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Credit Suisse Group AG’s long-term rating was downgraded by S&P Global Ratings to just one level above junk status, underscoring the bank’s challenges after it laid out a radical restructuring plan last week. The Swiss bank’s long-term rating was cut to BBB- from BBB, with a stable outlook. That’s just one notch above the BB “speculative grade.” The US ratings ...

American Express Co. is joining the small but growing number of companies choosing to post salary ranges with job listings across the US, even where doing so isn’t required by law. The credit-card giant has pay included in postings for positions in New York City, ahead of a requirement that goes into effect for all companies with four or more ...

Johnson & Johnson (J&J), one of the world’s biggest makers of medical devices, said it will purchase Abiomed Inc. for about $17.3 billion, building on its portfolio of technology to assist heart function. J&J will pay $380 a share in cash, according to a statement. That represents a premium of about 50% over Abiomed’s closing price, and is close to ...

Morrisons is shutting more than 100 loss-making McColl’s convenience stores, putting as many as 1,300 jobs at risk just a few months after buying the corner shop retailer out of insolvency. The British supermarket chain has identified 132 stores where “there is no realistic prospect of achieving a break-even position in the medium term” and will close those sites over ...

Airbnb Inc. shares fell after the company gave a disappointing outlook for bookings in the fourth quarter, suggesting that consumer preferences are shifting away from higher cost rentals that thrived during the pandemic and back to urban and the cross-border destinations. The San Francisco-based home-sharing platform said it expects the pace of nights and experiences booked will “moderate slightly” in ...

Billionaire Gautam Adani’s flagship firm is set for another bout of scrutiny when it reports earnings for the latest quarter on Thursday. Its stock meanwhile has overcome recent weakness to approach record levels. Shares of Adani Enterprises Ltd., which have been investor darlings for years now, are about 8 percent away from an all-time high reached in September. The stock ...

Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has witnessed the signing of a comprehensive strategic partnership between the UAE and the US to accelerate the energy transition, advance shared climate goals and strengthen global energy security. UAE Minister of Industry and Advanced Technology and Special Envoy for Climate Change Dr. Sultan Al Jaber and ...

Abu Dhabi / WAM Edge group entity, Jaheziya, a single-stop service provider for defence solutions and emergency response services, and Enekom, a Turkish company leading in rail technology, research, development and engineering, on Tuesday signed a partnership to expand railway solutions and technology in the region. As per the agreement, Jaheziya will be Enekom’s exclusive distributor of the patented RailAcoustic ...

Abu Dhabi / WAM The World Bank has hailed the UAE’s “favourable business environment and world-class infrastructure”, expecting the country’s real GDP to grow by 5.9% in 2022. This came as the World Bank announced its new Gulf Economic Update (GEU) where it said higher oil receipts supplemented with a gradual non-oil recovery in the Emirates will bolster fiscal revenue ...

Dubai / WAM  du, from Emirates Integrated Telecommunications Company (EITC), has published its financial results for the quarter-ended September 30. Revenues increased by 10.5% to AED3.17 billion on sustained demand for broadband and mobile services. Ebitda increased by 18.5% year-over-year to AED1,303 million. The increase in service revenues (and its inherent higher profitability) lifted the gross margin to 65.2% compared ...