Bloomberg The Philippine central bank is looking into complaints that some clients of BDO Unibank Inc, the country’s largest lender by assets, lost money to an online fraud in which funds were channeled to accounts at Union Bank of the Philippines. “We are in close coordination with BDO as well as UBP on this incident to ensure that remedial ...

  Bloomberg Deutsche Bank AG’s control lapses keep haunting Christian Sewing. The Chief Executive Officer of Germany’s largest lender has spent his almost four years in the role trying to mend relations with regulators and restore a path to sustainable profitability. While he’s made progress on the latter, a slew of recent legal and regulatory headaches threaten to overshadow those ...

  Bloomberg The Federal Reserve, in a review of the massive losses banks incurred in the collapse of Archegos Capital Management, told lenders they must maintain sufficient margin when dealing with investment funds and are responsible for understanding their positions. The regulator is still reviewing specific firms’ weaknesses and may take further action, the Fed said in a letter to ...

  Bloomberg China’s central bank took further steps to limit the yuan’s strength, a day after policy makers made their most substantial move yet to rein in the currency’s surge against the dollar. The People’s Bank of China (PBOC) set its daily yuan fixing at the weakest relative to estimates since Bloomberg began publishing the forecasts in 2018. The fixing ...

  Bloomberg European stocks and US futures rise on Monday as traders prepared for a wave of central bank decisions this week amid concerns about economic risks from the omicron virus variant. Miners led an advance in Europe’s Stoxx 600 Index as the price of iron ore jumped on expectations that China will move to increase the stimulus next year. ...

  Bloomberg The fastest inflation print in nearly 40 years is rattling nerves on Wall Street where economically sensitive trades are hitched to an ultra-accommodative Federal Reserve. The spread between five- and 30-year Treasury yields has narrowed relentlessly this quarter, with that curve now near the flattest since March 2020. It’s a sign bond traders are betting faster rate hikes ...

  ABU DHABI / WAM Total foreign trade between Russia and the UAE is set to reach around $4 billion by the end of this year, said Sergey Cherimin, Minister of the Government of Moscow, head of the Moscow Department for Foreign Economic Activity and International Relations. In 2020, this figure stood at $3.3 billion. In an exclusive interview with ...

  ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan received a letter from President of the Republic of Azerbaijan Ilham Aliyev, regarding bilateral relations and ways to further develop them. In his message, president Aliyev wished the UAE continued progress and prosperity, expressing his eagerness to develop partnerships and advance cooperation between two countries in ...

  DUBAI / WAM Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, met Dr Renganaden Padayachy, Minister of Finance, Economic Planning and Development of Mauritius, at the Ministry of Finance’s (MoF) headquarters in Dubai. The meeting sought to discuss means of bolstering bilateral cooperation to achieve mutual benefit for both countries. Abdullah Ahmed Al Obaidly, Director of Relations ...

  ABU DHABI / WAM The Abu Dhabi Agriculture and Food Safety Authority (Adafsa) launched the Agricultural Investment Guide 2021-2022 to introduce the diversified investment opportunities available in the Emirate of Abu Dhabi and provide guidance on how to benefit from them, to achieve added value to the economy and investors. The guide is a road map to explore the ...