Bloomberg One week after Nordea Bank AB said it will cut 6,000 jobs in a digital bet, a key investor says the rest of the industry would do well to watch and learn. Sampo Oyj, Nordea’s biggest owner with about one-fifth of its stock, says digital adequacy is overtaking capital adequacy as a top consideration for investors. “In the Nordics, ...

Bloomberg China’s central bank moved to stabilize money supply, capping a week that began with a bond rout and more than 1 trillion yuan ($151 billion) of loans due to mature. The People’s Bank of China offered 404 billion yuan of one-year funds under the Medium-Term Lending Facility, compared with 207 billion yuan of maturities, according to a statement on ...

DUBAI / Emirates Business The UAE’s design market will reach $36bn in 2019, fuelled by architects and interior designers leveraging innovations to enhance the experience, experts announced ahead of The Big 5 in Dubai. Boosted by innovative architecture and interior design projects, the UAE’s design market will grow by 13 percent from $32 billion in 2017 to reach a record-high ...

Abu Dhabi / WAM Sheikh Nahyan bin Mubarak Al Nahyan, Minister for Tolerance, has said that the UAE flag represents loyalty and love for the country and supports all its objectives and aspirations. In a statement to mark the UAE’s Flag Day on Thursday, Sheikh Nahyan said, “It is an honour for all of us to celebrate the day with ...

Abu Dhabi / WAM The assets held by traditional banks operating in the UAE surged to AED2.103 trillion, accounting for 79.6 percent of the total assets of the country’s banking apparatus until the end of September, according to statistics released by the UAE Central Bank. The assets of the country’s Islamic banks neared AED5.39 billion, making up 20.4 percent of ...

Abu Dhabi / WAM The UAE federal government departments’ total expenses amounted to AED31.5 billion in nine months, according to official figures released by the Ministry of Finance as part of a report on the financial performance report on the implementation of the country’s general budget. Public services’ expenses totalled around AED10.4 billion, accounting for 33 percent of total federal ...

Abu Dhabi / WAM First Abu Dhabi Bank (FAB) announced the latest score of its Wealth Sentiment Index (WSI), which remained stable at 1052.78 in October, compared to 1,052.94 in September this year. The October score reflects a range of factors, including an increase in oil prices, a fall in inflation, which reached its lowest level since August 2016, and ...

Abu Dhabi / WAM Mobile phone subscriptions in the UAE reached 19.7 million by the end of September, according to official statistics released by Etisalat and du, the only telecommunications operators on the local market. The figures indicate a 2.2 percent increase in the number of subscribers in the post-paid and pre-paid mobile phone services during the first nine months ...

Dubai / WAM A record 100 organisations are expected to compete in the 2nd edition of the Gulf Sustainability and CSR Awards in partnership with International Humanitarian City and Dubai Carbon Centre of Excellence. The deadline for entries is November 15, after which finalists from across the Gulf will be judged in 24 categories. The event will mark the largest ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, received the President of Rwanda, Paul Kagame, and his accompanying delegation, on Wednesday at Al Majlis, Madinat Jumeirah. HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, attended the meeting. Sheikh Mohammed and Kagame reviewed ...