Bloomberg Yes Bank Ltd, once at the center of India’s biggest financial bailout, will turn its focus on boosting lending to businesses this year after succeeding in winning back depositors, Chief Executive Officer Prashant Kumar said. Regaining depositors and raising capital were first order of business for Kumar, who took over the reins of Yes Bank in March 2020 after ...

Bloomberg Westpac Banking Corp’s half-year profit climbed as a continued recovery in the nation’s economy drove a further reduction in pandemic loan-loss provisions at Australia’s second-largest lender. Cash earnings rise to A$3.5 billion ($2.7 billion) in the six months through March 31, compared with A$993 million in the same period a year earlier, the Sydney-based bank said in a statement. ...

Bloomberg Bank of Nova Scotia agreed to acquire an additional 7% stake in its Chile operations from the Said family for about C$500 million ($400 million), putting to work some of the excess capital it has built up during the Covid pandemic. The purchase, which is subject to regulatory approvals and other conditions, would boost its ownership of the operation ...

Bloomberg India’s sharp surge in Covid-19 cases will not prevent the country’s markets from setting a record for initial public offerings (IPOs) in 2021, as a cohort of technology companies make their much-anticipated debuts later in the year, according to UBS Group AG. Last year companies amassed $4.6 billion from IPOs, according to data compiled by Bloomberg, and Anuj Kapoor, ...

Bloomberg South Korea lifted what was the world’s longest ban on short-selling, and foreign traders piled in. Overseas investors accounted for 90.7% of total daily shorts by value in Kospi, betting against 738 billion won ($659 million) worth of stocks, according to the Korea Exchange. They rushed in again, making up 86% of bearish bets. That’s well above the 59% ...

Bloomberg European stocks struggled for traction and US futures slipped on Tuesday as technology shares continued to weigh on equities following weakness among sector giants on Wall Street. The dollar rallied. The Stoxx 600 Index erased a gain as online food delivery service HelloFresh and semiconductor firm Infineon Technologies AG dragged the benchmark lower. Travel firms gained after the European ...

Abu Dhabi / WAM The UAE leads a global mobile index as the country with the fastest mobile network speed in the first quarter of 2021, according to the latest data from Ookla, a global leader in fixed broadband and mobile network testing applications, data and analysis. This significant achievement adds one more feather to the UAE’s cap, and comes ...

Bloomberg Iraq, Opec’s second-biggest oil producer, said crude prices would probably remain around $65 a barrel in the coming months and announced it’s considering buying Exxon Mobil Corp.’s stake in one of the world’s biggest fields. The Organisation of Petroleum Exporting Countries and its allies — a 23-nation grouping known as Opec+ — will continue trying to keep crude prices ...

ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic) reported a net profit of AED133.6 million in Q1 of 2021, a 9% increase compared to the same quarter last year. In a statement on Monday, Adnic said the company delivered solid performance and growth across key financial metrics. “Adnic’s performance was driven by the company’s clear strategy, underwriting discipline, ...

Dubai / WAM Global Village, the UAE and wider region’s leading multicultural family destination for culture, shopping, and entertainment, concluded its Silver Jubilee Season in spectacular fashion last night, etching its name in the history books to the delight of all in attendance. Having set out in October with the aim of breaking 25 Guinness World Records to honour the ...