Bloomberg Citigroup Inc. is chalking up its wayward $900 million payment to lenders of the embattled cosmetics giant Revlon Inc. to one thing: human error. The bank — which said it has been in the process of upgrading its loan operations platform after a review it undertook last year — said it mistakenly transmitted the payments after an employee didn’t ...

Bloomberg Credit Suisse Group AG may cut as many as 500 positions in Switzerland as part of plans to restructure its retail business in the country. Andre Helfenstein, chief executive officer of the Swiss Universal Bank and head of Switzerland, announced the cuts on a call with reporters after the bank had earlier signalled changes to its banking business. The ...

Bloomberg Stocks climbed in Europe and Asia alongside US equity futures as America and China signalled progress on their phase-one trade deal. Treasuries edged lower with the dollar. S&P 500 futures advanced and shares rose throughout most of Asia as the two countries reaffirmed their commitment to a deal despite disagreement over issues such as tech security and Hong Kong. ...

Bloomberg India’s benchmark stock index swung between gains and losses as investors assessed the recent rally that drove the gauge to a six-month high. The S&P BSE Sensex was little changed at 38,813.79 as of 11:42 am in Mumbai, having fluctuated between an advance of 0.5% and a decline of 0.3%. The NSE Nifty 50 Index was also little changed. ...

ABU DHABI / WAM PCI Pharma Services (PCI), a leading pharmaceutical and biopharmaceutical global supply chain solutions provider, and portfolio company of Partners Group, announced on Monday the signing of a definitive agreement for the acquisition of majority stake in the company by Kohlberg & Company, LLC (Kohlberg). Kohlberg is a leading private equity firm headquartered in Mount Kisco, New ...

Bloomberg Oil edged higher as production was disrupted by two storms approaching the US Gulf Coast. Futures rose 0.8% in New York. Almost 58% of crude output, or more than 1 million barrels a day, in the Gulf of Mexico was closed as of midday. The storms Marco and Laura — the latter of which is forecast to become a ...

Abu Dhabi / WAM Noor Takaful, an Islamic insurance entity, has entered a strategic partnership with Ajman Bank. The partnership will see the addition of an array of solutions to Ajman Bank’s portfolio, ensuring their customers’ genuine Takaful requirements are met. Customers that have financial commitments underway will now have access to a comprehensive range of Takaful savings solutions, such ...

Abu Dhabi / WAM Emirates Global Aluminium (EGA) announced that it has been named for a second time ‘Global Aluminium Supplier of the Year’ by Maxion Wheels, the world’s leading manufacturer of steel and aluminium wheels for passenger, commercial, and specialty vehicles. Maxion Wheels has used EGA’s metal since 1995 and produces more than 55 million wheels annually, supplying virtually ...

ABU DHABI / WAM The Khalifa Fund for Enterprise Development officially announced the completion of the 2019-2020 edition of the “Franchise Initiative”, which saw three UAE-owned and operated businesses become the latest organisations to benefit from the long-serving initiative, and become ready to expand. This year, the initiative supported Amaryliss Flowers, a one-stop-shop for flower arrangements which imports premium quality ...

Dubai / WAM The Commercial Compliance and Consumer Protection (CCCP) sector in Dubai Economy revealed that the number of active trademark files on its ‘IP Gateway’ reached 5,126 in the first six months of 2020, a 14 percent increase compared to H1 2019. Meanwhile, the number of complaints registered for infringement of intellectual property (IP) in the first half of ...