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Deutsche Bank’s woes continue as overhaul needs big capital

  Bloomberg Deutsche Bank AG is stuck in a vicious circle as co-Chief Executive Officer John Cryan seeks to overhaul an impaired business that needs more capital, which the bank would struggle to raise if it tried to tap investors, according to Berenberg. The Frankfurt-based lender’s biggest problem is excessive leverage, Berenberg’s James Chappell wrote Monday in a note that ...

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Bank of America names Seguchi as Japan head

  Bloomberg Bank of America Corp. appointed Jiro Seguchi to head its brokerage and banking units in Japan from June 1, replacing Tim Latimore. Seguchi, co-head of global corporate and investment banking in the Asia-Pacific region, will move to Tokyo from Hong Kong to add the new role as country executive for Japan, according to an internal memo obtained by ...

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UBS Investment Bank hires Brevan Howard economist

  Bloomberg UBS Group AG hired Brevan Howard Asset Management LLP’s Arend Kapteyn as chief economist of its investment bank. Kapteyn will join the Swiss lender on August 1 in London and will report to global head of investment bank research Juan Luis Perez, according to an internal memo obtained by Bloomberg News. A spokesman for the bank confirmed the ...

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Bankers rescuing Italy’s lenders gloomy

  Bloomberg Selling shares in an Italian bank today, as one fund manager put it to Gadfly, is like selling black shoes in spring time—a tough exercise. Carlo Messina, CEO of one of the banks overseeing the IPO of Veneto Banca, a troubled Italian lender struggling to meet European Central Bank requests to boost capital, has given his own grim ...

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Russia’s VTB bank returns to profit in Q1

  Moscow / AFP Russia’s second largest bank VTB on Monday announced a return to profit in the first quarter, saying “stabilisation” in the Russian economy had boosted revenues, although by less than analysts had expected. Between January and March, state-controlled VTB posted a net profit of 600 million rubles ($9.24 million), after a 18.3-billion-ruble loss in the same period last ...

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Bank of Baroda slumps most since August

  Bloomberg Bank of Baroda (BoB) shares slumped the most in almost nine months after the Indian lender reported a surprise quarterly loss and its chief executive officer flagged an increase in bad loans over the coming months. Shares of the nation’s second-largest state bank sank 8.3 percent to 142.30 rupees in Mumbai. Analysts at Deutsche Bank AG, Jefferies India ...

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BoJ negative rate move hits lender’s profits

  Tokyo / AFP The Bank of Japan’s shock negative rate policy is taking a bite out of profits at major banks, with Mitsubishi UFJ on Monday warning over its bottom line. The huge lender said its net profit fell 8.0 percent to 951.4 billion yen ($8.7 billion) in the fiscal year to March, blaming the drop on a slowdown in ...

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Marina construction works begin at Hidd Al Saadiyat

  Our Correspondent / Emirates Business One of the most strategically positioned housing communities located on the picturesque outskirts of Abu Dhabi, Hidd Al Saadiyat has announced commencement of the construction of its private marina. This community boasts of around 1.5 million square meters of natural beachfront land and 7-kilometer of waterfront and the marina construction project, which is awarded ...

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‘Staycations’ to bring gains for UAE hotels this year

  RITIKA SHARMA / Emirates Business Summers are in and everyone expects UAE residents to be planning their vacations to some exotic cooler locales, but this year most of them will be staying back, contended industry experts. Tourism and hospitality sector experts vouch that UAE will remain one of the most-preferred choices as the new trend of holidaying within the ...

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Bright future ahead for GCC food industry

  ALKESH SHARMA / Emirates Business Strongly backed by prosperous economy and sturdy rise in the per capita income of the residents, the food services industry in the GCC region promises to grow significantly in the coming years. According to Al Masah Capital Ltd, region’s leading investment firm, GCC food services market stayed at US$18.8 billion in 2014 and it ...

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