BLOOMBERG  Deutsche Bank AG plans to cut about 800 senior back-office staff as Chief Executive Officer (CEO) Christian Sewing steps up cost reductions amid a slowdown in the trading business that has fuelled much of the lender’s growth. Deutsche Bank announced the steps alongside first-quarter earnings that showed revenue from fixed-income trading slumped 17%, one of the worst performances among ...

BLOOMBERG  Citigroup Inc’s India unit is planning to offer sustainability-linked deposits in the coming months to its corporate and institutional clients, making it the first-of-its-kind product offering in the country, according to people familiar with the matter. Money raised from these deposits will be invested by Citi to help multinational customers meet their environmental, social and governance (ESG) obligations in ...

BLOOMBERG  An HSBC Holdings Plc shareholder in Hong Kong is lobbying institutional shareholders to vote in favour of a proposal to restructure the lender’s business at its annual general meeting on May 5. Ken Lui, leader of the “Spin Off HSBC Asia Concern Group,” has hired Alliance Advisors, a firm specialising in shareholder engagement to help in identifying and contacting ...

BLOOMBERG  A group of lenders led by the Royal Bank of Canada (RBC) has commenced an up to $2.75 billion leveraged loan sale supporting Blackstone Inc’s deal for an Emerson Electric Co unit, according to people familiar with the matter. The new loan is part of a $5.5 billion debt package being brought to public markets that would replace both ...

BLOOMBERG Confidence is in short supply among Chinese investors these days, confounding analysts who say reasons to own the market are finally coming true. The MSCI China Index’s valuations are shrinking and 12-month rolling returns are negative, a sign investors are pricing in an earnings contraction. Recession-proof trades are gaining traction, with a defensive strategy of buying dividend payers suddenly ...

BLOOMBERG Stocks in Europe rose after reversing losses, while US equity futures jump as traders saw positive signs in corporate earnings reports. The Stoxx 600 Index turned higher, paced by gains in drugmakers and banks following upbeat results from Sanofi, AstraZeneca Plc and Barclays Plc. Deutsche Bank AG dropped after the trading revenue disappointed. Contracts for the S&P 500 advanced ...

DUBAI / GULF TIME Dubai witnessed the spectacular launch of Fashionz by Danube and FashionTV, the city’s first branded residences project. Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, unveiled the project brochure, alongside dignitaries, media, and influencers from all over the world. The event was a resounding success, showcasing the project’s luxurious amenities, aspirational design, and ...

ABU DHABI / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to President Samia Hassan of Tanzania on the occasion of her country’s Union Day, marked annually on 26th April. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mansour bin ...

ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of condolence to to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia, expressing his sincere condolences and sympathy over the death of Prince Abdulrahman bin Abdullah bin Abdulrahman Al Saud. His Highness Sheikh Mohammed bin ...

ABU DHABI / WAM Xlinks First Limited has reached a critical early milestone with the successful closing of an early development funding round raising GBP30 million. The investment comes after securing GBP25 million (AED113 million) of investment from Abu Dhabi National Energy Company PJSC (Taqa), one of the largest listed integrated utility companies in the Middle East and North Africa ...