Bloomberg State Bank of India (SBI) reported better-than-expected profit as the nation’s largest lender set aside fewer provisions for non-performing loans. The bank’s net income jumped 52% to 45.7 billion rupees ($610 million) for the three months to September, beating the 36.9 billion rupee average estimate of 11 analysts surveyed by Bloomberg. SBI set aside 101.2 billion rupees in provisions ...

Bloomberg Deutsche Bank AG had the outlook on its credit rating lifted by Moody’s Investors Service, which said Germany’s largest bank may finally be able to execute on a strategic plan after years of setting targets and then missing them. The lender’s “senior management and staff have laid the foundation for a sustainable turnaround,” Moody’s analyst Michael Rohr wrote in ...

Bloomberg S&P 500 futures fluctuated while Treasuries jumped amid concern that the US is heading for a contested election after President Donald Trump called for the Supreme Court to intervene. Contracts on the benchmark stock index swung from losses to gains. Futures on the tech-heavy Nasdaq 100 remained up more than 1.5% for most of the Asian and European day. ...

Bloomberg India stocks gained in volatile trading amid vote counting in the US elections. The S&P BSE Sensex rises 0.5% to 40,477.73 as of 2:03 pm in Mumbai, after climbing as much as 1% and dropping as much as 0.5%. The NSE Nifty 50 Index added 0.5% after swinging between gains and losses. “Our market is going to follow global ...

Bloomberg South Africa’s main stock benchmark swung between gains and losses as investors responded to the possibility that the US is heading for a contested election. The benchmark index was 0.9% higher as of 10:04 amin Johannesburg, after falling as much as 0.8%. An index of South African banks slid as much as 3.6% as the rand weakened against the ...

Bloomberg Oil rises as broader markets rallied and Opec+ inched closer to delaying a planned easing of output cuts. Futures in New York traded near $38 a barrel after climbing 3.3%, extending gains from the previous session. Equities strengthened ahead of the US election, while the dollar lost 0.5%, adding to positive sentiment in crude. Russian oil companies met Energy ...

Abu Dhabi / WAM In an effort to ensure that stored value products and services are operated in a secure, sound and efficient manner in the UAE, the central bank of the UAE (CBUAE) issued a new regulation on Stored Value Facilities (SVF). By introducing this new regulation for the providers of SVFs, the CBUAE aims to facilitate fintech firms ...

Abu Dhabi / WAM The Ministry of Finance (MoF) organised two virtual workshops titled The Frameworks of implementing legislation governing Multinational Groups of Entities (MNEs) reports. The workshops sought to identify the main points around implementing the UAE’s cabinet resolution no. 44 of 2020, which covers legislation governing MNEs reports, and clarifies the private sector’s responsibilities in this area. That, ...

DUBAi / WAM The Sharjah Book Authority (SBA) is opening both physical and virtual doors of the 39th Sharjah International Book Fair (SIBF 2020) on Wednesday to its global audiences, as the fair assumes a unique hybrid online-offline format this year in line with the UAE government’s efforts to contain the spread of the novel coronavirus (Covid-19). Organised by the ...

Abu Dhabi / WAM Upon the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and the monitoring of His Highness Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region and Chairman of the Emirates Red Crescent (ERC) the UAE allocated AED35 ...