Bloomberg China opened up its financial sector to more foreign investment as the government said it will take targeted measures to cope with rising risks and challenges facing the industry. Foreign investors can take a stake or control entities including wealth management units of commercial lenders, pension fund managers and currency brokers, the central bank said in a statement on ...

Bloomberg Ross McEwan, who engineered Royal Bank of Scotland Group Plc’s revival, is now taking on another turnaround job after being appointed chief executive officer of scandal-plagued National Australia Bank (NAB). During his time at RBS, which was nationalised in the wake of the global financial crisis and beset by a multitude of scandals, the bank returned to profit and ...

Bloomberg Credit Suisse Group AG has hired investment banker Jerry Wiant from Lazard Ltd, where he had a two-year stint as a managing director focused on banking institutions. Wiant will join Credit Suisse’s global financial institutions later this summer as a managing director and head of Americas banks, according to an internal memo obtained by Bloomberg. He joined Lazard in ...

Bloomberg Ghana has pumped 800 million cedis ($150 million) into a special purpose vehicle created to bail out banks that don’t have enough capital, according to four people with knowledge of the matter. Ghana Amalgamated Trust (GAT) will be getting the funds from the finance ministry after dropping a plan to raise the money through a bond sale, said the ...

Bloomberg A key Canadian interest rate used by lenders to determine who can qualify for a mortgage has dropped for the first time in almost three years, potentially giving the country’s housing market a near-term boost. The Bank of Canada lowered its 5-year conventional mortgage rate to 5.19 percent, from 5.34 percent, where it had been since May 2018. It’s ...

Bloomberg The next member of the European Central Bank’s Governing Council from Latvia will be selected through an open competition if Latvian Prime Minister Krisjanis Karins gets his way. The premier is looking for a clean break for the monetary authority, which was tainted by a bribery scandal during the current governor’s 18 years at the helm, he said. Karins ...

Bloomberg Former Reserve Bank of India governor Raghuram Rajan has indicated the political challenges posed by Brexit were the reasons he didn’t apply to head up the Bank of England. In an interview with the BBC, Rajan confirmed he hadn’t sought the position and cited the fact that central banking “has become much more political in recent times” as an ...

ABU DHABI / WAM Promoting our national heritage and preserving and documenting our history and traditions for future generations is of utmost importance to preserving our national identity, said HH Sheikha Maryam bint Mohamed bin Zayed Al Nahyan, during the inaugural Cultural Councils Initiative meeting. The Ministry of Culture and Knowledge Development hosted the Cultural Councils Initiative, a sector-focussed platform ...

DUBAI / WAM Dubai’s Roads and Transport Authority (RTA) and Careem announced the launch of their taxi e-hailing service in Dubai under a joint venture (JV) titled, ‘Hala’, which will officially offer its services to customers from September. The ‘Hala’ logo is designed to reflect the transformation of the taxi e-hailing experience provided through the partnership, which will be simpler, ...

ABU DHABI / WAM Abu Dhabi Airports has welcomed GoAir’s launch of two new daily flights, the first between Mumbai International Airport and Abu Dhabi, and the second to Delhi International Airport, further connecting the UAE capital to the two major Indian cities. GoAir’s inaugural flights from Delhi, India’s capital and Mumbai, the financial capital of the world’s 6th largest ...