Bloomberg JPMorgan Chase & Co invested in 10 banks with diverse leadership, acquiring stakes with a total value of more than $60 million, and is giving their customers free access to thousands of ATMs as part of its effort to help address the racial wealth gap. The “investments and commitments” JPMorgan has made in minority deposit institutions, known as MDIs, ...

Bloomberg Deutsche Bank AG plans to return 5,000 workers to New York City over the next six months. Many of the returning staff will still have the option of more flexible working arrangements, Christiana Riley, chief executive officer of Deutsche Bank Americas, said in an interview from the Frankfurt-based company’s new US headquarters. “The demise of New York is vastly ...

Bloomberg Bank of Nova Scotia is set to become Canada’s first bank to sell a junior bond known as limited recourse capital notes in a currency other than loonies. Toronto-based Scotiabank is reaching out to US dollar-based investors before deciding to go ahead with the deal. In June, the bank sold LRCNs in the Canadian dollar corporate bond market. Canadian ...

Bloomberg Brazil’s central bank assessed the costs and benefits of bigger interest rate hikes but concluded that its current pace of monetary tightening would be sufficient to bring inflation back to target. The current adjustment has already left interest rates in a restrictive level and uncertainties related to the pandemic justify “accumulating more information about the state of the economy ...

Bloomberg Think the selloff in technology stocks has been bad? If US Treasury yields keep rising, it’s probably going to get worse. That’s the widespread thinking on Wall Street as the surge in yields batters growth stocks that have been trading at lofty levels. That’s helped fuel a 2.9% drop in the Nasdaq 100 Stock Index on Tuesday, led by ...

Bloomberg Gold edged up from the lowest in almost seven weeks as Treasury yields eased following dovish commentary from Federal Reserve Chair Jerome Powell. The benchmark 10-year US yield declined after touching the highest since June on Tuesday, boosting appeal of non-interest bearing bullion. The dollar steadied at near the highest since November. During a Senate Banking Committee hearing, Powell ...

Bloomberg Opec sees oil demand continuing to grow to the middle of next decade, even as world leaders prepare for another attempt to avert catastrophic climate change. Global fuel consumption will fully recover from its pandemic slump by 2023, and will keep growing until it hits a plateau shortly after 2035, the Organization of Petroleum Exporting Countries (Opec) said in ...

ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a federal decree appointing Hamed Khamis Saif Al Kaabi as Director-General of the Federal Geographic Information Centre (FGIC). Al Kaabi brings over 18 years of experience across several positions in geospatial technology, mapping, surveying, geographic information systems (GIS) and remote sensing, besides his knowledge in ...

SHARJAH / WAM Energy generated in the Emirate of Sharjah amounted to 5.4 billion kilowatt-hours during the first half of the year, according to latest statistics by the Sharjah Electricity, Water and Gas Authority (Sewa). Figures indicated that the residential sector in the Emirate of Sharjah is the most in consuming electricity at 41.19 percent, and the commercial sector is ...

DUBAI / WAM Emirates will restart flights to London Gatwick Airport (LGW) from December 10, responding to the easing of international travel restrictions and an upsurge in passenger demand for winter sun. The world’s largest international airline will resume services to its second London gateway with a daily flight operated by a B777 aircraft, across First, Business and Economy class. ...