News

Bloomberg SoftBank Group Corp’s massive investment in WeWork triggered a multi-billion-dollar writedown and a rare apology from founder Masayoshi Son. But one analyst argues the deal is likely to work in the end and SoftBank will have the “last laugh.” Chris Lane of Sanford C Bernstein says WeWork can have a bright future if SoftBank overhauls the business plan and ...

Bloomberg A US Supreme Court justice temporarily blocked subpoenas that would force Deutsche Bank AG and Capital One Financial Corp to turn over years of President Donald Trump’s financial documents to two House committees. Justice Ruth Bader Ginsburg put the subpoenas on hold until December 13. The justices are already scheduled to discuss at a private conference that day whether ...

Bloomberg Reddit said it was banning 61 accounts over suspected Russia-led meddling in the run-up to the UK’s December 12 election involving leaked trade documents.The social platform said the accounts violated its policies against vote manipulation and platform misuse. Reddit said its investigation occurred after Facebook discovered a Russian campaign on its network earlier this year dubbed “Secondary Infektion.” More ...

ABU DHABI / WAM HH Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region and Chairman of the Emirates Red Crescent (ERC), highlighted the distinguished position the UAE occupies in the field of humanitarian efforts regionally and internationally thanks to the efforts of Emirati volunteers. The UAE, under the leadership of President His Highness Sheikh Khalifa bin ...

Bloomberg The Organisation of Petroleum Exporting Countries (Opec) and its allies sent mixed signals about whether they were considering deeper production cuts, fanning oil-market speculation before crucial talks in Vienna this week. Iraq, which has the worst record among major producers of implementing the group’s current supply deal, pushed for steeper cutbacks. Oil Minister Thamir Ghadhban said the group should ...

Emirates Business The 26th edition of the World Islamic Banking Conference (WIBC), the largest and most prestigious gathering of Islamic banking and finance leaders in the world, kicked off at The Gulf Hotel Bahrain, in the Kingdom of Bahrain on Wednesday. The forum is spurring a series of discussions focusing on “mega trends in banking and finance”, a theme that ...

Bloomberg Egypt on Wednesday launched a $6.2 billion initiative to support local industry, as the nation looks to boost private sector growth in the next phase of its economic revival program. Under the new plan, factories with sales of under 1 billion pounds would be able to secure loans at a reduced interest rate of 10%, central bank Governor Tarek ...

Abu Dhabi / WAM Waha Capital recorded a net gain of AED40 million through the divestment of its remaining stake in New York-listed AerCap Holdings NV, according to a press statement issued by the company on Wednesday. Waha Capital, which has been a shareholder in AerCap since 2010, has been reducing its stake gradually in recent years to re-allocate capital ...

Dubai / WAM Nasdaq Dubai on Wednesday welcomed the listing of a one billion euro green sukuk by Islamic Development Bank (IsDB), the multilateral lender which finances development across its 57 member nations. It is IsDB’s first green sukuk, issued under its Sustainable Finance Framework. It is also third Sukuk listing this year on the region’s international exchange by IsDB, ...

Dubai / WAM The Etihad Credit Insurance (ECI), has been assigned Insurance Financial Strength, IFS, Rating and an Issuer Default Rating (IDR), of AA- (Very Strong) with Stable Outlook from Fitch Ratings. The rating reflects ECI’s systemic importance to the UAE given its important role in the diversification of the country’s economy, and confirms ECI’s strong financial position and capability ...