BLOOMBERG UBS Group AG had its credit outlook lowered by S&P Global Ratings and Moody’s Investors Service as the bank faces integration and restructuring challenges following its emergency takeover of Credit Suisse Group AG. The Swiss lender’s rating outlook was cut to negative from stable by both firms, with analysts citing the risk of client attrition and the complex task ...

BLOOMBERG Bank of America Corp’s (BofA) Asia-Pacific prime financing head Graham Seaton has left the firm, according to people familiar, after more than 10 years overseeing teams dealing with hedge funds. Seaton, who was based in Hong Kong, left the bank early March, the people said, requesting not to be named because the matter is private. He resigned for personal ...

BLOOMBERG First Republic Bank shares rallied in US premarket trading after falling to a record low, as investors ponder what’s next for the struggling midsize lender following an offer of help from JPMorgan Chase & Co. The stock jumped as much 27% in US premarket trading, with fellow regional lenders including Western Alliance Bancorp and PacWest Bancorp also rising. The ...

BLOOMBERG Treasury Secretary Janet Yellen said that the US government could repeat the drastic actions it took recently to protect bank depositors if smaller lenders are threatened. “Our intervention was necessary to protect the broader US banking system, and similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion,” Yellen will say, according ...

ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic) has approved the distribution of 40% cash dividends (AED0.40 per share, implying total cash dividends of AED228 million) for the financial year ended on December 31, 2022, after concluding its Annual General Meeting (AGM) on Wednesday. Shareholders discussed and approved all items on the agenda for the AGM, including Adnic’s ...

DUBAI / WAM Dubuy.com has welcomed the UAE’s Al Naboodah group onto its wholesale e-commerce platform to help accelerate its growth, by providing instant access to new markets via its online business-to-business marketplace. Al Naboodah group will partner with DP World’s innovative and trusted platform Dubuy.com to sell its diverse portfolio of brands. By providing end-to-end supply chain solutions, Dubuy.com ...

BLOOMBERG China approved its first messenger RNA vaccine for Covid-19, clearing a shot from a local drugmaker that harnesses the powerful technology months after the world’s most-populous nation abandoned pandemic curbs. The mRNA vaccine, developed by CSPC Pharmaceutical Group Ltd and which targets the Omicron variant, has been approved for emergency use, according to a statement from the company to ...

BLOOMBERG Hindustan Zinc Ltd’s plan to dole out $1.3 billion in dividends, a fourth such disbursement to shareholders this financial year, is raising concerns over the use of cash at Anil Agarwal’s zinc unit. The Rajasthan-based miner will pay an interim dividend of 26 rupees per share totalling 109.9 billion rupees, according to an exchange filing. Key beneficiaries will be ...

BLOOMBERG Sembcorp Industries Ltd, a Singaporean energy company backed by state-owned investor Temasek Holdings Pte, is considering selling its waste management unit, according to people with knowledge of the matter. The company is working with a financial adviser on the potential divestment of SembWaste Pte and could seek as much as $700 million for the unit, the people said. Other ...

BLOOMBERG A Singapore-based fintech investment firm is close to raising $100 million to back finance and blockchain startups in China and Southeast Asia. BitRock Capital, backed by logistics real estate operator GLP Pte, targets a closing of the new fund by the third quarter, Alfred Shang, its chief executive officer and co-founding partner, said in an interview. It would more ...