HONG KONG / WAM The UAE Economic and Commercial Delegation concluded its participation in the 4th Summit of Belt and Road Initiative in Hong Kong. Abdullah Al Saleh, Under-Secretary at the Ministry of Economy for Foreign Trade Affairs and Head of the UAE Delegation, highlighted the success of the delegation’s mission and its contributions to the summit. Under the theme …

Bloomberg The Boeing 737 Max is unlikely to be back in service before next year, the UAE aviation regulator said, contradicting the manufacturer’s timeline for its return. Saif Al Suwaidi, director general of the General Civil Aviation Authority, said he expects the plane to be back in the first quarter of next year. Boeing has set a fourth-quarter target. The …

Bloomberg A team of Bank of Montreal (BMO) commercial bankers have traded their suits and ties for Ford F-150 pickups to reach Canada’s remote regions and build up a part of their business that has yet to see a bad loan. Indigenous banking is one area Chief Executive Officer Darryl White targeted in June when he vowed increased support for …

Bloomberg At the biggest bank in the richest Nordic economy, the head of wealth management is about to make life harder for his rivals by cutting fees yet again. DNB Asset Management, which oversees about 600 billion kroner ($67 billion) from Oslo, already lowered fees on several mutual funds back in February. That move gave the asset manager a bigger …

Bloomberg When Christine Lagarde conducts a rethink of the European Central Bank’s policies and tools during her impending presidency, her new Austrian colleague will be keen to contribute. “I look forward to the strategic review,” Robert Holzmann, the governor of the Austrian central bank who began his role this month, said in an interview in Helsinki. “I’m a fan of …

Bloomberg Japan’s long-suffering savers have put up with virtually zero interest for years, but at least their bank accounts have remained free. That may change as speculation for further monetary stimulus mounts. Lenders could begin imposing maintenance fees for retail deposit account holders if the Bank of Japan deepens negative interest rates from minus 0.1 percent, according to JPMorgan Chase …

Bloomberg Another shadow financier in India has defaulted on a debt repayment, signaling the nation’s yearlong credit crisis is far from abating. Altico Capital India Ltd, a non-banking finance company that focusses on lending to the real-estate sector, didn’t pay 199.7 million rupees ($2.8 million) of interest on borrowings from Dubai-based Mashreqbank PSC, Altico said in an exchange filing. The …

Bloomberg South Africa’s government is drafting a new law that aims at securing it a free stake in all new oil and gas ventures, revising the terms of a proposal shelved four years ago. Under the legislation, which the Department of Mineral Resources and Energy outlined to lawmakers in Cape Town, the state would secure 10% ownership of energy projects …

Bloomberg Another rate cut from the Federal Reserve is all but certain. Its impact on the stock market, however, is the topic of frantic debate. In the bear camp are Bank of America Corp and Morgan Stanley, whose strategists warned against relying too much on lower rates to boost stocks. In separate research, they reached the same conclusion after studying …

Bloomberg The pound’s best run against the euro since 2016 will be tested next week as leaders from Britain and the European Union seek to make progress in breaking the Brexit deadlock. Sterling has climbed for five weeks against the common currency, rallying on the slightest hints of Brexit compromise. With British Prime Minister Boris Johnson now scheduled to meet …