Bloomberg Spanish banks were hit for the second time in a week after the Mexican government proposed scrapping certain bank commissions, including ATM withdrawal fees. Banco Bilbao Vizcaya Argentaria SA plummeted as much as 7 percent, the biggest intraday drop in two years. The lender was down 5.7 percent as of 4:25 pm in Madrid trading, the largest decliner in …

ABU DHABI / WAM President HH Sheikh Khalifa bin Zayed Al Nahyan, issued a federal law, authori- sing UAE Cabinet to grant temporary licenses for tes-ting and vetting of innovations that utilise future tech and its applications such artificial intelligence (AI). The study towards developing new legislations will begin with launch of RegLab in January 2019. RegLabwill be largest lab …

SHANGHAI / WAM The Abu Dhabi National Oil Company (Adnoc) announced, on Saturday, it has concluded a new long-term liquefied petroleum gas (LPG) sales agreement with Wanhua Chemical Group of China. Under the terms of the 10-year contract, Wanhua will purchase up to 1 million metric tonnes of LPG per annum. The agreement, which was signed by Abdulla Salem Al …

WARSAW / WAM Prospects of propelling economic cooperation between the UAE and Poland were the main topic of discussions as Mohammed Sharaf Al Hashemi, Assistant Minister of Foreign Affairs and Inter-national Cooperation for Economic and Commercial Affairs, met Deputy Minister for Polish Diplomacy, Maciej Lang, in in Warsaw. “There are promising pros-pects of intensifying cooperation between two sides,” said Al …

Bloomberg Saudi Arabia’s Energy Minister Khalid Al-Falih agreed in a meeting in Baghdad on joint coordination with Iraq to achieve more stability in the oil market, Iraqi Oil Ministry spokesman Asim Jihad said by phone. Al-Falih flew into Baghdad for a meeting with Iraqi Prime Minister Adel Abdul Mahdi ahead of talks between Opec and its allies in Abu Dhabi …

DUBAI / Emirates Business Dubai Land Department (DLD) signed a memorandum of understanding (MoU) with the Registration Authority of Abu Dhabi Global Market (ADGM), the International Financial Centre (IFC) in Abu Dhabi. The MoU was signed by HE Sultan Butti bin Mejren, Director General of DLD, and Dhaher bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority. Bin Mejren …

Bloomberg The guardian of the punch bowl is at risk of becoming the punching bag. The Federal Reserve continued to signal at its meeting that “further gradual increases” in interest rates are coming for the “strong” US economy. It’s a message that could be increasingly unpopular as Democrats and Republicans seek more spending next year while gearing up for the …

Bloomberg More than 40 percent of major US lenders are failing to satisfy the Federal Reserve’s expectations in key areas of risk management, the central bank said in a report that reveals the regulator’s overall assessment of the industry. The Fed’s inaugural Supervision and Regulation Report highlights a number of positives — including high capital and liquidity reserves — but …

Bloomberg The major US investment banks are planning to shift assets to Frankfurt because of Brexit, a move that would see their balance sheets in Germany grow to about 250 billion euros ($283 billion), several people briefed on the matter said. Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Citigroup Inc. have presented plans to increase the …

Bloomberg UBS Group AG’s two biggest legal cases in years are entering the final stretch in a test of Chief Executive Officer Sergio Ermotti’s strategy of taking on French and US authorities. The Swiss bank was hit with a long-expected US fraud lawsuit that accused it of fuelling the 2008 financial crisis by deceiving investors who bought billions of dollars …