ABU DHABI / Emirates Business In a bid to elevate the standard of living in developing countries and eradicate global poverty, Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, has highlighted its allocation of nearly AED11 billion ($2.99 billion) towards development projects in the education as well as healthcare sectors. In its report marking International …

Bloomberg US and Chinese officials clashed in Geneva on Tuesday as the world’s two largest economies disagreed over how to reform the global trading system. Deputy US Trade Representative Dennis Shea said the World Trade Organization (WTO) must confront China’s trade abuses while rethinking its preferential rights as a developing nation. Chinese Ambassador Zhang Xiangchen countered that “no one can …

Bloomberg US stocks jumped as earnings from major banks and health-care firms bolstered confidence in the economy. The dollar fell as geopolitical tensions appeared to ease. The S&P 500 rallied after the index couldn’t make a clean break of the key 200-day moving average. A rebounding tech sector led gains. Strong third-quarter results from Goldman Sachs Group Inc. and Morgan …

Bloomberg Luxury stocks declined on Tuesday as concerns mounted over a downturn in consumer sentiment in China, extending a sell-off that has seen global luxury companies lose about $160 billion in combined market value this month. The tumble continued after Italian menswear maker Ermenegildo Zegna Group said that Chinese consumers had become more careful in spending in the past few …

Bloomberg The European Central Bank’s bid to wean itself away from ultra-loose monetary policy may be challenged by an unlikely development: the creation of a new overnight borrowing rate. Ester, which the ECB will publish by October next year, will eventually replace Eonia as the risk-free rate. However, unlike Eonia that is still anchored by the deposit facility, the Ester …

Bloomberg The fastest wage growth in almost a decade is a sign that inflation pressures are building, but the Bank of England may not act until it gets clarity on Brexit. Data from the Office for National Statistics on Tuesday showed average earnings excluding bonuses rose 3.1 percent in the three months through August, the most since January 2009. While …

Bloomberg Goldman Sachs Group Inc. and Standard Chartered Plc have recently expanded the number of staff moving to Frankfurt by April as financial services firms accelerate their Brexit planning, according to people familiar with the matter. The decision came after the European Central Bank toughened its demands for how many people and IT resources it expects banks to have in …

Bloomberg Latvia is looking into connections between several unnamed local lenders and a Turkish company sanctioned by the US for attempting to supply North Korea with weapons and luxury goods. Already grappling with the closure of its No. 3 lender and bribery charges against its central bank governor, the latest allegations stem from October 4 action by the Trea- sury …

Bloomberg Less is sometimes more. The private banking arm of Germany’s cooperative lenders, a group of around 900 local banks with total assets of 891 billion euros ($1 trillion), has almost halved the number of customers while also nearly doubling assets under management within a few years. DZ Privatbank now takes care of more than 18 billion euros for the …

Bloomberg Timely delivery of Lockheed Martin Corp’s $29 billion CH-53K King Stallion helicopter for the US Marine Corps may be jeopardised by a potential shortage of specialised metal components two years after the bankruptcy of a key supplier. In an illustration of how even the biggest defense contractor depends on its supply chain, the Navy’s aircraft development and acquisition command …