Bloomberg Shares of India’s government-controlled banks fell on Monday as more lenders disclosed exposure to one of the nation’s biggest frauds. UCO Bank tumbled 7.5 percent as of 9:26 a.m. in Mumbai — set for the steepest plunge since September 2016 — after it said it has exposure of $411.8 million in the nearly $2 billion bank fraud allegedly perpetrated …

Bloomberg The pound’s near-term direction is likely to be driven this week by economic data that could determine whether the Bank of England raises interest rates within three months. Traders will put most weight on UK employment figures scheduled for Wednesday, with evidence of a pickup in earnings likely to push the pound higher as it spurs inflation beyond the …

Bloomberg Prime Minister Shinzo Abe’s decision to stick with Bank of Japan Governor Haruhiko Kuroda indicates that powerful stimulus will continue, and the yen’s recent advance could make policy normalization even more remote. That’s the message from a Bloomberg survey of 26 economists following Abe’s nomination of Kuroda and new deputies Masayoshi Amamiya and Masazumi Wakatabe. Only three say the …

Bloomberg The World Bank said the Philippines’ monetary policy stance is appropriate for now even as inflation is set to breach the central bank’s target this year. “Keeping the interest rate flat for now is presently the most appropriate response,” Birgit Hansl, a World Bank economist in Manila, said in an emailed response to questions last week. “If inflationary pressures …

Dubai / Emirates Business Azizi Developments, one of the leading private developers in the UAE, has announced that the Azizi Plaza Serviced Apartments will be delivered ahead of schedule in Q2 2018. Launched in October 2016, the AED 430mn Azizi Plaza will offer a total of 434 fully serviced and furnished apartments comprised of 286 studios, with 46 one-bedroom units …

Bloomberg Three of the world’s biggest oil companies called on Norway to help maintain funding for carbon capture and storage (CCS) technology that is stagnating amid concerns about whether it can ever be cost-effective. The chief executive officers of Royal Dutch Shell Plc, Total SA and Norway’s state-controlled Statoil ASA gathered on the sidelines of an energy conference in Oslo …

Bloomberg Kenya will introduce a royalty for geothermal-power producers under a proposed new law. Fees will be levied at a rate of 1 percent to 2.5 percent of revenue generated from the energy source within the first decade of a geothermal license being issued, according to the draft Energy Bill presented to lawmakers. The levy will then climb to between …

DUBAI / Reuters State-owned Oman Gas Co. is working with a group of banks to raise a bridge loan of slightly over $1 billion, which will later be refinanced via a US dollar bond issue, sources familiar with the matter said. The natural gas transport company, which was bought by state-owned Oman Oil Company in 2013, will use the financing …

Bloomberg Want a neat narrative? There isn’t one. Stocks buckled, $3 trillion was lost, then just as quickly, roughly half of it came back. Nothing quite explains every little twist and turn. Much of it remains a blur. But there are clues to be gleaned from the behaviour of buyers and sellers. Several key facts stand out. One: a very …

ABU DHABI / Reuters The Nasdaq Dubai exchange launched equity index futures on Sunday for the main indexes of Dubai Financial Market and the Abu Dhabi Securities Exchange, a top official said. The new instruments could help to attract fresh money to the exchanges by giving investors more opportunity to hedge. Nasdaq Dubai began trading single-stock futures for shares in …