Bloomberg BNP Paribas SA’s targets for reducing funding of fossil fuels are inadequate as they leave room for firms like TotalEnergies SE to increase their output, activists including Reclaim Finance said. The Paris-based lender announced that it would reduce its funding of oil extraction and production by more than 80%, to less than €1 billion ($1.1 billion) by 2030. ...

  Bloomberg Bank of America Corp (BofA) named 360 managing directors, with more than half of the promotions awarded to women or people of colour. The appointments mark the third consecutive year that underrepresented groups made up the majority of the class, one of the people said, asking not to be identified discussing personnel matters. The executives were notified in ...

  Bloomberg Pakistan’s money exchange companies will let the currency drop slowly in the open market after deciding to abolish the limit on the dollar-rupee rate. The Exchange Companies Association of Pakistan (ECAP) has informed the central bank of its decision to remove the limit, President Malik Bostan said in a phone interview. The group had earlier voluntarily decided to ...

  Bloomberg Colombia is forecast to extend its biggest-ever series of interest rate rises to curb inflation that is defying a regional downward trend. The central bank will lift its policy rate one percentage point to 13%, its highest level since 1999, according to 16 of 28 economists surveyed by Bloomberg. The rest expect a smaller move, of half or ...

  Bloomberg Mastercard Inc. dropped after warning revenue growth would slow even faster than expected this quarter, stoking fears that inflation has put a damper on consumer spending. The payments giant said spending on its cards increased 11% to $1.73 trillion in the fourth quarter, missing the $1.77 trillion average of analyst estimates compiled by Bloomberg. The company also warned ...

  Bloomberg South Africa’s central bank slowed the pace of interest-rate hikes as it slashed its economic-growth forecast for this year and warned of continuing risks to the inflation outlook. The monetary policy committee increased the benchmark interest rate to 7.25% from 7%, Governor Lesetja Kganyago said at a briefing in Pretoria. Only six of 21 economists surveyed by Bloomberg ...

  Bloomberg Deutsche Bank AG’s investment arm said it won’t walk away from a goal of becoming Europe’s second-biggest ETF provider, after an analysis showed it was among the few in the industry to lose client cash in 2022. DWS Group, which remains the subject of US and German investigations into alleged greenwashing, saw a decline in its European market ...

  Bloomberg The selloff in Gautam Adani’s corporate empire accelerated on Friday, erasing more than $51 billion of market value in two sessions as Asia’s richest man struggles to contain the fallout from a scathing report by US short seller Hindenburg Research. The rout is piling pressure on the Indian tycoon as it erodes his net worth and threatens to ...

  Bloomberg Investors are chasing European stocks at the fastest pace in nearly a year, while US equity inflows remain muted amid concerns of a recession, according to Bank of America Corp. European stock funds had $3.4 billion of inflows in the week through January 25, according to a note from the bank’s strategists led by Michael Hartnett, citing EPFR ...

Abu Dhabi / WAM First Abu Dhabi Bank (FAB) has reported a group net profit of AED13.4 billion during 2022, up 7% year-on-year (yoy) compared to the same period in 2021, with earnings per share at AED1.18. HH Sheikh Tahnoun bin Zayed Al Nahyan, National Security Adviser and Chairman of FAB, said, “2022 was a year of continued strategic diversification ...