US Green Buildings Council (USGBC) with 83 points. The mosque in Hatta can accommodate more than 600 worshippers on an area of 1,050 square metres according ...