Bloomberg Regulators need to increase their scrutiny of non-bank firms that are moving into the financial business, according to the chief executive officer of DBS Group Holdings Ltd., Southeast Asia’s largest lender. “Absolutely,†Piyush Gupta said when asked at a Bloomberg forum in Singapore whether more regulation is needed for technology and other firms that are competing with traditional banks …
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Stifel, latest lender to grow leveraged debt business
Bloomberg Stifel Financial Corp. is expanding its leveraged finance business as the firm seeks to grow in a hot corner of the credit markets. The St. Louis-based financial firm is building a new unit that will arrange and sell loans and bonds for junk-rated companies. It plans to use its own capital to underwrite deals, according to a statement seen …
Read More »Britain devises plan to keep jets flying in no-deal Brexit
Bloomberg Britain’s Civil Aviation Authority (CAA) is stepping up efforts to ensure that airlines and aerospace companies can carry on functioning in the event of a no-deal Brexit. The regulator has briefed government officials on its plans to recruit staff with the expertise to take over the certification of parts and planes should the split cause Britain to leave the …
Read More »KLM’s easing of pilot workload stokes Air France unions’ fire
Bloomberg Dutch airline KLM agreed to reduce the workload for its pilots. Unions at sister carrier Air France want a deal too. Labour representatives at Air France-KLM’s French unit have been asking for a pay rise since the beginning of the year, vowing to stage more strikes if new Chief Executive Officer Ben Smith doesn’t comply. Now that KLM pilots …
Read More »Ryanair slams Poland’s ‘stupid’ $10 billion new airport project
Bloomberg Poland’s plan to build a $9.4 billion central airport 45 kilometres (27 miles) outside of the capital will be a waste of money that would be better spent on improving existing facilities, according to Europe’s biggest low-cost carrier Ryanair Holdings Plc. Warsaw already has two operating airports, whose capacities aren’t fully used and could be expanded instead of building …
Read More »Burberry stops destroying goods as luxury tries to green up act
Bloomberg Burberry Group Plc will stop destroying unsold products and using animal fur as it works to placate investors and compete with leading luxury brands that are racing to clean up their images with new commitments on sustainability and ethics. Top-end fashion brands have long preferred to burn some unsold items or bury them in landfill rather than risk their …
Read More »UAE-Ghana trade exchange reached $1.2 billion in 2017
ABU DHABI / WAM The trade exchange between the UAE and Ghana amounted to over $1.2 billion by the end of 2017,a according to a senior Ministry of Economy official. “Afro-UAE relations are significantly evolving and we are attaching growing importance to strengthening business ties with the Republic of Ghana,” said Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry …
Read More »Mubadala completes oil field deal in Russia
ST. PETERBURG / WAM Gazprom Neft, Mubadala Petroleum and the Russian Direct Investment Fund (RDIF), the sovereign wealth fund of the Russian Federation have announced the completion of a transaction establishing a joint venture to develop oil fields in the Tomsk and Omsk regions of Western Siberia. Further to an agreement announced on May 24 this year, Gazprom Neft has …
Read More »Borouge’s polypropylene capacity to increase by 25%
ABU DHABI / WAM Borouge on Wednesday signed with Marie Tecnimont Group, the Engineering, Procurement and Construction (EPC) contract for its fifth polypropylene (PP5) plant in Ruwais, which will grow Borouge’s polypropylene capacity by 25% to 2.24 million tonnes per year (t/y) and unlock new opportunities to reinforce local industries. With a nameplate capacity of 480,000 t/y, the new PP5 …
Read More »US tech shares tumble; emerging currencies dip
Bloomberg US stocks fell, with FANG shares tumbling as executives of the tech heavyweights face scrutiny on Capitol Hill. The selloff in emerging market currencies deepened, adding to the risk-off tone on global financial markets. Twitter, Facebook and Alphabet sent the Nasdaq Composite Index down by more than 1 percent during Senate Intelligence Committee hearing on social media and foreign …
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