Bloomberg A rout in the once-hot market for risky corporate loans has some of Wall Street’s largest banks stuck with at least $1.6 billion of unwanted leveraged buyout debt. Banks including Barclays Plc, Goldman Sachs Group Inc. and Bank of America Corp. — among the top providers of loans for LBOs — have struggled in recent weeks to sell loans ...

Bloomberg Deutsche Bank AG, Credit Suisse Group AG and Credit Agricole SA were targeted by a European Union probe into a suspected cartel for sovereign-bond trading. The European Commission sent the banks antitrust complaints, saying they may have exchanged “commercially sensitive information and coordinated on prices” on trading of US dollar supra-sovereign, sovereign and agency bonds via online chatrooms between ...

ABU DHABI / WAM Digital economy can contribute more than $3 trillion to Arab GDP growth, according to key recommendations and insights from the First Arab Digital Economy Conference, which concluded in the UAE capital on Wednesday. The importance of adopting the vision of the Arab digital economy for the growth opportunities of the Arab countries’ GDP is in direct ...

ABU DHABI / WAM The Abu Dhabi government and the Abu Dhabi National Oil Company (Adnoc) have awarded Austria’s OMV a 5 percent stake in the Ghasha ultra-sour gas concession that comprises the Hail, Ghasha, Dalma, Nasr, Sarb and Mubarraz sour gas fields. OMV, which joins Italy’s Eni and Germany’s Wintershall as Adnoc’s partners in the concession, will contribute 5 ...

Bloomberg Donald Trump declared victory over IS, as officials said he’s ordered a full withdrawal of US forces from Syria in a sharp reversal of American policy that appeared to take the Pentagon by surprise. The US military is working to quickly carry out Trump’s order, according to the officials, but it wasn’t clear how soon the approximately 2,000 troops ...

DUBAI / WAM The number of Chinese tourists travelling to the GCC is expected to increase 81 percent from 1.6 million in 2018 to 2.9 million in 2022, according to data published ahead of Arabian Travel Market (ATM) 2019, which takes place at Dubai World Trade Centre from April 28 to May 1, 2019. The latest research from Colliers International, ...

DUBAI / WAM Dubai-based airline flydubai announced the start of flights to Budapest in Hungary and Naples in Italy. flydubai will operate up to five flights a week to Naples from June 4, 2019, becoming the first UAE carrier to offer direct flights. Daily flights to Budapest will start on June 27, 2019, and will be in addition to the ...

Abu Dhabi / Emirates Business Etihad Airways will introduce the Boeing 787-9 Dreamliner on its scheduled services from Abu Dhabi to Barcelona, effective February 22, 2019, replacing the Airbus A330-200 currently operating the recently launched route. The deployment of the larger 787 Dreamliner to Barcelona has been timed to coincide with the Mobile World Conference taking place in the city ...

Dubai / WAM Dr Thani bin Ahmed Al Zeyoudi, Minister of Climate Change and Environment, met fishermen from Umm Al Qaiwain and urged them to avoid unsustainable fishing practices and techniques, which apart from depleting fish stocks in the country’s waters, damages marine biodiversity and creates a negative image of the UAE regionally and globally. The move is part of ...

Dubai / WAM The Dubai Financial Services Authority (DFSA) has announced that changes to its Collective Investment Funds (CIF) regime, on which the DFSA consulted in October last year, came into force coinciding with the enactment of the DIFC Companies Law 2018 (Companies Law). The DFSA consultation included a wide-ranging set of proposals to support the continued development of the ...