Bloomberg Switzerland’s diminishing band of mid-sized private banks should consider teaming up with other firms to expand in Asia and tap into the business of managing the wealth of the region’s millionaires, according to the chairman of the Swiss banking association. Since the global financial crisis and the end of banking secrecy, smaller Swiss wealth managers have faced heightened competition ...

Bloomberg Ryanair Holdings Plc caught investors off guard by saying labour strife and higher fuel prices are taking a heavier toll on earnings, sending the stock down the most since 2016. The shares plunged on Monday after Europe’s biggest discount carrier said profit for the year through next March will be about 12 percent lower than it had forecast less ...

Bloomberg Casino Guichard-Perrachon SA agreed to sell the real estate underlying 55 of its Monoprix stores for $655 million, giving the French retailer a much-needed infusion of cash as short sellers circle the company and its main shareholder. The agreement, along with another transaction announced in July, gets Casino halfway to its goal of selling 1.5 billion euros of assets ...

Bloomberg Faulty Rolls-Royce Holdings Plc engine blades are deteriorating faster than expected, prompting additional groundings of Boeing Co.’s 787 jetliners for early repairs. The discovery affects about 120 Trent 1000 turbines, or about 8 percent of the global fleet, and has frustrated efforts to reduce the number of idled planes after a series of engine issues, a person familiar with ...

Bloomberg Amazon.com Inc. will open a new store in New York City featuring top-selling and highly rated products, the online retailer’s latest effort at physical stores, where most consumer spending still occurs. Dubbed “Amazon 4-Star,” the new location will feature devices, kitchen items, toys, books, and games. All products are items sold on Amazon that customers have rated four stars ...

Bloomberg Millennials feel better about their future earnings than older consumers and spend more on luxury goods. That’s according to a survey of more than 3,000 consumers across China, Europe and the US by UBS Group AG. Eighteen to 35 year olds have contributed 85 percent to growth in the luxury market last year and will represent 45 percent of ...

DUBAI / WAM First Abu Dhabi Bank (FAB), has been named ‘Leading Corporate for Investor Relations in the Middle East’ at the 2018 Middle East IR Association (MEIRA) Annual Awards ceremony, which took place at the Bulgari Resort in Dubai. The bank also scooped two further awards; ‘Leading Corporate for Investor Relations in the UAE’ for the second consecutive year, ...

Dubai / WAM Total volumes on the Dubai Gold and Commodities Exchange (DGCX), this year hit 17,255,556 contracts at the end of September, with yearly average daily volumes (ADV), at their highest ever, reaching 89,873 contracts per day. The best performing asset class in September was the Indian Rupee (INR), product suite, which saw Rupee Mini Futures record its second ...

ABU DHABI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai, on Sunday chaired the UAE cabinet meeting, where a zero-deficit federal budget of AED180 billion ($49 billion) for the next three years (2019-2021) was approved. The session was attended by HH Lt. General Sheikh Saif bin Zayed ...

Bloomberg Saudi Arabia plans to increase spending next year more than initially forecast as authorities take advantage of higher oil prices to spur economic growth and reduce unemployment. Public spending is expected to reach 1.106 trillion riyals ($295 billion) in 2019, 100 billion riyals more than the government had projected last year, Finance Minister Mohammed Al-Jadaan said on Sunday. Authorities ...