Bloomberg Ensign Energy Services Inc. went hostile with a roughly C$470 million ($358 million) cash bid for Trinidad Drilling Ltd. after objecting to the terms of a confidentiality agreement the rival oilfield-service company wanted it to sign to engage in negotiations. Trinidad’s demand for “a lengthy standstill provision” wasn’t in the best interest of shareholders, Calgary-based Ensign said. Standstill agreements …

Bloomberg Saudi Aramco, Air Products and ACWA Power said that they had signed a deal to form an $8 billion gasification and power joint venture in Saudi Arabia. The new entity, which will be located in the kingdom’s Jazan Economic City, will purchase gasification assets, power block and associated utilities from state-owned Aramco for about $8 billion, the companies said …

Bloomberg Careem Networks FZ, the Middle Eastern ride-hailing provider, is testing a bus-booking service ahead of a possible roll-out out across all 14 countries it operates in. Careem Bus — a division aimed at attracting low-income earners — will initially go live in at least four Egyptian cities, and is expected to be rolled out in September, according to people …

Bloomberg US stocks halted the longest slide since March and the dollar was little changed after hitting a 14-month high as global markets steadied in the wake of Monday’s Turkey-induced turmoil. Crude climbed with gold and Treasuries fell. The S&P 500 Index advanced for the first time in five days amid thin summer trading. Small-cap shares were particularly strong, with …

Bloomberg Cboe Global Markets Inc. wants to be the first to list a Bitcoin exchange-traded fund, though there’s still a lot of work needed to win approval from the US Securities and Exchange Commission. “As we chip away at their issues to make them less concerned, at some point they’ll be comfortable with an ETF,” Chris Concannon, the Chicago-based exchange …

Bloomberg There’s not a moment of respite for India’s inflation-targeting central bank. Just when gains in consumer prices eased, the Turkish lira-led sell-off in emerging-market currencies has renewed an onslaught on the rupee, pushing it to a record low and possibly demanding more rate action from the Reserve Bank of India. The rupee dropped to as low as 70.08 per …

Bloomberg A jump in mortgages and a recovery in Saudi Arabia’s economy may help Al Rajhi Bank, the kingdom’s second-biggest lender, reverse a decline in lending. Overall lending may improve to show “low single-digit” growth this year and increase to match historical levels of expanding in mid-single digits from 2019, Chief Executive Officer Steve Berta mini said in an interview …

Bloomberg About six months after UBS Group AG decided to merge its wealth management businesses into one super-unit, rival Credit Suisse Group AG is said to be taking a different approach. The bank plans to split its key international private banking unit into seven regions from four, with each having its own management and greater decision-making power, according to people …

MANAMA / Emirates Business Ithmaar Holding BSC, a Bahrain-based financial institution, and its wholly-owned subsidiary, Ithmaar Bank BSC, a Bahrain-based Islamic retail bank, each announced their financial results for the first half of 2018 with both reporting profits for the period. The announcement by the Ithmaar Holding Chairman His Royal Highness Prince Amr Al Faisal, who is also the Ithmaar …

Bloomberg JPMorgan Chase & Co. retail clients who don’t live in the US will no longer be able to keep investment accounts as the bank shuts a business that it’s operated for decades. “After careful review, we’ve decided to no longer service Chase retail investment accounts to non-US residents,” said Elizabeth Seymour, a JPMorgan spokeswoman. “This decision allows us to …