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Bloomberg Prime Minister Malcolm Turnbull’s government will provide modeling to the states in a bid to get them to back its proposed “national energy guarantee” to bolster reliability of Australia’s faltering electricity grid. “It’s in the country’s interest and it’s in the states’ interests to get on board with this,” Energy Minister Josh Frydenberg said. Australia’s six states and two ...

Bloomberg General Electric Co.’s new boss promised “sweeping change” as he delivered a brutal assessment of the 125-year-old manufacturer. Results for the latest quarter are “completely unacceptable,” Chief Executive Officer John Flannery told investors as he slashed the profit forecast and pledged to unload $20 billion of GE businesses. “We need to make some major changes with urgency and a ...

Bloomberg Aegon NV, the Dutch insurer that generates most of its business from the US, is scouting for acquisitions and has looked at companies including smaller rival ASR Nederland NV amid consolidation in the domestic market, according to people familiar with the matter. As part of its search for potential targets, The Hague-based Aegon recently made an informal approach to ...

Bloomberg A Florida software engineer was sentenced to 16 months in prison for helping run an illegal Bitcoin exchange suspected of laundering money for a group of hackers who targeted financial and publishing firms including JPMorgan Chase & Co. and Dow Jones & Co. Yuri Lebedev, 39, helped operate Coin.mx, which tricked banks into processing bitcoin transactions by disguising them ...

Bloomberg A potentially explosive battle is brewing over a seldom-discussed aspect of the looming MiFID II laws, which will force traders of any European asset class to hand over personal identification such as passport numbers to every venue they trade on. The massive data-collection exercise will drag in tens of thousands of investors and traders, who some trading venues say ...

Bloomberg For UK Plc, the sting of Brexit comes with an unexpected bonus. With no effort on their part, the biggest British businesses may see pension deficits that have burdened them for years be practically wiped out if long-term bond yields rise 50 basis in the next year and they budget for slowing gains in life expectancy, according to estimates ...

VIENNA / WAM The OPEC and non-OPEC producing countries’ Joint Ministerial Monitoring Committee (JMMC) stated that based on the report of its Joint Technical Committee (JTC) for the month of September 2017, OPEC and participating Non-OPEC producing countries have achieved a record high conformity level with the voluntary production adjustments, reaching 120 percent. “In September 2017, OPEC and participating non-OPEC ...

DUBAI / WAM Foreign direct investment (FDI), inflows to West African countries increased 12 percent to $11.4 billion in 2016, supported by recovering investment in Nigeria, a recent analysis conducted by the Dubai Chamber of Commerce and Industry revealed. The analysis, based on data from United Nations Conference on Trade and Development, UNCTAD, was released by the Chamber as it ...

ABU DHABI / WAM Abu Dhabi Global Market (ADGM), together with Abu Dhabi Commercial Bank (ADCB), announced a new partnership aimed at promoting Fintech and building a vibrant ecosystem in Abu Dhabi and the UAE. Through this agreement, ADCB aims at partnering with the FSRA on a range of FinTech-related initiatives and activities. Abu Dhabi Commercial Bank and Abu Dhabi ...

ABU DHABI / WAM The much anticipated inaugural FinTech Abu Dhabi event will kick-off on Sunday with distinguished regional and international leaders from the world of FinTech flying in and gathering at Abu Dhabi for a two-day event on October 22-23. FinTech Abu Dhabi, under the patronage of HH Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi ...