Bloomberg Wells Fargo & Co. announced changes to its risk-management leadership as some executives plan to retire, according to a person familiar with the situation. The director of financial crimes risk management Jim Richards; head of operational risk and compliance Kevin Oden; Keb Byers, who runs enterprise risk; and the community banking risk group’s Vic Albrecht are stepping down in ...

Bloomberg Bonds that are supposed to make banks stronger may end up causing another crisis. The 178.6 billion euros ($222 billion) of notes that are meant to absorb losses at European banks — while keeping them a going concern — have gone largely untested. Actually triggering these contingent convertible notes, or CoCos, could spook investors and destabilise other lenders, especially ...

Bloomberg Amazon.com Inc. is taking aim at France, securing a delivery deal with Casino Guichard Perrachon SA that shakes up one of Europe’s most competitive grocery markets. Groceries from Casino’s Monoprix stores will be sold via Amazon’s Prime Now service in Paris and the surrounding region, the companies said. The move comes as Amazon pushes further into food in Europe ...

Bloomberg Swedish fashion retailer Hennes & Mauritz AB said it’s increasing markdowns this quarter after accumulating a record pile of unsold garments worth more than $4 billion. Operating profit fell 62 percent to the lowest level in 16 years as inventory rose to 17.6 percent of sales in the first quarter. The stock slumped to the lowest in almost a ...

Bloomberg Airlines are coming under UK government pressure to disclose more information about the hundreds of pounds worth of extra fees that travellers can rack up after they book flights. The UK’s Department for Transport intends to release an aviation policy on the charges, which can cover changing a passenger’s name or reissuing boarding cards, Aviation Minister Elizabeth Sugg said ...

Bloomberg Boeing Co. is heading for its biggest monthly decline in two years as US-China tensions over tariffs threaten a wider trade war that would stifle demand for its airliners. President Donald Trump’s plan for sweeping duties against China triggered retaliation by the Asian nation, heightening uncertainty for Boeing, which is poised to generate a torrent of cash from a ...

Abu Dhabi / WAM The Ministry of Economy said that the economic impact of the country’s investment in the technologies of the “Fourth Generation of the Industrial Revolution,” most notably artificial intelligence (AI) will not be restricted by cost, consumption, production and productivity, and will achieve major economic growth through smart investment in various sectors, based on many international studies ...

ABU DHABI / WAM Lt General Hamad Mohammed Thani Al Rumaithi, Chief of Staff of the Ar-med Forces, on Monday received Admiral Valter Girardelli, Chief of the Italian Navy, who is currently visiting the country. During the meeting, they discussed issues of mutual interest and ways of enhancing cooperation especially in the military, defence and maritime fields, as well as ...

ABU DHABI / WAM On the occasion of visit of South Korean President Moon Jae-in the UAE, Abu Dhabi National Oil Company (Adnoc) announced signing of two major contracts between Adnoc Refining and Samsung Engineering Co Ltd, worth a total value of over $3.5 billion. The signing of the agreements was witnessed by Dr Sultan bin Ahmad Sultan Al Jaber, ...

ABU DHABI / WAM The Abu Dhabi Chamber of Commerce and Industry and the Korean International Trade Alliance (KITA) on Monday signed a Memorandum of Understanding (MoU). The MoU was signed by Mohammed Hilal Al Muhairi, Director-General of Abu Dhabi Chamber, and Kim Young Ju, CEO of KITA. Al Muhairi said that KITA is a leading institution with thousands of ...