Bloomberg Bank of America Corp. expects to take a roughly $3 billion hit to fourth-quarter net income after the US tax bill slashed corporate rates. The reduction is “primarily” from a lower value of net deferred tax assets, according to a filing by the Charlotte, North Carolina-based firm. So-called DTAs pile up in cases where a company loses money and ...

Bloomberg The Swiss National Bank bought a 90 percent stake in Landqart AG, bailing out the sole producer of the material on which its paper money is printed. The acquisition is aimed at saving Landqart, which the SNB said was facing a liquidity shortage and a “direct and existential threat.” The central bank also said the move ensures “continued supply ...

Emirates Business The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, and the African Export-Import Bank (Afreximbank), a multilateral financial institution established by African governments and institutional investors, have signed a $100-million agreement and a EUR 50-million Murabaha agreement with the aim of facilitating and financing exports amongst African countries and between Africa and ...