Bloomberg Mitsubishi UFJ Financial Group Inc is bolstering its commodity trade-finance business, helping the industry cope with the surge in liquidity needs following Russia’s invasion of Ukraine. The Japanese bank is splitting its agriculture and metals desks in London, after setting up shop in Amsterdam earlier this month. It has also stepped up lending to core clients, as war-related ...

  Bloomberg HSBC has agreed to sell its Russian unit to local lender Expobank, the latest international bank to exit the country following its invasion of Ukraine. The London-based firm said in a statement that it had reached a deal without disclosing the transaction amount. Bloomberg reported this month that talks on a sale of the business to Expobank were ...

  Bloomberg Bank of America Corp (BofA) posted an increase in net interest income with the lender reaping the benefits of Federal Reserve rate hikes, while second-quarter results were hurt by higher expenses related to regulatory settlements. Net interest income, a key source of revenue for the bank, rose 22% to $12.4 billion in the second quarter on higher rates ...

  Bloomberg Facebook parent Meta Platforms Inc is changing the way it shows users posts and videos on its flagship social network, part of an effort to get people to watch content from accounts they don’t already follow and better compete with the video app TikTok. The main feed on Facebook will now be called “Home,” and will be a ...

  Bloomberg Ford Motor Co says it has secured enough battery supply to build more than half a million electric vehicles (EVs) annually by late next year, a quantum leap above the 27,140 battery-powered cars it sold in the US last year. The automaker has signed contracts with suppliers representing 60 gigawatt hours of annual battery capacity, enough to build ...

  Bloomberg Auto CEOs warned for years about effects a costly transition to electric vehicles would have on their margins. But ahead of its landmark potential listing, Porsche is telling investors it can become more profitable focusing on battery power. The Volkswagen-owned sports-car maker sees more potential to raise prices of its EVs than its combustion engine models, Chief Financial ...

  Bloomberg Snap Inc falls to its lowest level in more than two years after the company reported disappointing sales, roiled by a major slowdown in ad spending and rising competition for dwindling marketing dollars. Shares of Meta Platforms Inc and Alphabet Inc falls in tandem. Second-quarter revenue grew 13% to $1.11 billion, the company said, falling short of analysts’ ...

  ABU DHABI / WAM Xavier Chatel, French ambassador to the UAE, described the visit of President His Highness Sheikh Mohamed bin Zayed Al Nahyan to France as successful and important in all domains, especially as it is the first official visit of His Highness as UAE President. The visit also underscores the deep-rooted friendship and cooperation between the two ...

  Abu Dhabi / WAM The UAE strongly condemned the attack that targeted a tourist area in the Dohuk governorate in the Kurdistan region, in the north of the Republic of Iraq, which resulted in deaths and injuries. The Ministry of Foreign Affairs and International Cooperation (MoFAIC) affirmed the UAE’s strong condemnation of these criminal acts, and its permanent rejection ...

  Abu Dhabi / WAM Commercial Bank International (CBI) has announced that it is the first bank in the UAE to launch a virtual location in the Metaverse. CBI, a UAE-based corporate and retail bank, is the first bank in the UAE and among the first early adapter banks in the Middle East region as well, to open a virtual ...