BLOOMBERG Bank of America Corp (BofA) is trimming its wealth-management, banking and lending group as higher interest rates continue to crimp business on Wall Street, forcing banks to make broader cuts. Fewer than 200 staffers were offered different roles in other parts of the company while a handful, including some loan officers, were let go, according to people with knowledge ...

BLOOMBERG Deutsche Bank AG is settling a US lawsuit it filed against a pair of offshore feeder funds that backed out of an alleged deal to sell the German lender $1.6 billion in claims against Bernard Madoff’s bankrupt investment advisory business. Lawyers for Deutsche Bank and the funds — Kingate Global Fund Ltd and Kingate Euro Fund Ltd — filed ...

BLOOMBERG The Bangko Sentral ng Pilipinas (BSP) has done enough to address inflation and could pause from raising interest rates at the next policy meeting in May, Finance Secretary Benjamin Diokno said. “Contrary to some analysts’ view that the BSP’s Monetary Board could even push its policy interest rate higher than 6.5%, I think that the BSP is leaning towards ...

BLOOMBERG Foreign central banks liquidated Treasury holdings at the fastest clip in nine years and tapped a key Federal Reserve (Fed) facility to raise cash as banking stress roils markets. Fed data show foreign official holdings of Treasury securities fell by $76 billion in the week through March 22 to $2.86 trillion. That’s the largest weekly decline since March 2014. ...

DUBAI / GULF TIME Under the patronage and presence of His Highness Sheikh Maktoum Bin Saeed Al Maktoum, Dubai witnessed a wonderful legend, A thousand nights & night was written with the most beautiful harmony of love and creativity together for the world of luxury jewellery and rare antiques, between the largest name in the world of precious gemstones “Novi ...

BLOOMBERG How much energy does it take to play Xbox? Microsoft Corp is helping developers find out. At the 2023 Game Developers Conference in San Francisco, the company announced a new toolkit for developers to measure real-time energy consumption from Xbox games. The toolkit, which Redmond, Washington-based Microsoft calls the first of its kind in the industry, will allow developers ...

BLOOMBERG Adobe Inc unveiled new image-generating artificial intelligence (AI) tools designed for professionals to use without fear of plagiarising material or creating offensive artwork, addressing a key concern facing such technology. Dubbed Firefly, the tool creates images and text art based on user text prompts, drawing from Adobe’s portfolio of stock media and freely licensed images. It will be made ...

BLOOMBERG Genesis, the South Korean luxury sister brand to Hyundai, wants to be mentioned in the same breath as BMW and Mercedes-Benz. That’s why it’s putting so much pressure on the folks at the factory in Montgomery, Alabama, to get its newest offering, the Genesis Electrified GV70, exactly right. The $65,850 SUV is the third electric vehicle from Genesis, and ...

LATAKIA / WAM Eng Amer Ismail Hilal, Governor of Latakia, lauded the UAE’s significant efforts to rescue those affected by the earthquake that hit several cities in Syria, including Latakia. The UAE has supported the Syrian people since the quake first struck the country, Hilal said in a statement to the Emirates News Agency (WAM), noting that the support of ...

ABU DHABI / GULF TIME Abu Dhabi Securities Exchange (ADX) continues to expand its custodial services offering by the new appointment of Emirates NBD Capital as a custodian. Emirates NBD Capital obtained its custody license from the UAE Securities and Commodities Authority (SCA). Emirates NBD Capital is the global investment banking arm of Emirates NBD, a leading banking group in ...