Bloomberg ABN Amro Bank NV scrapped its dividend for 2020 and posted its first annual loss in a decade as pandemic weighed on lending income and lender restructured its investment bank. An unexpected profit of about 54 million euros ($65 million) in the fourth quarter wasn’t enough to save the Dutch lender from its first negative result since 2010. The ...

Bloomberg Citigroup Inc. will refund an additional $4.2 million to some credit-card customers who were overcharged years ago. The bank reached an agreement with attorneys general from Pennsylvania, Iowa, Massachusetts, New Jersey and North Carolina to refund the money to customers in those states. The refunds follow a 2018 settlement with the Consumer Financial Protection Bureau (CFPB) in which Citigroup agreed ...

Bloomberg The entire wealth and asset management business of Nordea Bank Abp — which currently oversees about $425 billion — may exclude all investments that aren’t deemed sustainable in as little as half a decade. The unit is already “very close” to that goal, and will probably be “100% ESG” in “5 to 10 years,” Frank Vang-Jensen, Nordea’s chief executive, ...

Bloomberg Wells Fargo & Co. made equity investments in six black-owned banks as part of a broader $50 million pledge to support minority-focused lenders. The San Francisco-based bank will assign dedicated teams to provide the lenders with financial, technology or product expertise, it said in a statement. Wells Fargo didn’t disclose the amounts of each investment. The lenders are: Broadway ...

Bloomberg Global stocks pushed forward on an eight-day winning streak on the heels of positive corporate news, improving virus trends and US stimulus plans. The MSCI World Index gained 0.2%, the longest advance since November. French investment bank Natixis SA surged 8% after financial group BPCE SA offered to buy out minority shareholders. Tencent Holdings Ltd. drove strong gains in ...

Bloomberg Exchange-traded fund (ETF) investors are dumping Treasuries in a hurry as bets on a global rebound in inflation build across asset classes. Roughly $639 million was pulled from the $15.7 billion iShares 20+ Year Treasury Bond ETF (ticker TLT), according to data compiled by Bloomberg. That was the fund’s biggest single-day outflow since March, when the coronavirus pandemic fuelled a ...

Bloomberg A P Moller-Maersk A/S, the world’s largest container carrier, unveiled an outlook that disappointed the market amid signs freight rates are close to peaking. Shares in the Copenhagen-based company slumped about 8% when trading started in the Danish capital. Underlying Ebitda for 2021 is expected to rise to between $8.5 billion and $10.5 billion, the Copenhagen-based company said on ...

Bloomberg The crude market is now offering its biggest yield in about a year — at a time when other asset classes are offering meager returns — causing a surge in investor appetite for the commodity. As oil futures power to $60 a barrel, the market’s forward curve has moved sharply into a pricing pattern where nearer-dated contracts are more ...

ABU DHABI / WAM Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, on Tuesday received at his palace Bakhtiar Ibrahimov, Ambassador of the Republic of Uzbekistan to the UAE. During the meeting, Sheikh Nahyan welcomed the ambassador of Uzbekistan and exchanged talks about the outstanding friendship between the UAE and his country, stressing the importance of boosting ...

DUBAI / WAM Visitors arriving at UAE airports will receive a “Martian Ink” stamp on their passports, in commemoration of the Hope Probe’s historic arrival to Mars on February 09. An emblem of the country’s ambition and guiding principle that the “Impossible is Possible”, the stamp — produced by the UAE Government Media Office in collaboration with Dubai Airports — ...