Bloomberg Wells Fargo & Co. is edging closer to a settlement with regulators over the crisis-era mortgage bonds investigation that took a $1 billion chunk out of third-quarter profit, according to Chief Financial Officer John Shrewsberry. “We are now having a negotiation, so it’s a matter of probably months or quarters, not anything more than that,” Shrewsberry said. The bank ...

Bloomberg Boeing Co. is the “king of corporate welfare,” the UK’s main opposition Labour Party said, accusing the US aerospace giant of “egregious hypocrisy” in pursuing an illegal-subsidies claim against Bombardier Inc. that threatens thousands of jobs in Northern Ireland. The US slapped 300 percent of duties on Bombardier’s C Series aircraft after upholding Boeing’s contention that the Canadian company ...

Bloomberg Wal-Mart Stores Inc. sold bonds to refinance debt as it girds for an online battle against Amazon.com Inc. The world’s largest retailer issued $6 billion of unsecured bonds in six parts, according to a person with knowledge of the matter, after cutting a three-year floating rate note from the offering. The longest portion, a 30-year security, yields 75 basis ...

Bloomberg Delta Air Lines Inc. said it wouldn’t pay import duties on Bombardier Inc.’s marquee jetliner, which was socked in the last two weeks with 300 percent tariffs by the US Commerce Department. It’s possible Delta will delay deliveries of the C Series planes, which are scheduled to begin next year, Chief Executive Officer Ed Bastian said. The airline is ...

Bloomberg Kroger Co., battered for months by intense grocery competition as Amazon.com Inc. muscles into the industry, has finally given investors cause for optimism. The supermarket giant kicked off its biggest rally in more than two years after saying it might sell its convenience-store business, an attempt to capitalise on a merger wave in that field. The operation, which spans ...

ABU DHABI / WAM UAE stock markets secured decent gains of AED5.4 billion at the close of Wednesday session, driven by high sentiments and a selective buying spree at the realty, banking and telecommunications sectors, with ADX General Index up 0.96 percent to 4514 points and DFM General Index increasing 0.80 percent to close at 3637, as compared to Tuesday’s ...

ABU DHABI / WAM Standard & Poor’s has forecast Abu Dhabi GDP to rise to AED850 billion and AED890 billion at current prices in 2017 and 2018 respectively, attributing the growth to the momentum witnessed by the oil and non-oil sectors since the beginning of this year. The credit ratings agency expected the emirate’s per capital GDP to amount to ...

DUBAI / WAM Paul Drum, Head of Policy at CPA Australia and an expert in tax law, said that it is anticipated that around 5,000 finance and accounting jobs will be created within the GCC region with the introduction of Value Added Tax (VAT). In a workshop at the University of Wollongong in Dubai (UOWD), on the new tax law, ...

Dubai / Reuters Dubai Islamic Bank (DIB), the United Arab Emirates’ largest sharia-compliant lender, posted a 26 percent increase in third-quarter net profit on Wednesday as higher income from Islamic financing and investing offset a rise in impairment charges. The bank made AED1.11 billion ($302.2 million) in the three months to September 30, it said in a statement. This compares ...

ABU DHABI / WAM Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and YES BANK have signed a Memorandum of Understanding (MoU), to further foster cross-border exchange between the FinTech (Financial technology) ecosystems of the UAE and India. The collaboration will enable fintech innovators from the Middle East region and India to apply into YES FinTech ...