Bloomberg UBS group will permanently allow as many as two-thirds of its employees to adopt a hybrid model of working from home and the office, according to a person familiar with the plans, as it seeks a competitive recruitment edge over some US banks taking a more hardline approach. The lender’s move is being led by CEO  Ralph Hamers. The ...

Bloomberg Kakao Bank, the internet-only lender backed by South Korea’s Kakao Corp, plans to raise as much as $2.3 billion in an initial public offering, joining a rush by the nation’s companies to sell shares. The bank is selling 65.45 million new shares at between 33,000 won and 39,000 won apiece, according to a filing. At the top end of ...

Bloomberg China’s central bank struck a more positive tone in its quarterly monetary policy meeting, saying the economy is showing more stability and improvement even though domestic and global risks remain. The monetary policy committee of the People’s Bank of China (PBOC) largely reiterated its stance to keep policy, liquidity and the exchange rate steady, according to a statement. It ...

Bloomberg Tencent Holdings Ltd, which has lost more than a fifth of its market value in the past few months, now appears to be losing its biggest supporter: Chinese investors. Mainland traders have sold a net HK$11.2 billion ($1.4 billion) worth of Tencent shares so far in June, exchange data compiled by Bloomberg show. This would mark the first month ...

Bloomberg Stocks were mixed and US futures fluctuated on Tuesday as concerns over a highly infectious Covid-19 strain spurred caution among investors. The dollar strengthened. The Stoxx Europe 600 Index traded modestly higher, though new limits on travel from Britain prompted by the Delta variant of the virus dragged on cruise operators and airlines. An MSCI index of Asia-Pacific shares ...

Bloomberg Gold headed for the biggest monthly drop in more than four years after the Federal Reserve sped up their expected pace of policy tightening, sending prices tumbling below $1,800 an ounce. The rise in US stocks to a fresh record and a resurgent dollar have also weighed on the precious metal. Investors are also assessing new travel restrictions in ...

Bloomberg Oil declined amid expectations of an upcoming supply increase from Opec+ producers at a time when the delta variant is spreading worldwide and threatening a demand rebound. Futures in New York fell as much as 1.5% on Monday. The Organization of Petroleum Exporting Countries (Opec) and its allies will meet on Thursday, when they may decide to boost output ...

ABU DHABI / WAM The UAE’s entrepot trade amounted to AED 467.5 billion in 2020 despite the ongoing economic slowdown in direct result of the Covid-19 pandemic, according to the Federal Competitiveness and Statistics Centre (FCSC). The re-export market accounts for 46.5 percent of the total re-exports and exports of commodities and services in 2020, which are valued at AED1.003 ...

SHARJAH / WAM The Arab Union for International Exhibitions and Conferences (AUIEC), which operates under the umbrella of the Council of Arab Economic Unity of the Arab League, has announced its intention to launch the first-ever application for exhibitions in the Arab world. The application will enable announcing the agendas of exhibitions and events, to be organised in the AUIEC ...

CAIRO / WAM Nevine Gamea, Egyptian Minister of Trade and Industry, stated that the UAE is Egypt’s largest trade partner in the Middle East, noting that the size of the trade exchange between the two countries amounted to $4.11 billion in 2020, rising from $3.356 billion in 2019. During her meeting with the UAE Ambassador to Egypt and the UAE’s ...