Bloomberg JPMorgan Chase & Co reported credit costs of $1.1 billion, with Chief Executive Officer Jamie Dimon describing mounting economic uncertainty even as he emphasized the bank is prepared for “whatever happens.” The $1.1 billion in provisions for credit losses included a $428 million build in reserves for loans that go sour and $657 million in net charge-offs, the ...

  Bloomberg Liquidity in China’s interbank market is more than “reasonably ample,” a senior central bank official said, an indication that further interest rate cuts are unlikely. The 7-day reverse repurchase rate is around 1.6%, lower than the cost of short-term policy loans the People’s Bank of China (PBOC) provides via its daily open market operations, Zou Lan, the head ...

Bloomberg US equity-index futures edged up and the dollar’s surge stalled at the end of a week in which markets have been whipsawed by shifting expectations for monetary tightening by the Federal Reserve and worries over global economic growth. S&P 500 and Nasdaq 100 contracts signalled a higher open for US stocks after Wall Street closed with a small drop ...

Bloomberg Investors in China’s tech shares just got another reminder that regulatory scrutiny into the sector is unlikely to go away anytime soon despite a concerted effort by authorities to shore up a flagging economy. On Friday, Alibaba Group Holding Ltd’s stock tumbled 6% on a report that company executives had been questioned in relation to the country’s largest known ...

  Abu Dhabi / WAM Agthia group PJSC, one of the region’s leading food and beverage companies, on Thursday announced that its board of directors has approved a strategic acquisition of 60 percent of Auf group, a specialised healthy snacks and coffee manufacturer and retailer in Egypt. Established in 2010, Auf group processes, manufactures, retails and distributes a broad portfolio ...

  Abu Dhabi / WAM In his inaugural State visit as President of the United Arab Emirates, His Highness Sheikh Mohamed bin Zayed Al Nahyan is looking forward to meeting with the President of the French Republic, Emmanuel Macron, in Paris. His Highness will be received at the Elysée Palace on Monday, July 18. The visit is an opportunity to ...

  Bloomberg Relieving poor countries of their debt burdens and creating innovative financial instruments could help free up more than $400 billion to help people suffering the most from warming temperatures, according to a new study. Immediate debt relief would unlock about $105 billion that could be directed toward mitigating climate change and preparing developing nations for its effects, the ...

  Abu Dhabi / WAM Abu Dhabi Fund for Development (ADFD) and the Abu Dhabi Exports Office (Adex) signed two loan agreements with the Electricity and Water Authority in Bahrain to finance a water supply network project. Under the agreements, ADFD has committed to provide a loan of AED150.6 million, and Adex to provide a loan of AED187.32 million. The ...

  Dubai / WAM A UAE delegation, led by Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, has concluded a two-day visit to Turkey, to enhance cooperation and explore new areas for future collaboration, especially in the energy, industry and advanced technology sectors. The visit also included meetings with senior government and private sector officials and ...

  Abu Dhabi / WAM Abu Dhabi Commercial Bank (ADCB) joined the Arab Monetary Fund (AMF)’s Buna system to provide its customers with an enhanced regional cross-border payments system – a move that is in line with ADCB’s digital transformation strategy. Buna is a state-of-the-art cross-border payments platform for the Arab region, which enables financial institutions and central banks to ...